Now that you're licensed to practice as an ABS, it's imperative that all of your owners, managers and employees are aware of the extent and reach of SRA regulation. ABSs are law firms like any other, and there are strict compliance and ethical requirements.
Presentation by Robert Cross, Legal Services BoardOECD Governance
Presentation from the OECD Roundtable on Equal Access to Justice, Latvia, 2018. For more information see: http://www.oecd.org/gov/equal-access-to-justice-oecd-expert-roundtable-latvia-2018.htm
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
Presentation by Robert Cross, Legal Services BoardOECD Governance
Presentation from the OECD Roundtable on Equal Access to Justice, Latvia, 2018. For more information see: http://www.oecd.org/gov/equal-access-to-justice-oecd-expert-roundtable-latvia-2018.htm
2017 AICM Credit Symposium - Australian Institute of Credit ManagementMark Harley
Unfair Contract Terms – generally and amendments for B2B protection (with some exceptions)
Insolvency Law Reform Amendments – amendment to the definition of “relation-back day” for purpose of the Corporations Act
Dealing with Trust Assets of Corporate Trustees in Liquidation
The authors explain how a Business Legal Checkup ("BLC") can be useful. BLC is a diagnostic tool small and medium size businesses can use to verify if legal aspects of their operation comply with law and to minimize risk, litigation and expense. When the BLC is completed, the business owner receives a lawyer’s report red-flagging matters which need correction, improvement or further legal advice. Contact the authors for more information.
S2NRI is a legal NRI services provider in India. It helps them to find solution for financial, taxation, legal and insurance. Wealth management, loan syndication, filing IT returns, attending IT notice and tax authority visits, arranging lawyers, legal opinions, legalization, notarization and attestation of immigrants documents.
How to Operate Nationwide the Fast and Safe Way in the USYokip Consulting
Yokip Consulting explains how an FBO Account can get crypto exchanges, digital wallets, money transfer operators, and msbs in compliance and running in the US (while accepting fiat).
Legal Research Outsourcing: Our Means and Your Endsrajni_minhas
This webinar was organised on 17 December 2009. The purpose of this webinar was to question the paradigm shift in the needs, means and results of Legal Research in wake of integrating world.
Topics Covered in the web cast were:
Legal Research outsourcing Needs
Multi jurisdiction research
Legal Research tools & deliverables
Memo Writing
Ethical and Regulatory aspects of Legal Research outsourcing.
Issues of Confidentiality and Quality
Process Flow
Pricing the Legal Research
Global Client Solutions offers payment processing solutions aimed at helping consumers manage their debt and get out of debt faster. Committed to financial literacy, Global Client Solutions also educates clients about their rights under the Fair Debt Collection Act.
Basic mistakes that attorneys make in disciplinary proceedings slideshare.netLisa A Montgomery
Presentation to the Solo and Small Firm section of the Louisiana State Bar Association on March 23, 2018. One hour credit in Ethics was earned by members for required annual continuing legal education.
A presentation given at the Louisiana State Bar Association's annual Solo, Small Firm, and Tech conference held on February 15 and 16, 2018. The presentation featured the "Legal Tech Disrupters" and how to analyze newly emerging ethics issues.
Deloitte provides advisory services like Assistance in ongoing monitoring of operations, Asset tracing, Due diligence on bidders , Assistance in ongoing monitoring of operations, etc. See more : https://www2.deloitte.com/in/en/pages/finance/solutions/insolvency-advisory-services.html
This presentation by the Caroline Wallace, Legal Services Board, UK was made during a roundtable discussion on Disruptive innovations in legal services held at the 61st meeting of the Working Party No. 2 on Competition and Regulation on 13 June 2014. More papers, presentations and contributions from delegations on the topic can be found out at www.oecd.org/daf/competition/disruptive-innovations-in-legal-services.htm
The authors explain how a Business Legal Checkup ("BLC") can be useful. BLC is a diagnostic tool small and medium size businesses can use to verify if legal aspects of their operation comply with law and to minimize risk, litigation and expense. When the BLC is completed, the business owner receives a lawyer’s report red-flagging matters which need correction, improvement or further legal advice. Contact the authors for more information.
S2NRI is a legal NRI services provider in India. It helps them to find solution for financial, taxation, legal and insurance. Wealth management, loan syndication, filing IT returns, attending IT notice and tax authority visits, arranging lawyers, legal opinions, legalization, notarization and attestation of immigrants documents.
How to Operate Nationwide the Fast and Safe Way in the USYokip Consulting
Yokip Consulting explains how an FBO Account can get crypto exchanges, digital wallets, money transfer operators, and msbs in compliance and running in the US (while accepting fiat).
Legal Research Outsourcing: Our Means and Your Endsrajni_minhas
This webinar was organised on 17 December 2009. The purpose of this webinar was to question the paradigm shift in the needs, means and results of Legal Research in wake of integrating world.
Topics Covered in the web cast were:
Legal Research outsourcing Needs
Multi jurisdiction research
Legal Research tools & deliverables
Memo Writing
Ethical and Regulatory aspects of Legal Research outsourcing.
Issues of Confidentiality and Quality
Process Flow
Pricing the Legal Research
Global Client Solutions offers payment processing solutions aimed at helping consumers manage their debt and get out of debt faster. Committed to financial literacy, Global Client Solutions also educates clients about their rights under the Fair Debt Collection Act.
Basic mistakes that attorneys make in disciplinary proceedings slideshare.netLisa A Montgomery
Presentation to the Solo and Small Firm section of the Louisiana State Bar Association on March 23, 2018. One hour credit in Ethics was earned by members for required annual continuing legal education.
A presentation given at the Louisiana State Bar Association's annual Solo, Small Firm, and Tech conference held on February 15 and 16, 2018. The presentation featured the "Legal Tech Disrupters" and how to analyze newly emerging ethics issues.
Deloitte provides advisory services like Assistance in ongoing monitoring of operations, Asset tracing, Due diligence on bidders , Assistance in ongoing monitoring of operations, etc. See more : https://www2.deloitte.com/in/en/pages/finance/solutions/insolvency-advisory-services.html
This presentation by the Caroline Wallace, Legal Services Board, UK was made during a roundtable discussion on Disruptive innovations in legal services held at the 61st meeting of the Working Party No. 2 on Competition and Regulation on 13 June 2014. More papers, presentations and contributions from delegations on the topic can be found out at www.oecd.org/daf/competition/disruptive-innovations-in-legal-services.htm
Time to update your firm wide risk assessmentJonathon Bray
A live session run by Jonathon Bray and Rachael Eyre for law firms caught by the Money Laundering Regulations. Zoom recording available to COLP Insider newsletter subscribers.
Collateral value is the foundation of all lending transactions, but even the most traditional valuation techniques require a blend of art science and require debtors and practitioners to incorporate their judgment. Where is the line between reasonable judgment and gaming the system to arrive at a valuation that skews the fact pattern to one party’s favor? This webinar presents practice pointers on how to use the ABA Model Rules as a guide to navigating ethical issues in real estate valuation. Model Rules addressed may include those that govern the client-lawyer relationship (Rule 1.1 through 1.3); those that speak to the need for candor toward the tribunal and fairness to an opposing party and counsel (Rule 3.3 through 3.4); and the necessity for truthfulness in statements to others and issues surrounding unrepresented persons (i.e. Rule 4.1 through 4.3).
Part of the webinar series: Ethical Issues in Real Estate-Based Bankruptcies 2022
See more at https://www.financialpoise.com/webinars/
In the past two decades, the legal profession has expended great effort to define and refine the principles governing the ethical conduct of attorneys and judges. Sanctions for an attorney violating ethics rules can be private (letter of warning, private reprimand, admonition) or public (public reprimand, probation, suspension, disbarment). More than any other profession, the legal profession has embarked on a campaign to identify and police unethical conduct and fulfill its primary duty of serving the public and the legal system.
This short information session will cover the fundamentals of legal ethics.
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
I spoke at the Emerging Payments Conference, http://tinyurl.com/zxzqppd, on "The Myth of an Unregulated Fintech Marketplace," discussing compliance & regulatory challenges facing Fintech.
Similar to Introduction to SRA Regulation for ABSs (20)
Jonathon Bray Webinar 29 March 2023: Sanctions Compliance for law firmsJonathon Bray
Slides from the free webinar delivered by Jonathon Bray, Rachael Eyre and Carly Llewellyn on the topic of sanctions compliance for solicitors.
Thanks to everyone who attended this free session on 29 March 2023.
In case you missed it, we covered:
- the sanctions regimes and how they apply to law firms,
- who you should conduct due diligence on and how,
exemptions,
- updated SRA/Law Society guidance, and
- professional duties
Continuing Competence Webinar Slides September 2022.pdfJonathon Bray
Our live webinar for September was on the topic of CPD - I mean, continuing competence.
Sweeping reform of solicitors training came in seven years ago. The word on the street is that the regulators are looking to change things again.
In this live session, Jon and Rachael chatted through the flexible (and imperfect) continuing competence regime. We covered:
The link between 'competence' and SRA conduct rules
The SRA Statement of Competence aka the standard all practising solicitors must meet
SRA expectations - how to meet the standards
How firms should assess competence
Who the firm is responsible for
Present and future issues
Solicitors Qualifying Examination (SQE) May 2022.pptxJonathon Bray
Slides from a webinar on 25 May 2022 on qualifying as a solicitor under the SQE.
The session covered:
- why has the process of qualification changed?
- what does the process look like now?
- how do individuals apply?
- what do firms need to do?
- what should you look out for?
Zoom recording available on request
Legal Sector Affinity Group (LSAG) AML Guidance: What you need to know Jonathon Bray
Here what you need to know about the 2021 AML guidance from LSAG. The guidance is incredibly important for solicitors to digest, but, weighing in at 200 pages, it is not the most accessible document.
Regulatory update for solicitors, COLPs and COFAs - May 2019Jonathon Bray
A quick update on the regulatory landscape for SRA regulated law firms. Particularly relevant for COLPs and COFAs in discharging their duties. Overview of the new SRA 'Standards and Regulations' coming in November 2019.
Price and service transparency for SRA-regulated law firmsJonathon Bray
Solicitors in England and Wales are subject to new SRA rules on price and service transparency from 6 Dec 2018. Here is what you need to know (taken from our talks on the topic).
The Legal Services Act is 10 years old. At Jonathon Bray, we come across LOTS of innovative ABS models to deliver legal services. Twenty years ago, who would have thought these possible?
www.jonathonbray.com
How to stay off the SRA's radar and stop worrying about complianceJonathon Bray
We have worked with over 100 law firms and understand what good compliance and risk management looks like. In this session we draw together best practice and what we know works.
This session can be delivered to your firm in person - please contact info@jonathonbray.com
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
2. Today’s session will cover:
• The Solicitors Regulation Authority (SRA) and its style of regulation
• Key aspects of SRA compliance and the role of the COLP and COFA
• An overview of the SRA Handbook
Jonathon Bray Legal Services Limited
3. Legal Services Act 2007
• Allows non-lawyers to own and invest in law firms (ABS)
• Sets out the legal framework for ABS
• Creates the Legal Services Board (overarching regulator of the other
legal regulators)
• Creates the Legal Ombudsman
• Sets out the reserved legal activities (broadly speaking, conveyancing,
litigation, probate and administration of oaths)
Jonathon Bray Legal Services Limited
4. Other relevant legislation
• Solicitors Act 1974
• Administration of Justice Act 1985
• Courts and Legal Services Act 1990
• Financial Services and Markets Act 2000
• Data Protection Act 2000
• Legal Aid, Sentencing and Punishment of Offenders Act 2012
• Compensation Act 2006
Jonathon Bray Legal Services Limited
5. The Solicitors Regulation Authority (SRA)
“Our purpose is to protect the public by ensuring that solicitors meet
high standards, and by acting when risks are identified”
Jonathon Bray Legal Services Limited
6. Variety of roles:
• Authorises entities as recognised bodies (traditional law firms) and
as licensed bodies (ABS)
• Issues practising certificates
• Sets training, qualification and ongoing education requirements
• Sets standards of behaviour (SRA Code of Conduct)
• Supervises firms and individuals
• Enforcement and disciplinary action
• Outcomes-focused, risk-based, entity-based regulation
Jonathon Bray Legal Services Limited
7. Risk based regulation
“A vital activity that the SRA undertakes, as a risk-based regulator, is the
identification of risks to the regulatory objectives set out in the Legal Services
Act 2007.
At the SRA, we allocate our own resources proportionately, in line with
identified risks to the regulatory objectives. We require firms to ensure that
they, too, are managing identified risks to the regulatory objectives.”
Jonathon Bray Legal Services Limited
8. Risk Outlook
“The Risk Outlook provides an overview of risks to protect people who
use legal services, the operation of the Rule of Law, and the proper
administration of justice.”
Jonathon Bray Legal Services Limited
9. “The purpose of the Risk Outlook is to
• set out our position on risk in the legal services market
• show the priorities to which we will allocate our resources
• explain how we will control these risks and act in the public
interest
• help solicitors and firms manage risk.”
Jonathon Bray Legal Services Limited
10. Priority Risks
1. Investment schemes
2. Lack of access to legal services
3. Standards of service and considering vulnerability
4. Information security
5. Independence and integrity (concerns about personal injury work)
6. Protecting client money
7. Money Laundering
8. Diversity
Jonathon Bray Legal Services Limited
11. SRA Handbook 2011
“This will bring together all the SRA‘s regulatory requirements into a
single, coherent structure that underpins the regulation of solicitors,
law firms and alternative business structures”
Jonathon Bray Legal Services Limited
12. SRA Handbook 2011
• Launched 6 October 2011 – now on version 18
• Applies to:
• The authorised body (i.e. the law firm or ABS)
• All solicitors working in the entity
• All other individuals working in the ABS, including non-lawyers
Jonathon Bray Legal Services Limited
13. SRA Principles
“The Principles embody the key ethical requirements on firms and individuals who
are involved in the provision of legal services. You should always have regard to the
Principles and use them as your starting point when faced with an ethical dilemma.
Where two or more Principles come into conflict, the Principle which takes
precedence is the one which best serves the public interest in the particular
circumstances, especially the public interest in the proper administration of
justice.”
Jonathon Bray Legal Services Limited
14. The ten Principles
1. Integrity
2. Independence
3. Act in the best interests of each client
4. Provide a proper standard of service
5. Uphold rule of law and proper administration of justice, and
6. Maintenance of the trust the public places in you and the provision of legal services
7. Comply with your legal and regulatory obligations and deal with your regulators and
ombudsmen in an open, timely and co-operative manner
8. Run your business or carry out your role in the business effectively and in accordance with
proper governance and sound financial and risk management principles
9. Run your business or carry out your role in the business in a way that encourages equality
of opportunity and respect for diversity
10. Protect client money and assets
Jonathon Bray Legal Services Limited
15. SRA Code of Conduct 2011
The Code is divided into 5 sections:
1. You and your client
2. You and your business
3. You and your regulator
4. You and others
5. Application, waivers and interpretation
• Each section is divided into chapters dealing with particular regulatory issues, for
example, client care, conflicts of interests, and publicity.
• These chapters show how the Principles apply in certain contexts through
mandatory and non-mandatory provisions (i.e. Outcomes and Indicative
Behaviours)
Jonathon Bray Legal Services Limited
16. SRA Code of Conduct
• 1st section: You and your client
• Chapter 1 Client care
• Chapter 2 Equality and diversity
• Chapter 3 Conflicts of interests
• Chapter 4 Confidentiality and disclosure
• Chapter 5 Your client and the court
• Chapter 6 Your client and introductions to third parties
Jonathon Bray Legal Services Limited
17. • 2nd section: You and your business
• Chapter 7 Management of your business
• Chapter 8 Publicity
• Chapter 9 Fee sharing and referrals
Jonathon Bray Legal Services Limited
18. • 3rd section: You and your regulator
• Chapter 10 You and your regulator
Jonathon Bray Legal Services Limited
19. • 4th section: You and others
• Chapter 11 Relations with third parties
• Chapter 12 Separate businesses
Jonathon Bray Legal Services Limited
21. SRA Accounts Rules 2011
• Purpose of the rules is to keep clients’ money safe
• Failure to comply with these Rules is key risk for the SRA
• Consulted last year on changes to the Accounts Rules – watch this
space!
Jonathon Bray Legal Services Limited
22. SRA Authorisation Rules 2011
• Key requirements to obtain and retain authorisation
• Regulatory foundation for key roles:
• A Compliance Officer for Legal Practice
• A Compliance Officer for Finance and Administration
• Compliance plan
• Risk register
Jonathon Bray Legal Services Limited
23. Compliance Officer for Legal Practice (COLP)
• The COLP of an authorised body must:
• Ensure compliance with terms of authorisation and SRA Handbook (except
SRA Accounts Rules)
• Ensure compliance with legal obligations
• Keep a record of any failures
• Report any material failures to the SRA immediately and all other failures as
required
Jonathon Bray Legal Services Limited
24. Compliance Officer for Finance and Administration (COFA)
• The COFA of an authorised body must:
• Ensure compliance with SRA Accounts Rules
• Ensure compliance with legal obligations
• Keep a record of any failures
• Report any material failures to the SRA immediately and all other failures as
required
Jonathon Bray Legal Services Limited
25. Register of breaches
• Authorisation Rules require COLP and COFA to keep a register of all
breaches which occur, and to report any material breaches to the SRA
• Purpose of the register
• Allow for inspection by the SRA
• Monitor overall compliance with conditions of authorisation
• Assess the effectiveness of the firm’s systems
• Be able to comply with the duty to report breaches which are material
because they form a pattern
Jonathon Bray Legal Services Limited
26. Material breaches
• Not defined in the SRA Handbook
• Handbook guidance suggests consideration of the following:
• The detriment, or risk of detriment, to clients
• The extent of any risk of loss of confidence in the firm or in the provision of
legal services
• The scale of the issue
• The overall impact on the firm, its clients and third parties
Jonathon Bray Legal Services Limited
27. Risk Register
• Important document to evidence compliance with the Principles, the
management sections of the SRA Code, and the Authorisation Rules
• Evidence of the firm’s analysis of risk and steps taken or to be taken to
mitigate these risks
• Ties in with the SRA’s approach to regulation (i.e. risk-based)
Jonathon Bray Legal Services Limited