(1) The Treasury may by direction -

(a) determine that Articles 4 and 15 of SFTR do not apply to bodies in EEA states which -

(i) perform similar functions to members of the European System of Central Banks ("ESCB") or

(ii) are charged with, or intervene in, the management of the public debt.

(b) extend the exemption referred to in paragraph 1 of Article 6 of Regulation (EU) 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse "MAR") to transactions, orders or behaviour which are carried out by -

(i) a member State;

(ii) members of the ESCB;

(iii) a ministry, agency or special purpose vehicle of one or more member States, or a person acting on their behalf;

(iv) in the case of a member state that is a federal state, a member making up the federation;

(v) certain public bodies and central banks of third countries;