Review of Managed Investment Schemes Uniform General Rules 91A-91D: Report
This Report sets out the findings and decisions of the review by the Legal Services Council of rules 91A – 91D of the Legal Profession Uniform General Rules 2015 conducted between October 2019 and January 2020.
Following consultation, the Council has decided on the following actions:
1. Revise the existing guidance material to produce:
(a) a short statement of the purpose of section 258 (that it operates to protect individual clients and community confidence in the legal profession by restricting the involvement of law practices in certain forms of financial intermediation), and
(b) brief plain English technical guidance summarising the operation of the MIS Rules for law practices, including the effect of rule 91C and section 258(4).
2. Request an amendment to rule 91B to permit a law practice to provide legal services in relation to an MIS, in circumstances where an associate of the law practice has an interest in the MIS or MIS operator but the provision of those legal services does not give rise to a conflict between the duty to serve the best interests of the client and the interests of the associate of the law practice.
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