SCHEDULES

SCHEDULE 13Ownership of licensed bodies

Part 1Introductory

The approval requirements

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1

For the purposes of this Schedule, the approval requirements are met in relation to a person's holding of a restricted interest if—

a

the person's holding of that interest does not compromise the regulatory objectives,

b

the person's holding of that interest does not compromise compliance with the duties imposed by section 176 by the licensed body or persons to whom sub-paragraph (2) applies, and

c

the person is otherwise a fit and proper person to hold that interest.

2

This sub-paragraph applies to any employee or manager of the licensed body who is an authorised person in relation to an activity which is a reserved legal activity.

3

In determining whether it is satisfied of the matters mentioned in sub-paragraph (1)(a) to (c), the licensing authority must in particular have regard to—

a

the person's probity and financial position,

b

whether the person is disqualified as mentioned in section 100(1), or included in the list kept by the Board under paragraph 51,

c

the person's associates, and

d

any other matter which may be specified in licensing rules.

4

Licensing rules must make provision about the procedures that will be applied by the licensing authority when determining whether it is satisfied of the matters mentioned in sub-paragraph (1)(a) to (c).