(1) Subject to paragraph (2), the Bank is the competent authority in the State for the purposes of the Payment Services Directive.
(2) As respects a case under Regulation 86(6) where -
(a) the payee is a trader (within the meaning of the Consumer Protection Act 2007 (No. 19 of 2007)) that is not a regulated financial service provider (within the meaning of the Act of 1942), and
(b) the payer is a consumer (within the meaning of the Consumer Protection Act 2007),
the Competition and Consumer Protection Commission is the competent authority in the State for the purposes of the Payment Services Directive in so far as it relates to Article 62(4) of that Directive.
(3) Paragraph (1) shall not be construed as implying that the Bank is required to supervise any business activity of a payment institution other than the provision of payment services and the activities referred to in Regulation 29(1).
(4) Save as provided for in paragraph (5), the Bank shall monitor compliance with these Regulat
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