Regulation 7 Amendment of regulation 12 (independent legal professionals and trust or company service providers)

in paragraph (2), after sub-paragraph (a), insert—

“(ab)

selling an off-the-shelf firm;”;

after paragraph (2), insert—

“(3)

In this regulation, an “off-the-shelf firm” means a firm that either:

(a)

does not carry on business; or

(b)

carries on business but such business is not the main activity carried on by the trust or company service provider.”.