(1) If a former market operator -
(a) has notified the Bank in accordance with Regulation 58(3) and the Bank is of the opinion that the measures referred to in that provision that are proposed to be taken are not satisfactory,
(b) has failed to notify the Bank in accordance with Regulation 58(3), or
(c) the Bank is of the opinion that the operator has failed to take all reasonable steps to notify persons which under Regulation 58(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 former market operator may prohibit the operator for a period, not exceeding 6 months, from doing one or more of the activities set out in paragraph (2) without the prior authorisation 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 regulated market in any manner,
(c) engaging or f