Recital 1

(1)Transactions, orders or behaviour, in pursuit of monetary, exchange rate or public debt management policy by a Member State, the members of the ESCB, a ministry, agency or special purpose vehicle of one or several Member States, or by a person acting on its behalf, or, in the case of a Member State that is a federal state, a member making up the federation are exempt from the scope of application of Regulation (EU) No 596/2014 pursuant to Article 6(1) thereof.