Q&As

We are representing clients in the sale of business assets. The purchaser representatives have legal knowledge, but do not appear to be solicitors (or similar). What are the compliance implications, other than the restriction on unqualified persons conducting reserved legal activities?

read titleRead full title
Published on LexisPSL on 07/01/2020

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • We are representing clients in the sale of business assets. The purchaser representatives have legal knowledge, but do not appear to be solicitors (or similar). What are the compliance implications, other than the restriction on unqualified persons conducting reserved legal activities?
  • Solicitors Regulation Authority and reserved legal activities
  • Source of funds and anti-money laundering
  • Undertakings

We are representing clients in the sale of business assets. The purchaser representatives have legal knowledge, but do not appear to be solicitors (or similar). What are the compliance implications, other than the restriction on unqualified persons conducting reserved legal activities?

Dealing with non-solicitors on the other side of a transaction can present numerous compliance issues, eg:

  1. compliance with the Code of Conduct and reserved activities

  2. dealing with the anti-money laundering (AML) and source of funds due diligence

  3. managing without the use of undertakings

Solicitors Regulation Authority and reserved legal activities

You must not abuse your position by taking unfair advantage of clients or others.

Guidance to rule 10 of the Solicitors’ Code of Conduct 2007 (the 2007 Code of Conduct) expanded on this. While this no longer forms part of the SRA Standards and Regulations, it

Related documents:

Popular documents