APER 1.2 Purpose

The Statements of Principle contained in APER 2 are rules made under section 64A(1)(a) of the Act (Rules of conduct).

The guidance in APER 3 and APER 4 is guidance on the Statements of Principle and is called the Code of Practice for Approved Persons.

The Code of Practice for Approved Persons sets out descriptions of conduct which, in the opinion of the FCA, do or do not comply with a Statement of Principle. The Code of Practice for Approved Persons also sets out, in certain cases, factors which, in the opinion of the FCA, are to be taken into account in determining whether or not an approved person's conduct complies with a Statement of Principle.

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

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.