Question of ethics

Q I only do non-discrete investment business and my notepaper states that my firm is regulated by the Law Society in the conduct of investment business.

Do I need to alter this in anticipation of the change in the regulations affecting investment business, when the Financial Services and Markets Act comes into force on 1 December 2001?A From this date (N2) there will be one regulator, which is the Financial Services Authority (FSA).

Therefore, from this date you must not use notepaper which carries this statement.

It is permissible to use up existing stocks of stationery after N2, if you delete this statement.

When ordering fresh stationery you should ensure that it does not contain this wording.

You can use the new notepaper before N2.

If you want to make it clear that you are regulated generally by the Law Society you could put 'regulated by the Law Society' at the foot of your notepaper.

More details on the regulatory regime will be sent to firms by both the FSA and the Society in the next few weeks.

Please noteLimited liability partnerships (LLPs)The legislative changes which provide for LLPs came into force on 6 April 2001.

For practitioners to 'convert' to LLP status, the process will involve two successive steps - registration as an LLP at Companies House followed by recognition as a recognised body by the Law Society under the new Solicitors' Incorporated Practice Rules 2001.

These rules also came into force on 6 April and regulate all incorporated practices, whether companies or LLPs.An information pack including the new rules is available from professional ethics.

l Question of ethics is compiled by the Law Society's professional ethics guidance team.

Send questions for publication to Austin O'Malley, the Law Society, Ipsley Court, Berrington Close, Redditch B98 0TD; DX 19114 Redditch;tel: 020 7242 1222