Transitional provisions

(1) A person, an entity or the officers of an entity which conducts business relating to the provision of a payment service or operation of a system on the commencement of this Act shall take all necessary measures to have its– (a) organisation; (b) administration; and (c) operations, comply with the requirements of this Act within six months from the commencement of this Act, and shall, within three months from the commencement of this Act, submit to the Central Bank, a programme for becoming fully compliant by the end of the six-month period. (2) A person, entity or its officers whose– (a) organisation; (b) administration; or (c) operations, does not comply in one or more material respects with the requirements of any directive issued by the Central Bank pursuant to this Act, shall comply with the requirements of the directive within the time period to be specified by the directive.