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New SRA regime
GDPR & data protection
Additional Risk & Compliance updates this month
RIP SRA Handbook 2011. Long live the StaRs. After years of planning, the SRA Standards and Regulations (or the StaRs, as they are also known) came into force on 25 November 2019.
The new SRA regime brings with it a host of important changes for in-house lawyers, including:
• new, slimmed-down SRA Principles
• two new Codes of Conduct, one for solicitors, RELs and RFLs which applies directly to in-house lawyers (and one for SRA-regulated firms)
• new authorisation and practising requirements—and new flexibility in the ways solicitors (including in-house lawyers) can practise
See subtopic SRA regulation of in-house lawyers including Practice Notes:
• SRA Standards and Regulations 2019—in-house lawyers
• SRA Code of Conduct for Solicitors, RELs and RFLs—for in-house lawyers
• Conflicts of interest, confidentiality and disclosure 2019—in-house lawyers
• Reporting breaches to the SRA—in-house lawyers
• Dealing with freelance solicitors
The Financial Action Task Force (FATF) has published a keynote speech by its executive secretary, David Lewis, who set out FATF’s role in anti-money laundering and countering terrorist financing (AML/CTF). Lewis called for action after FATF evaluations found nearly 100 countries needed fundamental or major improvements in the preventive measures taken by banks, money service businesses, lawyers, accountants, company formation agents, real estate agents, casinos and others. See: LNB News 10/12/2019 62.
Following a meeting held on 5 December 2019, the Council of the EU has published its conclusions on strategic priorities on AML/CTF. The Council welcomes the work being done by various EU bodies to tackle the issue, and recognises the need for stronger co-ordination between financial intelligence units. It urges Member States to swiftly complete the transposition of all relevant Union legislation in this area and strengthen its implementation and application. See: LNB News 05/12/2019 67.
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