(1) Where the assessment of the assessor is that the assessee is committing or has committed a prescribed contravention, the Bank shall -

(a) issue the assessee with a copy of the adverse assessment (or, as the Bank thinks fit, so much of the adverse assessment as constitutes the statements referred to in Regulation 61(8)) and provide a copy of the assessment to IAASA where the assessor has been appointed by the Bank at the request of IAASA, and

(b) advise the assessee that -

(i) the assessee may appeal against the adverse assessment to the Court under Regulation 66, and

(ii) the Bank may apply to the Court under Regulation 70 for an order confirming the adverse assessment (including the specified sanctions).