(1) For the purposes of enabling the Directive to have full effect, the Bank may, with the consent or on the application of any undertaking, issue a direction in writing that specified provisions of these Regulations shall apply to that undertaking with such modifications as may be specified in the direction.
(2) A direction under paragraph (1) may be subject to such conditions as the Bank considers appropriate to impose.
(3) A direction under paragraph (1) may be revoked at any time by the Bank and the Bank may at any time vary the direction on the application or with the consent of the undertaking to which it relates.
(4) A direction under paragraph (1) shall, subject to paragraph (3), apply for such period as shall be stated in the direction.