Regulation of Legal Services (Scotland) Act 2025

Investment business certificates

32 (1) The 1980 Act is amended as follows.

(2) In section 53 (powers of Tribunal)—

(a) in subsection (2)(g), for “an investment business certificate” substitute “a licence to carry on incidental financial business”,

(b) in subsection (7A), for the words from ““investment” to the end of the subsection substitute ““licence to carry on incidental financial business” means a licence issued by the Society as a designated professional body under section 326(1) of the Financial Services and Markets Act 2000.”,

(c) for subsection (8)(b) substitute—

“(b) the definition of “licence to carry on incidental financial business” in subsection (7A).”,

(d) after subsection (8) insert—

“(8A) The power in subsection (8)(b) includes the power to make supplementary, incidental, consequential, transitional, transitory or saving provision.”.

(3) In section 53D (suspension etc. of investment business certificates: appeal to Tribunal)—

(a) in subsection (1)—

(i) for “an investment business certificate” substitute “a licence to carry on incidental financial business”,

(ii) for “incorporated practice” substitute “authorised legal business”,

(b) in subsection (2A), for “incorporated practice” substitute “authorised legal business”,

(c) the title of section 53D becomes “Suspension etc. of licence to carry on incidental financial business: appeal to Tribunal”.

(4) In schedule 4 (constitution, procedure and powers of Tribunal), in paragraph 16(h), for “an investment business certificate” substitute “a licence to carry on incidental financial business”.