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19.—(1) In this regulation “restriction” means a direction that a European institution may not carry on in the United Kingdom, otherwise than in accordance with such condition or conditions as may be specified in the direction, any Consumer Credit Act business which—
(a)consists of or includes carrying on one or more home-regulated activities; and
(b)is specified in the direction.
(2) Where it appears to the Director that the situation as respects a European institution is such that the powers conferred by paragraph (1) of regulation 18 above are exercisable, the Director may, instead of imposing a prohibition, impose such restriction as appears to him desirable.
(3) Any restriction imposed under this regulation—
(a)may be withdrawn; or
(b)may be varied with the agreement of the institution concerned,
by written notice served by the Director on the institution; and any such notice shall take effect on such date as is specified in the notice.
(4) An institution which contravenes or fails to comply with a restriction shall be guilty of an offence and liable—
(a)on conviction on indictment, to a fine;
(b)on summary conviction, to a fine not exceeding the statutory maximum.
(5) The fact that a restriction has not been complied with (whether or not constituting an offence under paragraph (4) above) shall be a ground for the imposition of a prohibition under regulation 18 above.
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