(1) Every electronic money institution authorised by the Bank shall manage its business in accordance with sound administrative and accounting principles and shall put in place and maintain internal control and reporting arrangements and procedures to ensure that the business is so managed.
(2) Every electronic money institution shall ensure it has adequate systems, procedures and practices in place to secure an effective response, should the need arise, to any financial and non-financial risks to which the institution may be exposed, including -
(a) any technical and procedural risks, or
(b) risks connected to its co-operation with any undertaking performing ancillary operations or functions relating to the institution's business activities.
(3) The Bank may direct an electronic money institution, or an associated body, to furnish to it, within a specified period, such information relating to the arrangements and procedures referred to in paragraphs (1) and (2) as the Bank may re