1. Article 254(1) shall not apply where the securitised exposures are exposures to entities referred to in points (a) to (d) of Article 180(2) or exposures that are fully, unconditionally and irrevocably guaranteed by those entities, where the guarantee meets the requirements set out in Article 215.
2. Article 254(1) shall not apply to securitisations based on a clear, transparent and accessible index, where the underlying assets of that index are identical to those of an index that is widely traded, or are other tradable securities other than securitisation positions.