Legal Services Act 2007

The approval requirements

6 (1) For the purposes of this Schedule, the approval requirements are met in relation to a person’s holding of a restricted interest if—

(a) the person’s holding of that interest does not compromise the regulatory objectives,

(b) the person’s holding of that interest does not compromise compliance with the duties imposed by section 176 by the licensed body or persons to whom sub-paragraph (2) applies, and

(c) the person is otherwise a fit and proper person to hold that interest.

(2) This sub-paragraph applies to any employee or manager of the licensed body who is an authorised person in relation to an activity which is a reserved legal activity.

(3) In determining whether it is satisfied of the matters mentioned in sub-paragraph (1)(a) to (c), the licensing authority must in particular have regard to—

(a) the person’s probity and financial position,

(b) whether the person is disqualified as mentioned in section 100(1), or included in the list kept by the Board under paragraph 51,

(c) the person’s associates, and

(d) any other matter which may be specified in licensing rules.

(4) Licensing rules must make provision about the procedures that will be applied by the licensing authority when determining whether it is satisfied of the matters mentioned in sub-paragraph (1)(a) to (c).