(1) A ring-fenced body does not carry on an excluded activity where -
(a) it enters into a transaction with a central bank, or with a wholly owned subsidiary of a central bank, in the course of carrying on the activity specified in article 14 (dealing in investments as principal) of the Regulated Activities Order 2001, or which would fall within that activity if the transaction took place in the United Kingdom; or
(b) it sells commodities to, or buys commodities from, a central bank, or a wholly owned subsidiary of a central bank.
(2) For the purposes of this article -
(a) an undertaking is to be regarded as wholly owned by a central bank at any time if at that time -
(i) it is an undertaking of which no person other than the central bank or a nominee of the central bank is a member, or
(ii) it is a wholly owned subsidiary of an undertaking within paragraph (i);
(b) an undertaking ("A") is a "subsidiary" of another undertaking ("B") if B -
(i) holds a majority of the voting rights in A
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