(1) In regulation 5 "excluded securities" means - (a) units issued by a collective investment undertaking other than the closed-end type; (b)non-equity securities issued by - (i) the government of any country or territory, (ii) a local or regional authority of any country or territory, (iii) a public international body of which the United Kingdom or any other State is a member, or (iv) the European Central Bank or the central bank of any State; (c) shares in the capital of the central bank of any State; (d) securities unconditionally and irrevocably guaranteed by the government or a local or regional authority of any country or territory; (e) securities issued by a qualifying body;