12.— (1) An inquiry undertaken by the Regulatory Authority under Chapters 2 and 3 of Part IIIC of the Act of 1942 on or before the cessation date, and not already completed, may be continued by the Bank. The Bank may take regulatory action on the basis of such an inquiry.

(2) An assessor appointed by the Regulatory Authority on or before the cessation date under—

(a) Part 5 of the Market Abuse (Directive 2003/6/EC) Regulations 2005,

(b) Part 5 of the Prospectus (Directive 2003/71/EC) Regulations 2005, or

(c) Part 10 of the Transparency (Directive 2004/109/EC) Regulations 2007,

may continue, if the assessment for which he or she was appointed is not completed at that date, to carry out that assessment. The Bank may take regulatory action on the basis of such an assessment.

(3) In subsections (1) and (2) “regulatory action” includes any direction, order, requirement, sanction, condition, appointment or request (however described) of a regulatory nature that the Bank may make, give or impose.