In circumstances where the State is a host Member State and where the Bank or IAASA, as appropriate, finds or has grounds for suspecting that an issuer or the holder of shares or other financial instruments or the person referred to in Regulation 14 has contravened a provision of these Regulations or another provision of transparency (regulated markets) law, it shall refer those findings or the fact of those grounds' existence to the competent authority of the home Member State and to the European Securities and Markets Authority.