The term effective date refers to the effective date of the applicable prohibitions and directives contained in this part as follows:
(a) With respect to a person whose property and interests in property are blocked pursuant to Sec. 593.201(a)(1), or with respect to the prohibitions set forth at Sec. 593.205, 12:01 a.m. eastern daylight time, July 23, 2004;
(b) With respect to a person whose property and interests in property are blocked pursuant to Sec. 593.201(a)(2), the earlier of the date of actual or constructive notice of such person's designation.