(1) The Company shall notify the supervisory authority where an investment firm which is not a member of a compensation scheme approved of by the supervisory authority under section 25 fails to comply with the obligations imposed on it by and under this Act.
(2) An approved professional body which has established a compensation scheme approved of by the supervisory authority under section 25 shall notify the supervisory authority where it has failed to ensure compliance by an investment firm which is a member of the scheme with the obligations to which it is subject by virtue of its membership of that scheme.
(3) Where the supervisory authority has been informed in accordance with subsection (1) or (2) that an investment firm has failed to comply with obligations or where an investment firm has failed to comply with conditions or requirements imposed under section 21, the supervisory authority may give a direction in writing to the investment firm and to the directors and those respons
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