(1) These Regulations shall not apply to a company that -
(a) is in liquidation and has begun to distribute assets to its members, or
(b) is subject to the resolution tools, powers and mechanisms provided for in Title IV of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 [OJ No. L. 173, 12.6.2014, p. 190.] establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council or in Title V of Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020 [OJ No. L. 22, 22.1.2021, p. 1.] on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, (EU) No 600/2014, (EU)
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