(v) A co-pilot acting as pilot-in-command under the supervision of the pilot-in-command on an aeroplane on which more than one pilot is required under the type certification of the aeroplane or as required by JAR–OPS provided such pilot-in-command time under supervision (see (c)(5)) is countersigned by the pilot-in-command.
[Amdt. 1, 01.06.00]
(5) PICUS (Pilot-in-command under supervision)
Provided that the method of supervision is acceptable to the Authority, a co-pilot may log as PIC flight time flown as PICUS, when all of the duties and functions of PIC on that flight were carried out, such that the intervention of the PIC in the interest of safety was not required.
The important thing here is the difference between "Pilot In Command" and "Pilot Flying".
Unless you are undergoing a command assessment or training for the LHS with a certified line trainer then all first officer time whether PF or PNF should go down co-pilot time. The PIC is the commander who signs for the aircraft and he remains the PIC regardless of who is the pilot flying.
