(1) A trade repository does not carry on an activity of the kind specified by article 25(2) by carrying on its functions of centrally collecting and maintaining records of -
(a) derivatives under Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories; or
(b) securities financing transactions under the SFT regulation.
(2) The reference in paragraph (1)(a) to Regulation (EU) 648/2012 is a reference to that instrument as it forms part of retained EU law.