(1) If, despite the measures taken by the competent authority of the home Member State in response to a referral of matters under Regulation 57 by the Bank or IAASA to it (whether because those measures are inadequate or otherwise) the contravention referred to in that Regulation still persists, the Bank or IAASA, as the case may be, after informing the competent authority of the home Member State, shall take all the appropriate measures within its power under these Regulations in order to protect investors.

(2) The Bank or IAASA, as the case may be, shall inform the Commission and the European Securities and Markets Authority of any measures taken by it under paragraph (1) at the earliest opportunity.