S.L. 376.8 Art. 39Power to issue directives: procedure.

(1) A directive given under regulation 38(1) shall take effect:

(a) immediately, if the notice given under sub-regulation

(3) states that this is the case; or

(b) on such date as may be specified in the notice.

(2) If the competent authority issues a directive to a payment service provider under regulation 38, it shall give the payment service provider written notice.

(3) The notice referred to in sub-regulation (2) shall:

(a) give details of the directive;

(b) state the competent authority’s reasons for giving the directive;

(c) inform the payment service provider by when to implement and, or be compliant with the directive; and

(d) inform the payment service provider of the right to refer a matter to the Tribunal in accordance with regulation 43.