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Legal Services (Scotland) Act 2010

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Changes over time for: Section 63

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There are currently no known outstanding effects for the Legal Services (Scotland) Act 2010, Section 63. Help about Changes to Legislation

63Exemption from fitness testS
This section has no associated Explanatory Notes

(1)Section 62(1) is subject to this section.

(2)The approved regulator need not act as required by that section in relation to any exemptible investor in the licensed provider.

(3)Licensing rules must explain—

(a)any circumstances in which the approved regulator proposes to rely on subsection (2),

(b)any threshold below the percentage specified in subsection (4) by reference to which it proposes to rely on subsection (2),

(c)where it proposes to rely on subsection (2), its reasons.

(4)In subsection (2), an “exemptible investor” is an investor who has less than a 10% stake in the total ownership or control of the licensed provider.

Commencement Information

I1S. 63 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch.

I2S. 63 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch.

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