The Minister may make regulations for the purposes of -
(a) amending definitions contained in this Act, or
(b) specifying areas in which the supervisory authorities may exchange information with other competent authorities,
where the Minister is of the opinion that it is necessary to do so arising out of a decision of the Council of the European Communities under Article 29 of Council Directive 93/22/EEC of 10 May 1993 [O.J. No. L.141 11/6/93.].