2For the purpose of this Statement of Principle, regulators in addition to the FCA and the PRA are those which have recognised jurisdiction in relation to regulated activities and a power to call for information from the approved person in connection with his accountable function or (in the case of an individual performing an accountable significant-influence function) in connection with the business for which he is responsible. This may include an exchange or an overseas regulator.
Failing to report promptly in accordance with his firm's internal procedures (or if none exist direct to the regulator concerned),2 information which it would be reasonable to assume would be of material significance to theregulator concerned,2 whether in response to questions or otherwise, falls within APER 4.4.3 E. The regulator concerned is:22
There is no duty on an approved person to report such information directly to the regulator concerned2 unless he is one of the approved persons responsible within the firm for reporting matters to the regulator concerned.2 However, if an approved person takes steps to influence the decision so as not to report to the regulator concerned2 or acts in a way that is intended to obstruct the reporting of the information to the regulator concerned,2 then the appropriate regulator2 will, in respect of that information, view him as being one of those within the firm who has taken on responsibility for deciding whether to report that matter to the regulator concerned.2222222
In determining whether or not an approved person's conduct under APER 4.4.4 E complies with Statement of Principle 4, the following are factors which, in the opinion of the appropriate regulator,2 are to be taken into account:2
- (1) 2
whether the information related to the individual himself or to his firm;
whether any decision not to report the matter internally was taken after reasonable enquiry and analysis of the situation.
Where the approved person is, or is one of the approved persons who is, responsible within the firm for reporting matters to the regulator concerned (as defined in APER 4.4.4 E)2, failing promptly to inform the regulator concerned2 of information of which he is aware and which it would be reasonable to assume would be of material significance to the regulator concerned,2 whether in response to questions or otherwise, falls within APER 4.4.3 E.222
In determining whether or not an approved person's conduct under APER 4.4.7 E complies with Statement of Principle 4,2 the following are factors which, in the opinion of the appropriate regulator,2 are to be taken into account:2
- (2) 2
Failing without good reason to:
inform a regulator of information of which the approved person was aware in response to questions from that regulator;
attend an interview or answer questions put by a regulator, despite a request or demand having been made;
supply a regulator with appropriate documents or information when requested or required to do so and within the time limits attaching to that request or requirement;
falls within APER 4.4.3 E.