Correction: extract from the draft solicitors' financial services (scope) rules [2001]There was an error in the version of the draft Solicitors Financial
Services (Scope) Rules [2001] which appeared recently (see [2001] Gazette, 1 June, 42).
The relevant provisions which were affected by this error are set out below.
The full text of the draft rules is available on the Law Society Web site at: www.lawsociety.org.uk or from the office (tel: 0870 606 2577).
We apologise for any confusion that may have been caused.1.
Purpose(1) The Law Society is a designated professional body under part XX of the Act, and firms may therefore carry on certain regulated activities without being regulated by the FSA.
As a designated professional body the Law Society is required to make rules governing the carrying on by firms of regulated activities.
The purpose of these rules is to set out the scope of the regulated activities which may be undertaken by firms which are not regulated by the FSA.
(2) These rules:l Prohibit firms which are not regulated by the FSA from carrying on certain regulated activities;l Set out the basic conditions which those firms must satisfy when carrying on any regulated activities;l Set out other restrictions on regulated activities carried on by those firms.2.
ApplicationThese rules apply only to firms which are not regulated by the FSA.
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