Part 2Regulation of licensed legal services
Chapter 1Approved regulators
Change of regulator
43Change of approved regulator
1
A licensed legal services provider may transfer voluntarily to the regulation of a different approved regulator (a “new regulator”) from the one which issued its current licence (the “current regulator”).
2
But the transfer requires the new regulator’s written consent (and its agreement to issue the licensed provider with a licence having effect from the date on which the transfer is to occur).
3
Where a licensed provider wishes to do so, it must—
a
give a notice which complies with subsection (4) to—
i
the current regulator, and
ii
the Scottish Ministers, and
b
provide such further information as may reasonably be required by either of them.
4
A notice complies with this subsection if it—
a
explains why the licensed provider wishes to transfer to the regulation of a new regulator,
b
specifies—
i
the new regulator,
ii
the date on which the transfer is to occur (which must be within 28 days of the date of the notice), and
c
is accompanied by a copy of the new regulator’s written consent to the transfer.
5
On the coming into effect of a licence issued to the licensed provider by a new regulator, the licence issued to it by the current regulator ceases to have effect.
6
The Scottish Ministers may by regulations make further provision about the transfer by a licensed provider to the regulation of a new regulator.
44Step-in by Ministers
1
The Scottish Ministers may by regulations make provision which establishes a body with a view to its becoming an approved regulator.
2
The Scottish Ministers may by regulations make provision which allows them to act as an approved regulator in such circumstances as the regulations may prescribe.
3
Regulations under subsection (2) may provide for this Part to apply with or subject to such modifications as the regulations may specify.
4
No regulations are to be made under subsection (1) or (2)—
a
without the Lord President’s agreement, and
b
unless the Scottish Ministers believe that their intervention under this section is necessary, as a last resort, in order to ensure that the provision of legal services by licensed providers is regulated effectively.