(1) The Treasury may designate a bank or a credit reference agency for the purposes of these Regulations, and may revoke such designation.

(2) A designation, or the revocation of a designation -

(a) takes effect on the date specified by the Treasury, or

(b) if no such date is specified, takes effect immediately.

(3) The Treasury may exercise the power in paragraph (1) on its own initiative or at the request of another person.

(4) Paragraph (1) is subject to the requirements set out in this Part.