Special Purpose Vehicle, a company created solely for the purpose of owning an asset or portfolio of assets. The SPV can grant security over its assets to lenders to secure loan obligations or issue debt securities secured on these assets

This Checklist is based on the SRA guidance on AML inspections, and identifies specific LexisNexis® Precedents you could use for documents required by the SRA to be provided to it in advance of the inspection. It also contains recommended action points and information on further resources to support inspection day itself and after. See further Practice Note: How to survive an SRA AML inspection. If you are selected for an on-site AML inspection, the SRA will contact you to offer a selection of dates. An on-site SRA AML inspection will occur at your firm’s offices and can take up to five hours, although the SRA advises that you should keep your diary as free as possible on the day of the visit. Before the inspection Before the inspection, the SRA will contact your firm to request that the following documents are sent to it within 14 days: Document or information required LexisNexis® Precedents Comments (if any) ☐ Your firm-wide money laundering and terrorist financing risk assessment Precedent: Money laundering, terrorist financing and proliferation financing firm-wide risk assessment—law

This Practice Note explains the background to the SRA Sectoral Risk Assessment—Anti-money laundering, terrorist financing, proliferation financing and sanctions (SRA AML risk assessment), periodically conducted and published by the SRA as anti-money laundering (AML) supervisor under the Money Laundering Regulations 2017 (MLR 2017), SI 2017/692, as amended. It sets out information on money laundering, terrorist financing and proliferation financing risk that the SRA considers most relevant for the firms it supervises. Here we explain its main findings and what publication of the SRA’s AML risk assessment means for firms supervised by the SRA. Background The government periodically undertakes a National Risk Assessment (NRA) which compiles risk-based information from all sectors in scope of the MLR 2017, law enforcement and other sources. The 2025 NRA contains some key findings in relation to legal services, eg that: • the services most at risk of exploitation by criminals and corrupt elites for money laundering continue to be conveyancing, trust and service providers and client accounts • the risk of these services being exploited by

Rules which regulate the accounts of authorised bodies regulated by the Solicitors Regulation Authority (SRA).

Please click for an Excel version of this register. This Precedent SRA Accounts Rules breach register is intended for use by a compliance officer for finance and administration (COFA) in a law firm. It can be used to record actual and suspected Accounts rules breaches, which

This Practice Note sets out the requirements of the SRA Accounts Rules (Account rules), together with supporting guidance published by the SRA. The Accounts Rules form part of the SRA Standards and Regulations. They focus on the key principles of: • keeping client money separate from the firm's money • returning client money promptly at the end of a matter • only using client money for its intended purpose • proportionate requirements for firms to obtain accountants' reports The Accounts Rules are concise but they are supplemented by supporting guidance on a range of key subjects—see below: Supporting guidance. Generally, however, the Accounts Rules are written in clear language that is easy to understand. Supporting guidance The Standards and Regulations are accompanied by case studies and guidance in a variety of formats, such as Q&As, warning notices, decision trees and ‘topic guidance’. In relation to the Accounts Rules, the SRA has published the following guidance: • Do I need to operate a client account? • Helping you keep accurate client accounting records • Accountant's report

Rules which are in the SRA Handbook which give the SRA powers to authorise entities to provide reserved legal activities (and other activities as specified by the SRA) and to revoke or impose conditions on authorisation when this is in the public interest

The Solicitors Regulation Authority (SRA) Board has applied to the Legal Services Board (LSB) under Part 3 of Schedule 4 to the Legal Services Act 2007 for approval of changes to the SRA’s guidance on financial penalties, to reflect powers under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). The SRA requested for the application to be considered under the exemption direction procedure. The proposed guidance states that ECCTA removes the £25,000 cap on fines for solicitors, traditional law firms and employees of traditional law firms for relevant breaches or misconduct commencing on or after 4 March 2024, where the matter falls within the ECCTA definition of economic crime.

The conduct requirements of the Solicitors Regulation Authority (SRA).

This Practice Note provides guidance for in-house solicitors on the SRA Code of Conduct for Solicitors, RELs, RFLs and RSLs, contained in the SRA Standards and Regulations. The SRA Standards and Regulations include two Codes of Conduct—a Code for Solicitors and a Code for Firms. All individual solicitors, registered European lawyers (RELs), registered foreign lawyers (RFLs) and registered Swiss Lawyers (RSLs) authorised by the SRA must comply with the Code for Solicitors, irrespective of where and how they work. There are no specific provisions for in-house practice—the whole Code for Solicitors applies to in-house solicitors (although one part applies only when providing services to the public, which in-house lawyers are permitted to do in certain, limited circumstances—see below: When you are providing services to the public or a section of the public). This Practice Note explains how the Code for Solicitors is structured, how it applies in the context of in-house practice and the potential consequences of breach. References in this Practice Note to ‘in-house solicitors’

Question Answer 1. Circle all of the SRA Principles. (a) You must act in a way that encourages equality, diversity and inclusion(c) You must act with integrity 2. The SRA Principles only apply to practising solicitors. Is this statement true or false? (b) FalseThe SRA principles apply to all of us in and out of practice. 3. The SRA Codes of Conduct must be read with which of the following? (Circle all that apply) (a) SRA Principles(b) The general law 4. One section of the SRA Code for Solicitors

How to use this test These questions are designed to test your understanding after attending training on the SRA Code of Conduct for Solicitors, RELs, RFLs and RSLs (Code for Solicitors). After you have completed this test, please return it to [insert name]. General Name of person completing test [Insert name] Role [Insert role] Date [Insert date] Multiple choice questions Circle the correct answer. Question Multiple choice answers 1. Circle all of the SRA Principles. (a) You must act in a way that encourages equality, diversity and inclusion(b) You must act in the best interest of the firm(c) You must act with