(This note is not part of the Regulations)
These Regulations specify, in connection with section 49(2) and (3) of the Legal Services (Scotland) Act 2010 (“the Act”), the professions which are to be regarded as regulated professions and the persons who are to be regarded as members of those professions.
By virtue of section 49(2) of the Act, a member of a regulated profession counts as a qualifying investor in a licensed legal services provider and his or her stake in the total ownership or control of the entity counts towards the majority ownership requirement set out in section 49(1).