Key Details

Duration: 3 Hours

Delivery method: Inhouse

Overview

Authorisation and Approval are the cornerstones of regulation and mark the ways in which firms and individuals join the regulated community. Conducting designated investment business without the requisite authorisation or approval is a criminal offence. The regulator requires firms to do many of the checks into individuals it submits for...

Authorisation and Approval are the cornerstones of regulation and mark the ways in which firms and individuals join the regulated community. Conducting designated investment business without the requisite authorisation or approval is a criminal offence. The regulator requires firms to do many of the checks into individuals it submits for approval themselves. Firms therefore need to be sure that their procedures are comprehensive and effective to avoid repercussions as a result of hiring someone unsuitable, and seeking their approval from the regulator.

This course covers, in detail, the procedures that must be followed, and tests that must be satisfied, in order for an individual to become an Approved Person under the regulatory rules. It will also cover the requirements a firm must meet, and must continue to abide by, in order to become and to remain authorised.

Who is this for?

The course is aimed at anyone involved in, or responsible for, hiring potential Approved Persons and making the application on their behalf to the regulator. It is also relevant for Senior Managers and compliance personnel who need to ensure that the firm has the correct policies, procedures and controls to ensure compliance with the threshold conditions and the requirements of the Approved Persons regime.

  • Authorisation and the General Prohibition
  • The Principles for Business
  • Threshold Conditions
  • Application for Authorisation – contents
  • Approved Persons – controlled functions
  • The Fit and Proper Test
  • Statements of Principle and Code of Practice for Approved Persons

After attending this course, participants will be able to:

  • Demonstrate the behaviors expected of an Approved Person by reference to the Code of Practice for Approved Persons
  • Describe the criteria that must be met by a firm in order for it to become authorised
  • Explain the circumstances in which a firm may lose its authorisation
  • Analyse whether the actions of an Approved Person fall foul of the Code of Practice