(1) It shall be the function of an authorised officer to monitor compliance with these Regulations and Regulation (EU) No 600/2014 and, for that purpose, where appropriate, to carry out in accordance with these Regulations investigations in relation thereto.

(2) For the purpose of paragraph (1), an authorised officer shall, subject to paragraph (3), have each of the powers that are conferred on the Bank by Regulation 92(4).

(3) So far as a provision of Regulation 92(4) provides that a power thereunder is exercisable in accordance with the Central Bank Acts 1942 to 2015, then paragraph (2) shall be construed and have effect, in relation to the particular power concerned, as only enabling an authorised officer to advise the Bank that particular circumstances have arisen that warrant, in the officer's opinion, the exercise of the power by the Bank and not as enabling the authorised officer to exercise the power himself or herself.

(4) Regulation 92(5) and (7) shall apply for the purpose of this Regulation as they apply for the purpose of Regulation 92.