(d) other securities which do not embed a derivative, with the exception of corporate bonds and instruments issued by special purpose vehicles (SPVs);

Therefore, there should be a clear break between the originating banks and the SPV for securitisation.

Entities like SPV, conduits, special investment vehicles, MMF, ETF, investment funds are, according to the EC green paper, possibly seen as shadow banking entities.

Member States should be allowed to fulfil the obligations to identify the entity in charge of maintenance and to certify it through alternative measures in the case of vehicles registered in a third country and maintained according to the law of that country, vehicles which are used on networks or lines the track gauge of which is different from that of the main rail network within the Community and for which the requirement to identify an entity in charge of maintenance is ensured alternatively by international agreements with third countries and vehicles used by heritage, museum and tourist railways or military equipment and special tr ...[+++]ansport requiring an ad hoc national safety authority permit to be delivered prior to the service.

vehicles identified in Article 2(2), and military equipment and special transport requiring an ad hoc national safety authority permit to be delivered prior to the service.

(c)vehicles identified in Article 2(2), and military equipment and special transport requiring an ad hoc national safety authority permit to be delivered prior to the service.