(1) Subject to paragraph (5D), where the Bank considers it necessary to do so for the purposes of its functions and duties under the SEPA Regulation or these Regulations, as the case may be, it may give a direction in writing to a person who is a payment service provider, a payee or a payer to take, or refrain from taking or to prohibit the person from taking, such actions as are specified in the direction, for the purpose of -
(a) securing effective compliance with the SEPA Regulation or these Regulations, as the case may be, or
(b) preventing that person from contravening, or continuing to contravene, a provision of the SEPA Regulation or these Regulations, as the case may be.
(2) A direction under paragraph (1) or (3A), as the case may be, -
(a) takes effect on the date, or on the occurrence of the event, specified in the direction, and
(b) ceases to have effect on the earlier of -
(i) the date, or the occurrence of the event, specified in the direction for the purpose, or
(ii) the
…