(1) If a former authorised investment firm -
(a) has notified the Bank in accordance with Regulation 26(3) and the Bank is of the opinion that the measures proposed are not satisfactory,
(b) has failed to notify the Bank in accordance with Regulation 26(3), or
(c) the Bank is of opinion that the firm has failed to take all reasonable steps to notify persons which under Regulation 26(3) the Bank has directed are to be notified,
then, subject to paragraph (3) of this Regulation, the Bank, by written direction given to the firm, may prohibit the firm for a period, not exceeding 6 months, from doing one or more of the activities set out in paragraph (2) without the prior written approval of the Bank.
(2) The following are the activities referred to in paragraph (1):
(a) creating any liabilities;
(b) dealing with or disposing of any assets or specified assets of the former authorised investment firm in any manner;
(c) engaging in any transaction or class of transaction or specified tra