(1) Where the Bank considers it necessary to do so for the purposes of its functions under the PEPP Regulation or these Regulations, it may issue a direction in writing to a relevant person to take, or refrain from taking or to prohibit, such actions as are specified in the direction for the purpose of -

(a) ensuring compliance by the relevant person with the PEPP Regulation or these Regulations, or

(b) preventing any person from contravening or continuing to contravene a provision of the PEPP Regulation or these Regulations.

(2) Where the Bank considers it necessary to do so for the purposes of paragraph (1), the Bank may, on or after the date on which a direction issued under that paragraph ceases to have effect, issue another direction to the relevant person concerned to take, or refrain from taking or to prohibit, such actions as are specified in the direction.

(3) A direction issued under paragraph (1) or (2) shall -

(a) subject to subparagraph (b), take effect on and after such date, or the occurrence of such event, as is specified in the direction for the purpose,