(1) The Minister may, in consultation with the Bank, by regulations made under this section -

(a) designate contracts or types of contracts so as to include them within the definition of "financial contracts",

(b) without prejudice to any notice issued under section 2, designate contracts or types of contracts so as to exclude them from within the definition at paragraphs (a) to (g) of "financial contracts".

(2) Designation for the purpose of exclusion under subsection (1) (b) of any contract from the definition of "financial contracts" shall be without prejudice to the applicability of section 4 to any such contract formed prior to such exclusion.

(3) Every regulation made under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and if a resolution annulling the regulation is passed by either such House within the next twenty-one days on which that House has sat after the regulation has been laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.