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The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Section 7 is up to date with all changes known to be in force on or before 26 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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7.—(1) A sum is not a deposit for the purposes of article 5 if it is received by a practising solicitor acting in the course of his profession.
(2) In paragraph (1), “practising solicitor" means—
(a)a solicitor who is qualified to act as such under section 1 of the Solicitors Act 1974 M1, article 4 of the Solicitors (Northern Ireland) Order 1976 M2 or section 4 of the Solicitors (Scotland) Act 1980 M3;
(b)a recognised body;
(c)a registered foreign lawyer in the course of providing professional services as a member of a multi-national partnership;
(d)a registered European lawyer; or
(e)a partner of a registered European lawyer who is providing professional services in accordance with—
(i)rules made under section 31 M4 of the Solicitors Act 1974;
(ii)regulations made under article 26 of the Solicitors (Northern Ireland) Order 1976; or
(iii)rules made under section 34 of the Solicitors (Scotland) Act 1980 M5.
(3) In this article—
(a)“a recognised body" means a body corporate recognised by—
(i)the Council of the Law Society under section 9 of the Administration of Justice Act 1985 M6;
(ii)the Incorporated Law Society of Northern Ireland under article 26A of the Solicitors (Northern Ireland) Order 1976 M7; or
(iii)the Council of the Law Society of Scotland under section 34 of the Solicitors (Scotland) Act 1980;
(b)“registered foreign lawyer" has the meaning given by section 89 of the Courts and Legal Services Act 1990 M8 or, in Scotland, section 65 of the Solicitors (Scotland) Act 1980 M9;
(c)“multi-national partnership" has the meaning given by section 89 of the Courts and Legal Services Act 1990 but, in Scotland, is a reference to a “multi-national practice" within the meaning of section 60A of the Solicitors (Scotland) Act 1980 M10“registered European lawyer" has the meaning given by regulation 2(1) of the European Communities (Lawyer’s Practice) Regulations 2000 M11 or regulation 2(1) of the European Communities (Lawyer’s Practice) (Scotland) Regulation 2000 M12.
Modifications etc. (not altering text)
C1Art. 7(1) applied (with modifications) (E.W.S.) (23.12.2011) by The Legal Services Act 2007 (Designation as a Licensing Authority) (No. 2) Order 2011 (S.I. 2011/2866), arts. 1(2), 8(3), Sch. 3
Marginal Citations
M2S.I. 1976/582 (N.I. 12); relevant amending instrument is S.I. 1989/1343 (N.I. 14).
M4Section 31 was amended by para. 10 of Sch. 17 to the Courts and Legal Services Act 1990 (c. 41), and by para. 3 of Sch. 6 to, and para. 1 of Sch. 7 to, the Access to Justice Act 1999 (c. 22).
M5Amended by section 31 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40).
M61985 c. 61; section 9 was amended by para. 54 of Sch. 18 to the Courts and Legal Services Act 1990, and by para. 1 of Sch. 4 to the European Communities (Lawyer's Practice) Regulations 2000 (S.I. 2000/1119), and was repealed in part by Part II of Sch. 15 to the Access to Justice Act 1999.
M7Inserted by article 10 of the Solicitors (Amendment) (Northern Ireland) Order 1989 (S.I. 1989/1343) (N.I. 14).
M81990 c. 41; section 89 was amended by para. 14 of Sch. 4 to the European Communities (Lawyer's Practice) Regulations 2000 (S.I. 2000/1119).
M9Amended by para. 29(15) of Sch. 8 to the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40).
M10Inserted by section 32 of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c. 40).
M12Scottish Statutory Instruments 2000 No. 121.
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