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Legal Services (Scotland) Act 2010
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Exemption from notification requirements
This section has no associated Explanatory Notes
4(1)An approved regulator may in relation to any exemptible investor in a licensed provider waive the requirements to give it information (or notification) under paragraphs 1 and 3.
(2)Licensing rules must explain—
(a)any circumstances in which the approved regulator proposes to rely on sub-paragraph (1),
(b)any threshold below the percentage specified in sub-paragraph (3) by reference to which it proposes to rely on sub-paragraph (1),
(c)where it proposes to rely on sub-paragraph (1), its reasons.
(3)In sub-paragraph (1), an “exemptible investor” is (as the case may be)—
(a)an investor who has less than a 10% stake in the total ownership or control of the licensed provider, or
(b)a person whose intended acquisition of an interest in the licensed provider is of less than a 10% stake in the total ownership or control of the licensed provider.
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