(1) Without prejudice to the power of the Bank to impose directions, conditions or other requirements under any enactment, where the Bank considers it necessary to do so in order to -
(a) ensure the integrity of financial markets in Member States,
(b) enhance investor confidence in those markets, or
(c) prevent any person from contravening or continuing to contravene a provision of these Regulations or any other provision of Irish market abuse law,
the Bank may, subject to paragraphs (2) and (3), issue a direction in writing to any person.
(2) A direction under paragraph (1) shall -
(a) subject to subparagraph (b), take effect on and after such date, or the occurrence of such event, as is specified in the direction for the purpose, and
(b) shall cease to have effect -
(i) on such date, or the occurrence of such event, as is specified in the direction for the purpose, or
(ii) on the expiration of the period of 12 months immediately following the day on which the direction takes eff