Related provisions for APER 4.4.3
1 - 9 of 9 items.
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 controlled function and the behaviour to be
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 FSA will amend the code if there is
a risk that unacceptable
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 FSA, are to be taken into account:(1) the
likely significance to the FSA of the information which it was
reasonable for the individual to assume;(2) whether
the information related to the individual himself or to his firm;(3) whether
any decision not to report the matter internally was taken after reasonable
enquiry
In
determining whether or not an approved person's conduct
under APER 4.4.7 E complies with Statement of Principle 4(APER
2.1.2 P), the following are factors which, in
the opinion of the FSA, are to be taken into account:(1) the
likely significance of the information to the FSA which it was reasonable for the approved person to assume;(2) whether
any decision not to inform the FSA was taken after reasonable enquiry
and analysis of the situation.
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 (see APER
2.1.2 P), the following are factors which, in
the opinion of the FSA, are to be taken into account:(1) the
competence, knowledge or seniority of the delegate; and (2) the
past performance and record of the delegate.
(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
The FSA 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 FSA will
The Code of Practice for Approved Persons sets out descriptions of conduct which, in the opinion of the FSA, 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 FSA, are to be taken into account in determining whether or not an approved person's conduct complies with