Hm. I think it was a DPE who told me this (about the IMC between the FAF and the MAP).

I guess my take on it, is that the student is not legal to fly in those conditions unless you are supervising him on the approach, so you could say in a way that you are "performing" the approach when in actual IMC as you are not acting as a safety pilot anymore, but the legal pilot for operation in IMC conditions?