regulator for 1 or more entities described in section 3(a)(5)(A) of the Securities Act of 1933 ( 15 U.S.C. 77c(a)(5)(A) ) shall adopt, as part of the securities regulations of the covered bond regulator, a separate scheme of registration, disclosure, and reporting obligations and exemptions for offers or sales of covered bonds that are described in this paragraph. Such regulations shall provide for uniform and consistent standards for such covered bond issuers, to the extent possible, and shall be consistent with regulations governing offers or sales of similar securities. (3) Construction No provision of this subtitle, including paragraph (1) or (2), may be construed or applied in a manner that impairs or limits any other exemption that is available under applicable securities laws. (b) Exemptions for estates Any estate that is or may be created under section 343(b)(1) or 343(c)(2) shall be exempt from all securities laws but— (1) shall be subject to the reporting requirements established by the applicable covered bond regulator under section 343(d)(1)(E)(iii)