Part 2Regulation of licensed legal services
Chapter 2Licensed legal services providers
Non-solicitor investors
65Ban for improper behaviour
1
Where an approved regulator determines that a non-solicitor investor in a licensed provider has contravened section 66(1) or (2), the approved regulator must disqualify the investor from having an interest in the licensed provider.
2
A disqualification under subsection (1)—
a
may be—
i
without limit of time, or
ii
for a fixed period,
b
extends so as to apply in relation to every licensed provider (including a licensed provider that is subject to the regulation of a different approved regulator).
3
Before disqualifying an investor under subsection (1), the approved regulator must give the investor 28 days (or such longer period as it may allow) to—
a
make representations to it,
b
take such steps as the investor may consider expedient.
4
Practice rules must—
a
set procedure (which the approved regulator is to follow) for imposing a disqualification under subsection (1),
b
allow for review (and lifting) by the approved regulator of a disqualification imposed by it under that subsection.
5
A person who is disqualified under subsection (1) may appeal against the disqualification—
a
to the sheriff,
b
within the period of 3 months beginning with the date on which the disqualification is imposed.