Where it appears to IAASA that there is, or may be, a failure by an issuer whose home Member State is the State to ensure that an annual financial report published pursuant to Regulation 4 or a half-yearly financial report published pursuant to Regulation 6 complies with the relevant reporting framework, IAASA may give notice to the issuer and to the directors of such issuer specifying:

(a) the matters in respect of which it appears to IAASA that the information fails to comply with the relevant reporting framework; and

(b) a period of not less than 30 days within which the issuer shall either:

(i) provide IAASA with a written explanation of the information; or

(ii) prepare revised information;

(c) that, in the absence of a written explanation under paragraph (b) (i) or the issuance of revised information under paragraph (b) (ii), IAASA may:

(i) give a direction requiring the issuer to revise the information in accordance with instructions of IAASA specified in the direction;