(1) Where the Bank is satisfied that one or more of the circumstances specified in paragraph (2) exist in relation to an AIFM, AIF or depositary, or a related undertaking of those persons, the Bank may, in the interests of the proper and effective regulation of the markets, give a direction in writing to the AIFM, AIF or depositary or related undertaking to take such of the actions specified in paragraph (3) as are mentioned in the direction.
(2) The circumstances referred to in paragraph (1) are as follows:
(a) that the AIFM, AIF or depositary, or related undertaking, has become or is likely to become unable to meet its obligations to its creditors or professional or retail investors;
(b) that the AIFM, AIF or depositary, or related undertaking, is not maintaining or is unlikely to be in a position to maintain adequate capital or other financial resources having regard to the volume and nature of its business;
(c) that the AIFM, AIF or depositary, or related undertaking, has failed to
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