(1) Where the Bank is of the opinion that an investment firm that -
(a) acts within the State under the freedom to provide services, or
(b) has a branch within the State
is in breach of the obligations arising from, or adopted under, provisions of these Regulations for which the Bank does not have enforcement powers, the Bank shall refer its findings in support of that opinion to the competent authority of the investment firm's home Member State.
(2) If, following a referral of the Bank's findings under paragraph (1) about an investment firm, that firm persists in acting in a manner that, in the opinion of the Bank, is prejudicial to -
(a) the interests of Irish investors, or
(b) the orderly functioning of Irish markets,
the Bank, after informing the competent authority of the home Member State, may take all the appropriate measures under these Regulations that are needed in order to protect investors and the proper functioning of the markets.
(3) Those measures include but are no