APER 2.1A The Statements of Principle
7 APER 2.1A.3R 1 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 Persons1 in APER 3 and APER 4 apply.1
71An approved person will not be subject to a Statement of Principle to the extent that it would be contrary to the UK’s obligations under a Single Market Directive,2 the auction regulation or the benchmarks regulation2.
51Statements of Principle issued under section 64A(1)(a) of the Act
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Statement of Principle 1 An approved person must act with integrity in carrying out his accountable functions. |
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Statement of Principle 2 An approved person must act with due skill, care and diligence in carrying out his accountable functions. |
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Statement of Principle 3 An approved person must observe proper standards of market conduct in carrying out his accountable functions. |
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Statement of Principle 4 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. |
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Statement of Principle 5 An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the firm for which they are 1responsible in their 1accountable function is organised so that it can be controlled effectively. |
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Statement of Principle 6 An approved person performing an accountable higher management function1 must exercise due skill, care and diligence in managing the business of the firm for which they are1 responsible in their 1accountable function. |
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Statement of Principle 7 An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the firm for which they are 1responsible in their 1accountable function complies with the relevant requirements and standards of the regulatory system. |