Point in time view as at 01/04/2014.
Legal Services (Scotland) Act 2010, Cross Heading: Initial notification requirements is up to date with all changes known to be in force on or before 09 August 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
1(1)An applicant for a licence (issuable in accordance with an approved regulator's licensing rules) must give the approved regulator the standard information about non-solicitor investors when applying for the licence.S
(2)The applicant must also—
(a)give (as soon as practicable) the approved regulator any standard information subsequently coming to light,
(b)notify (as soon as practicable) the approved regulator of any other change in the standard information.
(3)The standard information is—
(a)the name and other details of—
(i)every non-solicitor investor in the applicant,
(ii)any other person whom the applicant expects to be a non-solicitor investor in the applicant at such time as the licence may be issued,
(b)in each case, a description of the nature of the person's interest.
Commencement Information
I1Sch. 8 para. 1 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch.
I2Sch. 8 para. 1 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch.
2(1)It is an offence for a person to fail to comply with a requirement imposed on the person by paragraph 1.S
(2)A person who commits an offence under sub-paragraph (1) is liable on summary conviction to a fine not exceeding level 5 on the standard scale.
(3)It is a defence for a person prosecuted for an offence under sub-paragraph (1) to show that at the relevant time the person had no knowledge, and could not reasonably be expected to have knowledge, of the information in question.
Commencement Information
I3Sch. 8 para. 2 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch.
I4Sch. 8 para. 2 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch.
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