- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
The Licensed Legal Services (Interests in Licensed Providers) (Scotland) Regulations 2012
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- Offerynnau Statudol yr Alban
- 2012 No. 154
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make further provision relating to interests in licensed legal services providers for the purposes of Part 2 of the Legal Services (Scotland) Act 2010 (“the Act”).
Regulation 2
Section 49(1) of the Act provides that, in order for an entity to be eligible to be a licensed provider, the qualifying investors in it must have at least a 51% stake in the total ownership or control of the entity. Section 49(2) and (3) of the Act define the meaning of the term “qualifying investor”.
Regulation 2 provides that, for the purposes of section 49(1) of the Act, the qualifying investors will only be regarded as having at least a 51% stake in the total ownership or control of the entity if, taken together, they control at least 51% of the voting, income and capital rights in the entity.
Regulation 3
Section 67(6) of the Act defines an “investor” in a licensed provider as any person who has ownership or control of the licensed provider or a material interest in it.
Regulation 3 provides that, for the purposes of section 67(6) of the Act, a person has ownership or control of the licensed provider or a material interest in it if the person has any voting, income or capital rights in the licensed provider.
Regulation 4
Section 64(4) of the Act makes provision where a non-solicitor investor in a licensed provider is a body rather than an individual. It provides that the fitness of the persons having ownership or control of the body or any other material interest in it is relevant for the determination of whether the body itself is fit to have an interest in a licensed provider.
Regulation 4 provides that, for the purposes of section 64(4) of the Act, a person may be regarded as having ownership or control of the body or a material interest in it if the person has any voting, income or capital rights in the body. Regulation 4(1)(b) and (2) operates so that regard may also be had to the fitness of any persons having voting, income or capital rights in any other bodies which have an interest in that body and so on.
Regulations 5 and 6
Section 63(4) of the Act provides that an investor who has less than a 10% stake in the total ownership of control of a licensed provider is an exemptible investor. Section 63(3) of the Act, however, allows an approved regulator to specify, in its licensing rules, a threshold below 10%.
Regulation 5(1) provides that, for the purposes of section 63(4) of the Act, an investor in a licensed provider will only have less than a 10% stake in the total ownership or control of a licensed provider if the investor, and all associates of the investor, taken together, have less than 10% of the voting, income and capital rights in the licensed provider. Where, in its licensing rules, an approved regulator has specified a threshold below this percentage, regulation 5(2) provides that all references to 10% in regulation 5(1) are to be read as the specified threshold.
Regulation 6 sets out the meaning of associate for the purposes of regulation 5.
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