(This note is not part of the Rules)
These Rules set out the method to be used in determining the maximum amount of the penalty which the Legal Services Board may impose under section 37(3) of the Legal Services Act 2007 (c. 29) on an approved regulator. Section 37 of that Act provides for the imposition of financial penalties on approved regulators for failure to comply with any requirement imposed on them by or under certain specified provisions of that Act (namely, section 30 (rules relating to the exercise of regulatory functions), section 32 (directions) and section 51 (control of practising fees charged by approved regulators)).