PART 3Designation of banks and finance platforms

Power to designate banks and finance platforms and to revoke designations

9.—(1) The Treasury may designate a bank or a finance platform 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.