Part 2Regulation of legal businesses
Miscellaneous
49Entities changing regulatory regime
(1)
Subsection (2) applies where a licensed provider becomes an authorised legal business.
(2)
The licensed provider is deemed, by virtue of this subsection, to continue to be so licensed from that time until the earliest of the following events—
(a)
the end of the period of 90 days beginning with the day on which that time falls,
(b)
the time from which the relevant category 1 regulator determines this subsection is to cease to apply to the provider, or
(c)
the time when the provider ceases to be an authorised legal business.
(3)
Subsection (4) applies where an authorised legal business becomes a licensed provider.
(4)
The authorised legal business is deemed, by virtue of this subsection, to continue to be so authorised from that time until the earliest of the following events—
(a)
the end of the period of 90 days beginning with the day on which that time falls,
(b)
the time from which the approved regulator that regulates (or regulated) the licensed provider determines this subsection is to cease to apply to the authorised legal business, or
(c)
the time when the authorised legal business ceases to be a licensed provider.