The provisions of Regulations 53 and 54 shall not apply to -
(a) transferable securities issued or guaranteed by a Member State or its local authorities;
(b) transferable securities issued or guaranteed by a non-Member State;
(c) transferable securities issued by public international bodies of which one or more Member States are members;
(d) shares held by a UCITS in the capital of a company incorporated in a non-member State investing its assets mainly in the securities of issuing bodies having their registered offices in that State, where under the legislation of that State such a holding represents the only way in which the UCITS can invest in the securities of issuing bodies of that State. This derogation, however, shall apply only if in its investment policy the company from the non-Member State complies with the limits laid down in Regulations 49, 51, 52, 53, 54, 56, 57 and 58. Where the limits set down in Regulations 49, 51 and 52 are exceeded, Regulations 56, 57 and 58 sha