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Status: You are viewing the version of the handbook as on 2016-02-03.

APER 1.2 Purpose

APER 1.2.1G

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APER 1.2.1AGRP

3The Statements of Principle contained in APER 2 are issued under section 64(1) of the Act (Conduct: statements and codes). The paragraphs of the application section in APER 1.1A labelled "P" also form part of the Statements of Principle.

APER 1.2.2GRP

Section 64(2) of the Act states that if an appropriate regulator3 issues Statements of Principle it must also issue a code of practice for the purpose of helping to determine whether or not a person's conduct complies with the Statements of Principle. The Code of Practice for Approved Persons in APER 3 and APER 4 fulfils this requirement.

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APER 1.2.3GRP

The Code of Practice for Approved Persons sets out descriptions of conduct which, in the opinion of the FCA3, do not comply with a Statement of Principle and, in the case of Statement of Principle 3, conduct which tends to show compliance within that statement. The Code of Practice for Approved Persons also sets out, in certain cases, factors which, in the opinion of the FCA3, are to be taken into account in determining whether or not an approved person's conduct complies with a Statement of Principle. The guidance set out in APER 3 and APER 4 does not form part of the Code of Practice for Approved Persons.

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APER 1.2.4G

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APER 1.2.5GRP

As set out in SUP 10A.3.1 R (Provisions related to the Act)3, a function is a controlled function only to the extent that it is performed under an arrangement entered into by:

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  1. (1)

    a firm; or

  2. (2)

    a contractor of the firm;

in relation to the carrying on by the firm of a regulated activity.

APER 1.2.6G

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APER 1.2.7G

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APER 1.2.8G

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APER 1.2.9G

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