1. This Regulation does not apply to transactions, orders or behaviour, in pursuit of monetary, exchange rate or public debt management policy by:

(a) a Member State;

(b) the members of the ESCB;

(c) a ministry, agency or special purpose vehicle of one or several Member States, or by a person acting on its behalf;

(d) in the case of a Member State that is a federal state, a member making up the federation.

2. This Regulation does not apply to transactions, orders or behaviour carried out by the Commission or any other officially designated body or by any person acting on its behalf, in pursuit of public debt management policy.

This Regulation does not apply to such transactions, orders or behaviour carried out by:

(a) the Union;

(b) a special purpose vehicle of one or several Member States;

(c) the European Investment Bank;

(d) the European Financial Stability Facility;

(e) the European Stability Mechanism;