APER 4.3 Statement of Principle 3

The Statement of Principle 3 (see APER 2.1A.3 R) is in the following terms: "An approved person must observe proper standards of market conduct in carrying out his accountable functions."

A factor to be taken into account in determining whether or not an approved person's conduct complies with this Statement of Principle ) is whether he, or his APER employer, has complied with the Market Abuse Regulation or relevant market codes and exchange rules.

In the opinion of the FCA, compliance with the code or rules described in APER 4.3.3G will tend to show compliance with this Statement of Principle.