Date issued: 3 September 2019
On 1 July 2018, new Uniform Law provisions regarding the operation of Managed Investment Schemes commenced in NSW and Victoria. To ensure that these provisions meet the reform objectives, the Legal Services Council (LSC) was tasked by the Standing Committee to review the effectiveness and regulatory impact of Rules 91A-91D of the Legal Profession Uniform General Rules 2015 relating to Managed Investment Schemes (MIS Rules) after 12 months.
On 1 July 2019, the LSC commenced its review of the MIS Rules and, pursuant to the Terms of Reference, will consider and report on the effectiveness and regulatory impact of the MIS Rules in relation to the legal profession, consumers and regulators, having particular regard to:
The Review will not consider or re-visit the scope of s 258 of the Legal Profession Uniform Law.
Click here for the Terms of Reference.
Submissions closed on Thursday, 3 October 2019
Date issued: 8 August 2019
The Legal Services Council Admissions Committee (Committee) invites public comment on the draft Legal Profession Uniform Admission Amendment (Qualifications) Rule 2019 (Draft Rule) in accordance with s 426 of the Uniform Law (UL). The Draft Rule relates to the admission of foreign lawyers in NSW and Victoria, a function performed by the admitting authorities (Boards) in each State.
A paper outlining the background to the Committee's decision, attaching a copy of the Draft Rule and the text of the Legal Profession Uniform Admission Rules 2015 (Admission Rules) if the rule is made, can be accessed here.
A summary of the effect of the Draft Rule follows.
This Draft Rule is publically released for written submissions for a minimum period of 30 days in accordance with s 426(3 (b) UL. Submissions can be sent to the Committee to; email@example.com on or before Monday 16 September 2019.