1. This Regulation lays down rules specifying further the exceptional circumstances provided for in Article 44(3) of Directive 2014/59/EU, where the resolution authority may exclude, or partially exclude, certain liabilities from the application of the write down or conversion powers where the bail-in tool is applied.
2. The provisions of this Regulation shall be applied by a resolution authority designated by a Member State in accordance with Article 3 of Directive 2014/59/EU, and by the Single Resolution Board within the scope of its tasks and powers under Regulation (EU) No 806/2014 of the European Parliament and of the Council 2.