[(1) A scheme is a ring-fencing transfer scheme if it—
(a) is one under which the whole or part of the business carried on—
(i) by a UK authorised person, or
(ii) by a qualifying body,
is to be transferred to another body (“the transferee”),
(b) is to be made for one or more of the purposes mentioned in subsection (3), and
(c) is not an excluded scheme or an insurance business transfer scheme.
(2) “Qualifying body” means a body which—
(a) is incorporated in the United Kingdom,
(b) is a member of the group of a UK authorised person, and
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