Related provisions for APER 4.6.2

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APER 3.1.1AGRP
10This Code of Practice for Approved Persons is issued under section 64 of the Act (Conduct: statements and codes) for the purpose of helping to determine whether or not an approved person's conduct complies with a Statement of Principle. The code sets out descriptions of conduct which, in the FCA's opinion, do not comply with the relevant Statements of Principle. The code also sets out certain factors which, in the opinion of the FCA, are to be taken into account in determining
APER 3.1.3GRP
The significance of conduct identified in the Code of Practice for Approved Persons as tending to establish compliance with or a breach of a Statement of Principle will be assessed only after all the circumstances of a particular case have been considered. Account will be taken of the context in which a course of conduct was undertaken, including the precise circumstances of the individual case, the characteristics of the particular accountable function10 and the behaviour to
APER 3.1.5GRP
In particular, in determining whether or not an approved person's conduct complies with a Statement of Principle, the appropriate regulator10 will take into account the extent to which an approved person has acted in a way that is stated to be in breach of a Statement of Principle.10
APER 3.1.6GRP
The Code of Practice for Approved Persons (and in particular the specific examples of behaviour which may be in breach of a generic description of conduct in the code) is not exhaustive of the kind of conduct that may contravene the Statements of Principle. The purpose of the code is to help determine whether or not a person's conduct complies with a Statement of Principle. The code may be supplemented from time to time. The appropriate regulator10 will amend the code if there
APER 3.1.8AGRP
10In applying Statements of Principle 5 to 7, the nature, scale and complexity of the business under management and the role and responsibility of the individual performing an accountable higher management function within the firm will be relevant in assessing whether an approved person's conduct was reasonable. For example, the smaller and less complex the business, the less detailed and extensive the systems of control need to be. The FCA will be of the opinion that an individual
APER 4.4.1AGRP
2The Statement of Principle 4 (see APER 2.1A.3 P) is in the following terms: "An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice."
APER 4.4.2AGRP
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 r
APER 4.4.3ERP
In the opinion of the appropriate regulator,2 conduct of the type described in APER 4.4.4 E, APER 4.4.7 E, or APER 4.4.9 E does not comply with Statement of Principle 4 .22
APER 4.4.6ERP
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) the likely significance to the regulator concerned (as defined in APER 4.4.4 E)2 of the information which it was reasonable for the individual to assume;2(2) whether the information related to the individual himself or to his firm;(3) whether any decision
APER 4.4.8ERP
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(1) the likely significance of the information to the regulator concerned (as defined in APER 4.4.4 E)2 which it was reasonable for the approved person to assume;(2) whether any decision not to inform the regulator concerned (as defined in APER 4.4.4 E)2
IFPRU 4.6.5GRP
Article 169(3) of the EU CRR allows the use of direct estimates of PDs, although such a measure could be assessed over a variety of different time horizons which the EU CRR does not specify. Accordingly, the FCA considers that it acceptable in principle to use methodologies of this type in lieu of estimation of long-run averages for the grade/pool/score of the underlying rating system, where the following conditions are met. Meeting these conditions requires a firm using the
APER 4.6.10ERP
In determining whether or not the conduct of an approved person performing a significant influence function under APER 4.6.5 E, APER 4.6.6 E and APER 4.6.8 E complies with Statement of Principle 6,3 the following are factors which, in the opinion of the appropriate regulator,3 are to be taken into account:3(1) the competence, knowledge or seniority of the delegate; and (2) the past performance and record of the delegate.
APER 4.6.13GRP
(1) An approved person performing a significant influence function may delegate the investigation, resolution or management of an issue or authority for dealing with a part of the business to individuals who report to him or to others.(2) The approved person performing a significant influence function should have reasonable grounds for believing that the delegate has the competence, knowledge, skill and time to deal with the issue. For instance, if the compliance department only
APER 4.7.2ERP
In the opinion of the appropriate regulator,11 conduct of the type described in APER 4.7.3 E, APER 4.7.4 E, APER 4.7.5 E or11APER 4.7.7 E does not comply with Statement of Principle 7 .111111
DEPP 6.2.7GRP
The FCA4 will not discipline approved persons on the basis of vicarious liability (that is, holding them responsible for the acts of others), provided appropriate delegation and supervision has taken place (see APER 4.6.13 G and APER 4.6.14 G). In particular, disciplinary action will not be taken against an approved person performing a significant influence function simply because a regulatory failure has occurred in an area of business for which he is responsible. The FCA4 will
APER 2.1A.1GRP
3APER 2.1A.3 P sets out the Statements of Principle issued by the FCA to which APER 1.2.1A G refers and to which the provisions of the Code of Practice for Approved Persons and guidance in APER 3 and APER 4 apply. The paragraphs of APER 1.1A labelled "P" also form part of the Statements of Principle.3
APER 2.1A.3PRP
Statements of Principle issued under section 64 of the ActStatement of Principle 1An approved person must act with integrity in carrying out his accountable functions.Statement of Principle 2An approved person must act with due skill, care and diligence in carrying out his accountable functions.Statement of Principle 3An approved person must observe proper standards of market conduct in carrying out his accountable functions.Statement of Principle 4An approved person must deal
APER 4.3.4ERP
Compliance with the code or rules described in APER 4.3.3 E will tend to show compliance with this Statement of Principle .4
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
APER 4.5.2ERP
In the opinion of the appropriate regulator,8 conduct of the type described in APER 4.5.3 E, APER 4.5.4 E, APER 4.5.6 E or APER 4.5.8 E does not comply with Statement of Principle 5 .88