1. These Regulations shall not apply to -

(a) units issued by collective investment undertakings other than of the closed-end type, or

(b) securities issued by a Member State or by its regional or local authorities.

2. The conditions and obligations referred to in Article 10 of the Directive shall not apply to the securities issued by persons referred to in that Article.

3. Shares may be admitted to official listing where the condition referred to in Article 43 (1) of the Directive is not fulfilled, provided that the requirements of Article 43(2) of the Directive are satisfied.

4. Debt securities may be admitted to official listing where the condition referred to in Article 58 (1) of the Directive is not fulfilled, provided that the requirements of Article 58(2) of the Directive are satisfied.

5. Convertible or exchangeable debentures and debentures with warrants may be admitted to official listing if the requirement in Article 59(2) of the Directive is satisfied.