Article 1 2.

units issued by collective investment undertakings other than the closed-end type;

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;

shares in the capital of central banks of the Member States;

securities unconditionally and irrevocably guaranteed by a Member State or by one of a Member State’s regional or local authorities;

securities issued by associations with legal status or non-profit-making bodies, recognised by a Member State, for the purposes of obtaining the funding necessary to achieve their non-profit-making objectives;

non-fungible shares of capital whose main purpose is to provide the holder with a right to occupy an apartment, or other form of immovable property or a part thereof and where the shares cannot be sold on without that right being given up.