(1) These Regulations shall not apply to -
(a) units issued by collective investment undertakings other than the closed-end type,
(b) non-equity securities issued by a Member State or by one of a Member State's regional or local authorities, by public international bodies of which one or more Member States are members, by the European Central Bank or by the central banks of the Member States,
(c) shares in the capital of a central bank of a Member State,
(d) securities unconditionally and irrevocably guaranteed by a Member State or by one of a Member State's regional or local authorities,
(e) securities issued by associations with legal status or non-profit-making bodies, recognised by a Member State, with a view to their obtaining the means necessary to achieve their non-profit-making objectives,
(f) non-equity securities issued in a continuous or repeated manner by credit institutions provided that these securities -
(i) are not subordinated, convertible or exchangeable,
(ii) d