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Legal Services (Scotland) Act 2010

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This is the original version (as it was originally enacted).

67More about investors
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(1)Schedule 8 provides for other—

(a)requirements to which licensed legal services providers are subject,

(b)functions of approved regulators,

in relation to interests in licensed providers.

(2)The Scottish Ministers may by regulations make further provision—

(a)relating to interests in licensed providers,

(b)for licensing rules in connection with persons who have an interest in a licensed provider.

(3)The Scottish Ministers may by regulations—

(a)amend the percentage specified in section 63(4) and paragraph 4(3) of schedule 8,

(b)amend (by addition, elaboration or exception) a definition in subsection (6).

(4)Regulations under subsection (2)(a) may (in particular)—

(a)impose requirements to which a licensed provider, or an investor in a licensed provider, is subject,

(b)specify criteria or circumstances by reference to which a non-solicitor investor is to be presumed, or held, to be fit (or unfit),

(c)set out—

(i)what amounts (to any extent) to ownership, control or another material interest,

(ii)what interest (or type) is relevant as regards a particular percentage stake in ownership or control,

(iii)by reference to a family, business or other association, what other interest (or type) also counts towards such a stake,

(d)for circumstances where an interest is held by a body, set out—

(i)what interest (or type) in the body counts towards the interest held by it,

(ii)the extent to which the interest in it so counts.

(5)Before making regulations under subsection (3), the Scottish Ministers must have the Lord President’s agreement.

(6)In this Part—

(a)an “investor” in a licensed provider is any person who has (to any extent)—

(i)ownership or control of the licensed provider, or

(ii)any other material interest in it,

(b)a “non-solicitor investor” in a licensed provider is an investor who is not entitled to practise—

(i)as a solicitor, a firm of solicitors or an incorporated practice,

(ii)in England and Wales or Northern Ireland, as a solicitor (outwith the meaning for this Act), or

(iii)as a registered European or foreign lawyer,

(c)the reference to a “solicitor investor” in a licensed provider is to be construed accordingly.

(7)In sections 62 to 66, this section and schedule 8, a reference to a licensed provider includes an applicant to become one.

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