(1) The Treasury may make regulations that impose -

(a) a duty on designated banks to provide information about their small and medium sized business customers to designated credit reference agencies, and

(b) a duty on designated credit reference agencies to provide information about small and medium sized businesses to finance providers.

(2) The regulations must provide that the duty in subsection (1)(a) only applies where -

(a) a credit reference agency makes a request to a bank, and

(b) the business customer to whom the information relates has agreed to the information being provided to a credit reference agency.

(3) The regulations must provide that the duty in subsection (1)(b) only applies where -

(a) a finance provider makes a request to a credit reference agency, and

(b) the business to whom the information relates has agreed to the information being provided to the finance provider.

(4) The regulations may provide that the duty in subsection (1)(b) only applies where other conditions are met, such as the finance provider -

(a) complying with the credit reference agency's terms and conditions, and