Regulation (EU) No 648/2012 is amended as follows:
(1) in Article 2, the following points are added:
‘(30) "covered bond" means a bond meeting the requirements of Article 129 of Regulation (EU) No 575/2013. (31) "covered bond entity" means the covered bond issuer or cover pool of a covered bond.’
(2) in Article 4, the following paragraphs are added:
‘5. Paragraph 1 of this Article shall not apply with respect to OTC derivative contracts that are concluded by covered bond entities in connection with a covered bond, or by a securitisation special purpose entity in connection with a securitisation, within the meaning of Regulation (EU) 2017/2402 of the European Parliament and of the Council [Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU
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