(1) A person ("B") does not carry on an activity of the kind specified by article 21 by entering as agent for a relevant person into a transaction with another person ("C") if -
(a) the transaction relates to investments of the kind specified by any of articles 83 to 85 (or article 89 so far as relevant to any of those articles);
(b) neither B nor C is an individual;
(c) the sole or main purpose for which B enters into the transaction (either by itself or in combination with other such transactions) is that of limiting the extent to which a relevant business will be affected by any identifiable risk arising otherwise than as a result of the carrying on of a regulated activity; and
(d) the relevant business consists mainly of activities other than -
(i) regulated activities; or
(ii) activities which would be regulated activities but for any exclusion made by this Part.
(2) In paragraph (1), "relevant person" means -
(a) a member of the same group as B; or
(b) where B and another person
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