There shall be a one calendar year period following the commencement of this Regulation during which Article (2) shall not apply (the “Transition Period”).
2.
The Central Bank may extend the Transition Period at its discretion.
3.
Notwithstanding Article (40)1, if the Central Bank determines that a service provider is unlikely to be able to comply with any provision of Article (2) following the Transition Period, it may order the cessation of any aspect of that service provider’s business which is within scope of this Regulation.