(1) Subject to paragraph (2), the Bank is designated as the central competent administrative authority for purposes of the Directive and shall be responsible for carrying out the obligations provided for in the Directive and for ensuring that the provisions adopted pursuant to the Directive are applied.

(2) IAASA is designated as the competent authority for purposes of subparagraph (h) of Article 24(4) of the Directive and shall be responsible for carrying out the obligations provided for in that subparagraph and for ensuring that the provisions adopted pursuant to the Directive in respect thereof are applied.

(3) The Bank and IAASA shall each be independent in the performance of its functions under these Regulations.