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(1) Except otherwise provided under this Act, the Bank may issue Notices for anything required or authorized to be provided for by the Bank under this Act.

(2) Without limiting the effect of subsection (1), the Notices may among other matters

(a) clarify regulatory functions which may be delegated to agents of the Bank;

(b) set out transitional matters to be complied with by institutions holding licences specified in the Second Schedule immediately before the commencement of this Act;

(3) Except otherwise provided under this Act failure to comply with a Notice issued by the Bank shall attract administrative penalties specified by the Bank including revocation or suspension of licences.