Step 1: Concept The first step involves epoxidation, and the second step is a functional group conversion using thiourea.
Step 2: Meaning m-CPBA (meta-chloroperbenzoic acid) is a reagent used to convert alkenes into cyclic ethers called epoxides.
Step 3: Analysis Product X is an epoxide. When an epoxide reacts with thiourea, the sulfur atom replaces the oxygen atom in the three-membered ring. This transformation results in the formation of a thiirane (also known as an episulfide). The iodine ($I_{2}$) is often present as a catalyst or involved in the mechanism of specific variations of this reaction.
Step 4: Conclusion Based on the reagents, X is the epoxide and Y is the corresponding sulfur-containing ring (thiirane).
Final Answer: (3)