Part 2

Regulation of legal businesses

Regulation of authorised legal businesses

Monitoring of performance of authorised legal businesses
47
1
A category 1 regulator is to carry out a review of the performance of an authorised legal business—
a
at such time or in such circumstances as the regulator considers appropriate, or
b
when requested to do so by the Lord President.
2
A review under this section may (in particular) examine—
a
the authorised legal business’s compliance with—
i
its duties under this Act and any other enactment,
ii
the terms on which its authorisation is granted including any conditions or restrictions imposed in relation to the authorisation,
b
the financial sustainability of the business,
c
such other matters as the regulator considers appropriate.
3
A request for the review of an authorised legal business under subsection (1)(b) must—
a
set out, by reference to the matters that may be reviewed, why the Lord President considers a review appropriate, and
b
be copied to the authorised legal business which is to be reviewed.
4
When conducting a review of an authorised legal business, a category 1 regulator may—
a
require the business to produce any relevant document or other information (either at the business’s premises or otherwise),
b
interview any person who owns, is employed by, or is otherwise involved with the business.
5
Following a review, the category 1 regulator must—
a
prepare a report on its review, and
b
send a copy of its report to—
i
the authorised legal business, and
ii
if the review was requested under subsection (1)(b), the Lord President.
6
Before finalising the report, the category 1 regulator must—
a
send a draft of the report to the authorised legal business, and
b
give it a reasonable opportunity to make representations about—
i
the findings of the report, and
ii
any action the business may be required to take or steps that may be taken by the regulator as a result of the review.
S. 47 not in force at Royal Assent, see s. 103(3)