(1) Where the Bank considers it necessary to do so for the purposes of its functions and duties under Regulation 648/2012 or these Regulations, it may issue a direction in writing to -

(a) a person who is a financial counterparty, to take, or refrain from taking or to prohibit, including a prohibition on entering into derivative contracts, such actions as are specified in the direction for the purpose of -

(i) ensuring the stability and integrity of the financial system in -

(I) the State, or

(II) where relevant, another Member State,

(ii) ensuring compliance by the financial counterparty concerned with Regulation 648/2012, or

(iii) preventing any person from contravening or continuing to contravene a provision of Regulation 648/2012 or these Regulations,

or

(b) a person who is a non-financial counterparty, to take, or refrain from taking or to prohibit, including a prohibition on entering into derivative contracts, such actions as are specified in the direction for the purpose of ensuring the stability and integrity of the financial system in -