Given below are two statements:
Statement (I) : As per the Food Safety and Standards (Food Product Standards and Food Additives) Regulations, 2011, the fat content in partly skimmed milk powder shall be more than 1.5% and less than 26.0% (m/m).
Statement (II) : As per the Food Safety and Standards (Food Product Standards and Food Additives) Regulations, 2011, the 'partly skimmed milk powder' may be designated 'semi-skimmed milk powder' if the content of milk fat does not exceed 16% (m/m) and is not less than 14% (m/m).
In light of the above statements, choose the most appropriate answer from the options given below.