167. Circumstances for exercising power to issue directions

The Bank may issue one or more of the directions specified in section 168 if the Bank is of the opinion that an institution, its director, chief executive officer or senior officer—

is carrying on or is about to carry on any part of its business, affairs or activities in a manner which is contrary to

is committing or is about to commit an act, or is pursuing or is about to pursue any course of conduct, that is unsafe or unsound or has failed to commit an act or pursue a course of conduct that is necessary to maintain the safety and soundness of the institution;

is carrying on business in a manner detrimental to the interests of depositors, investment account holders, takaful participants, participants, users, creditors or the public generally;

has failed to manage its business or affairs in a manner that is consistent with sound risk management and good governance practices;

has failed to comply with any standards, notice, condition, specification, requirement, restriction, direction or code specified, issued or made under this Act or a direction under subsection 225(6) or section 227 regardless that there has been no prosecution or other action in respect of such non-compliance;

has breached or contravened any provision of this Act, the

has failed to ensure the safety, efficiency and reliability of the payment system or Islamic payment instrument, having regard, inter alia, to the reasonableness of admission criteria for participating in the payment system and the overall cost to the participants or users of, or any other persons involved with, the payment system or Islamic payment instrument.