If Ofcom1 is satisfied that the holder of a licence2 granted under Chapter II of Part III of the Broadcasting Act 1990 (which governs sound broadcasting services)3 has failed to comply with any condition of the licence or with any direction given by Ofcom under or by virtue of any provision of Part III of the Broadcasting Act 19904 (which governs independent radio services generally), Ofcom may serve on him5:
(1) a notice requiring him to pay, within a specified period, a specified financial penalty to Ofcom6;
(2) a notice reducing the period for which the licence is to
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