(1) This regulation applies if it appears to the Bank of England that -

(a) any requirement of Schedule 1 is not satisfied, or is likely not to be satisfied, in relation to an Operator; or

(b) an Operator has failed to comply with any obligation imposed on him by or under these Regulations.

(2) The Bank of England may -

(a) make an application to the court; or

(b) subject to paragraph (4), direct the Operator to take specified steps for the purpose of securing -

(i) that the relevant requirement of Schedule 1 is satisfied in relation to the Operator; or

(ii) the Operator's compliance with any obligation of the kind in question.

(3) If on any application by the Bank of England under paragraph (2)(a) the court is satisfied that the relevant requirement of Schedule 1 is not satisfied or is likely not to be satisfied, or, as the case may be, that the Operator has failed to comply with the obligation in question, it may order the Operator to take such steps as the court directs for securing that the requirement is satisfied or that the obligation is complied with.