(1) The Bank shall only take a decision pursuant to Regulation 34, 37, 38 or 39 involving penalties or restrictions on the exercise of the freedom to provide services or the freedom of establishment where that decision is justified in the circumstances relating to the decision.

(2) Where the Bank takes a decision pursuant to Regulation 34, 37, 38 or 39 involving penalties or restrictions on the exercise of the freedom to provide services or the freedom of establishment, it shall communicate the reasons for its decision to the payment institution concerned.

(3) Regulations 37, 38 and 39 shall be without prejudice to the obligation under the law of the State giving effect to Directive (EU) 2015/849 and Regulation (EU) 2015/847 of the competent authorities designated in the State for the purposes of Directive (EU) 2015/849 and Regulation (EU) 2015/847, in particular under the law of the State giving effect to Article 48(1) of Directive (EU) 2015/849 and Article 22(1) of Regulation (EU) 2015/847, to supervise or monitor the compliance with the requirements laid down in those enactments.