Paragraph 4 ApplicationI1I2

an act or omission of a category 1 or category 2 regulator (or a series of acts or omissions) has had, or is likely to have, an adverse impact on the observance of any of the regulatory objectives,

a category 1 or category 2 regulator has failed to comply with a requirement imposed on it by or under this Act (including a direction given in accordance with this Part), or

a category 1 or category 2 regulator has failed to adhere to its internal governance arrangements (including, in particular, those relating to the independent and effective exercise of its regulatory functions).