11.— (1) A report required to be provided to the Bank under this Part shall be prepared by a person (in this Part referred to as the “reviewer”)—

(a) nominated by the reviewee, within such period as is specified in the notice given under section 9, and approved by the Bank, or

(b) nominated by the Bank, where no person is nominated by the reviewee within the period specified in the notice under section 9 or the Bank is not satisfied with the person so nominated.

(2) The reviewer shall be a person appearing to the Bank to have the skills relating to the business of the reviewee necessary to prepare an objective report on the matters concerned and, without prejudice to the generality of the foregoing, may be an auditor, actuary, accountant, lawyer or any other person with relevant business, technical or technological skills employed or otherwise engaged by the reviewee.

(3) When considering whether to approve a nomination under subsection (1)(a) or make a nomination under subsection (1)(b), the Bank shall have regard to the circumstances giving rise to the requirement for a report and whether the person it proposes to so approve or nominate appears to have—

(a) the competence and capabilities necessary to prepare the report on the matter concerned,

(b) the ability to complete the report within the period specified by the Bank in the notice given under section 9,

(c) any relevant specialised knowledge, including specialised knowledge of the reviewee, the nature of the business carried on by the reviewee and the matters to be reported on,

(d) any potential conflict of interest in reviewing the matters to be reported on, including any arising from the fact that the matters may raise questions relating to the quality or reliability of work previously carried out by the proposed reviewer,

(e) sufficient detachment, having regard to any existing professional or commercial relationship, to give an objective opinion, and

(f) previous experience in preparing reports under this Part or reports of a similar nature.

(4) Where the Bank approves a nomination under subsection (1)(a) or makes a nomination under subsection (1)(b) it shall notify the reviewee, in writing, accordingly.