10. Risk management

(1) A person ("B") does not carry on an activity of the kind specified by paragraph 4 by entering as principal into a transaction with another person ("C") if —
(a) the transaction relates to investments of the kind specified by any of paragraphs 94 to 96 (or paragraphs 98 or 99 so far as relevant to any of those paragraphs);
(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 sub-paragraph (1), "relevant business" means a business carried on by —
(a) B;
(b) a member of the same Group as B; or
(c) where B and another person are, or propose to become, participators in a Joint Enterprise, that other person.