(1)An entity is eligible to be a licensed provider only if the qualifying investors in it (taken together) have at least a 51% stake in the total ownership or control of the entity.
(2)For the purpose of subsection (1), a “qualifying investor” is—
(a)a solicitor investor, or
(b)an investor who is a member of another regulated profession.
(3)In subsection (2)(b), a “regulated profession” is a profession the professional activities of whose members (and qualifications for membership of which) are, under statutory or administrative arrangements, regulated by a professional association.
(4)Despite the generality of subsections (2)(b) and (3), the Scottish Ministers—
(a)are by regulations to specify in connection with those subsections what is, or is not, to be regarded as a regulated profession,
(b)may by regulations specify in connection with those subsections what is, or is not, to be regarded as a professional association, professional activities (or qualifications) or membership of a profession.
(5)Before making regulations under subsection (4), the Scottish Ministers must—
(a)have the Lord President’s agreement, and
(b)consult—
(i)the Law Society,
(ii)every approved regulator,
(iii)the OFT, and such other organisation (appearing to them to represent the interests of consumers in Scotland) as they consider appropriate,
(iv)such other person or body as they consider appropriate.