[(1) In this Act “ring-fenced body” means a UK institution which carries on one or more core activities (see section 142B) in relation to which it has a Part 4A permission.
(2) But “ring-fenced body” does not include—
(a) a building society within the meaning of the Building Societies Act 1986, or
(b) a UK institution of a class exempted by order made by the Treasury.
(3) An order under subsection (2)(b) may be made in relation to a class of UK institution only if the Treasury are of the opinion that the exemption
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