Legal Services (Scotland) Act 2010

Requirement to notify investors

5 (1) Where an applicant gives information under paragraph 1, the applicant must notify any person whom the information concerns—

(a) of—

(i) the making of the application, and

(ii) the fact that the identity of the person has been disclosed to the approved regulator,

(b) of the effect of paragraph 6.

(2) Where a licensed provider gives notification under paragraph 3(2) or (3), the licensed provider must notify any person whom the notification concerns—

(a) of—

(i) the giving of that notification, and

(ii) the fact that the identity of the person has been disclosed to the approved regulator,

(b) of the effect of paragraph 6.

(3) It is an offence for a person to fail without reasonable excuse to comply with a requirement imposed on the person by sub-paragraph (1) or (2).

(4) A person who commits an offence under sub-paragraph (3) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.