Section 37

{a)

by a regulated person; or

{b)

by a representative of a regulated person, m relation to the carrying on of any regulated activity, unless the Authority approves the performance by that person of the controlled function to which the arrangement relates.

"arrangement"

{a)

means any kind of arrangement for the performance of a function of a regulated person which is entered into by the regulated person or any contractor of his with another person; and

{b)

includes, in particular, that other person's appointment to an office

(including that of a senior management position}, his becoming a partner or his employment (whether under a contract of service or otherwise).

1268

"client", in relation to a regulated person, means a person who is using, or who is or may be contemplating of using, any of the services provided by the regulated person;

"controlled function" means a function of a description specified in the regulations.

{a} that the function is likely to enable the person responsible for his performance to exercise a significant influence on the conduct of the affairs of the regulated person so far as relating to the regulated activity;

{b}

that the function will involve the person performing it in dealing with clients of the regulated person in a manner substantially connected with the carrying on of the regulated activity;

{c}

that t~e function will involve the person performing it in dealing with property of clients of the regulated person in a manner substantially connected with the carrying on of the regulated activity.