The Regulatory Role of the SRA Flashcards
Name the three most common types of recognised bodies.
Partnerships, LLPs and Companies.
What two things do the SRA purport to be the purpose of its regulation?
1) protect consumers of legal services;
2) support the operation of the rule of law and the proper administration of justice.
List the types of businesses which are eligible for authorisation by the SRA.
a) Recognised sole practitioners; and
b) Recognised bodies (ie Parnterships, LLPs and Companies);
c) Licensed bodies (typically ABSs)
a) What are ABS’s?
b) Can ABS’s be registered as a licensed body by the SRA?
a) Companies which offer non-legal services as well as legal services.
b) Yes. There is however a requirement that at least one of the managers of the company is is an authorised solicitor (by the SRA), or an authorised person by one of the other approved regulators (eg Bar Standards Board or Council of Licensed Conveyancers).
What are the criteria to apply for authorisation as a licensed body (also known as an ABS)?
a) one manager must be authorised by the SRA or another approved regulator; and
b) it has to be a licensable body. A body will be a licensable body if:
- if a non-authorised person is a manger of the body; or is an interest holder in the body (eg a shareholder/ has voting rights); or
-if another body is a manager of the licensable body is an interest holder in the body and non-authorised persons are entitled to exercise, or control the exercise of, at least 10% of voting rights in A.
What is a licensable body (ABS)?
A body will be a licensable body if:
1) if a non-authorised person is a manger of the body; or is an interest holder in the body (eg a shareholder/ has voting rights); or
2) if another body is a manager of the licensable body is an interest holder in the body and non-authorised persons are entitled to exercise, or control the exercise of, at least 10% of voting rights in A.
What can an authorised body do?
a) carry on all reserved activities (except notarial activities); and
b) carry out immigration work.
What is an authorised body limited to?
a) professional services of the sort provided by individuals practising as solicitors and/or lawyers of other jurisdictions; and
b) other professional services set out in annex 2 of the rules (eg alternative dispute resolution, estate agency and financial services).
All authorised bodies must have…
a) a COLP;
b) a COFA
which the SRA have approved.
What is a key requirement of a COLP of an authorised body?
They must be an authorised solicitor in England and Wales.
