1. This Directive lays down a Community regime applicable to financial collateral arrangements which satisfy the requirements set out in paragraphs 2 and 5 and to financial collateral in accordance with the conditions set out in paragraphs 4 and 5.
2. The collateral taker and the collateral provider must each belong to one of the following categories:
(a) a public authority (excluding publicly guaranteed undertakings unless they fall under points (b) to (e)) including:
(i) public sector bodies of Member States charged with or intervening in the management of public debt, and
(ii) public sector bodies of Member States authorised to hold accounts for customers;
(b) a central bank, the European Central Bank, the Bank for International Settlements, a multilateral development bank as referred to in Annex VI, Part 1, Section 4 of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (rec
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