(1) Where -

(a) the Bank, in the performance of the functions assigned to it as central competent administrative authority under Regulation 36(1), has reason to suspect that a prescribed contravention is being committed or has been committed, the Bank may appoint, or

(b) IAASA, in the performance of the functions assigned to it as competent authority under Regulation 36(2), has reason to suspect that a prescribed contravention is being committed or has been committed and requests the Bank to do so, the Bank shall appoint,

an assessor (or, if the Bank thinks fit to do so, more than one assessor) to conduct an assessment as to -

(i) whether or not the assessee is committing or has committed the contravention, and