(1) If the Bank considers it necessary to do so in the interests of the proper and orderly supervision of the issuance of electronic money, the Bank may give a direction in writing to -
(a) an electronic money institution,
(b) another person registered to issue electronic money in the State, or
(c) any other person involved in or connected with the issuance of electronic money in the State.
(2) A direction under paragraph (1) -
(a) takes effect on the date, or on the occurrence of the event, specified in the direction for the purpose, and
(b) ceases to have effect on the earlier of -
(i) the date, or the occurrence of the event, specified in the direction for the purpose, or
(ii) the expiration of the period of 12 months immediately following the day on which it took effect.
(3) If a direction under this Regulation has not been complied with or is unlikely to be complied with, the Bank may apply to the court in a summary manner for such order as the court thinks appropriate by way of e
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