Part 2Regulation of licensed legal services
Chapter 2Licensed legal services providers
Non-solicitor investors
67More about investors
1
Schedule 8 provides for other—
a
requirements to which licensed legal services providers are subject,
b
functions of approved regulators,
in relation to interests in licensed providers.
2
The Scottish Ministers may by regulations make further provision—
a
relating to interests in licensed providers,
b
for licensing rules in connection with persons who have an interest in a licensed provider.
3
The Scottish Ministers may by regulations—
a
amend the percentage specified in section 63(4) and paragraph 4(3) of schedule 8,
b
amend (by addition, elaboration or exception) a definition in subsection (6).
4
Regulations under subsection (2)(a) may (in particular)—
a
impose requirements to which a licensed provider, or an investor in a licensed provider, is subject,
b
specify criteria or circumstances by reference to which a non-solicitor investor is to be presumed, or held, to be fit (or unfit),
c
set out—
i
what amounts (to any extent) to ownership, control or another material interest,
ii
what interest (or type) is relevant as regards a particular percentage stake in ownership or control,
iii
by reference to a family, business or other association, what other interest (or type) also counts towards such a stake,
d
for circumstances where an interest is held by a body, set out—
i
what interest (or type) in the body counts towards the interest held by it,
ii
the extent to which the interest in it so counts.
5
Before making regulations under subsection (3), the Scottish Ministers must have the Lord President’s agreement.
6
In this Part—
a
an “investor” in a licensed provider is any person who has (to any extent)—
i
ownership or control of the licensed provider, or
ii
any other material interest in it,
b
a “non-solicitor investor” in a licensed provider is an investor who is not entitled to practise—
i
as a solicitor, a firm of solicitors or an incorporated practice,
ii
in England and Wales or Northern Ireland, as a solicitor (outwith the meaning for this Act), or
iii
as a registered European or foreign lawyer,
c
the reference to a “solicitor investor” in a licensed provider is to be construed accordingly.
7
In sections 62 to 66, this section and schedule 8, a reference to a licensed provider includes an applicant to become one.