Part 2Regulation of licensed legal services
Chapter 2Licensed legal services providers
Non-solicitor investors
67More about investors
I1I31
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.
I1I32
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.
I1I33
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).
I1I34
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.
I1I35
Before making regulations under subsection (3), the Scottish Ministers must have the Lord President's agreement.
I26
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.
I27
In sections 62 to 66, this section and schedule 8, a reference to a licensed provider includes an applicant to become one.