(1) The Bank is designated as a competent authority to carry out the duties provided for in the Directive and has all the powers necessary for that purpose.
(2) The Bank may arrange for its functions as a competent authority to be performed by any constituent Part of the Bank or by any officer or employee of the Bank. Nothing in these Regulations precludes the Bank from being assisted in, or advised on, the discharge of those functions by any such constituent Part, officer or employee.