Part 2Regulation of licensed legal services
Chapter 2Licensed legal services providers
Non-solicitor investors
I1I263Exemption from fitness test
1
Section 62(1) is subject to this section.
2
The approved regulator need not act as required by that section in relation to any exemptible investor in the licensed provider.
3
Licensing rules must explain—
a
any circumstances in which the approved regulator proposes to rely on subsection (2),
b
any threshold below the percentage specified in subsection (4) by reference to which it proposes to rely on subsection (2),
c
where it proposes to rely on subsection (2), its reasons.
4
In subsection (2), an “exemptible investor” is an investor who has less than a 10% stake in the total ownership or control of the licensed provider.