Part 2

Regulation of legal businesses

Miscellaneous

Entities changing regulatory regime
49
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.
S. 49 not in force at Royal Assent, see s. 103(3)