(1) The co-ordinator of a financial conglomerate or the Bank (if it is not the co-ordinator of the conglomerate) may apply to the High Court in a summary manner for an order under paragraph (3) if of the opinion that a person specified in the application -

(a) is contravening, or

(b) has contravened, or

(c) is not complying with,

a provision of these Regulations, or a direction given, or a requirement made, under such a provision.

(2) On making an application under paragraph (1), the Bank shall serve a copy of the application on the person in respect of whom the application is made. On being served with the copy, that person becomes the respondent to the application and as such is entitled to appear before and be heard at the hearing of the application.

(3) Pending the hearing of the application, the High Court may make such interim or interlocutory orders as it thinks fit.

(4) On the haring of the application, the High Court may make an order directing the respondent -

(a) to cease to contravene, or

(b) not to repeat the contravention of, or

(b) to comply with,