Part 3 Approval of Restricted Interests After Licence is Issued
Legal Services Act 2007 (2007 c 29) | Legislation

Part 3 Approval of Restricted Interests After Licence is Issued

Powers of licensing authority in relation to change of interests

Continuing notification requirements

21

(1)     This paragraph applies where a non-authorised person (“the investorâ€)—

(a)     proposes to take a step which would result in the investor acquiring a restricted interest in a licensed body (or, if the investor already has one or more kinds of restricted interest, acquiring an additional kind of restricted interest), or

(b)     acquires such an interest in a licensed body without taking such a step.

(2)     In a case within sub-paragraph (1)(a) the investor must notify the licensed body and the relevant licensing authority of the proposal.

(3)     In a case within sub-paragraph (1)(b) the investor must notify the licensed body and the relevant licensing authority of the acquisition within such period, after the investor becomes aware of it, as may be specified by order made by the Lord Chancellor on the recommendation of the Board.

(4)     In this Part of this Schedule—

(a)     references to “the investor†are to be construed in accordance with this paragraph, and

(b)     references to a notifiable interest are to the restricted interest which the investor

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