{
  "url": "https://openlegislation.uk/legal-services-scotland-act-2010/schedule-8/paragraph-4",
  "json_url": "https://openlegislation.uk/legal-services-scotland-act-2010/schedule-8/paragraph-4.json",
  "legislation": "asp/2010/16",
  "legislation_title": "Legal Services (Scotland) Act 2010",
  "legislation_url": "https://openlegislation.uk/legal-services-scotland-act-2010",
  "path": "schedule/8/paragraph/4",
  "kind": "paragraph",
  "number": "4",
  "heading": null,
  "text": "(1) An approved regulator may in relation to any exemptible investor in a licensed provider waive the requirements to give it information (or notification) under paragraphs 1 and 3.\n(2) Licensing rules must explain—\n(a) any circumstances in which the approved regulator proposes to rely on sub-paragraph (1),\n(b) any threshold below the percentage specified in sub-paragraph (3) by reference to which it proposes to rely on sub-paragraph (1),\n(c) where it proposes to rely on sub-paragraph (1), its reasons.\n(3) In sub-paragraph (1), an “exemptible investor” is (as the case may be)—\n(a) an investor who has less than a 10% stake in the total ownership or control of the licensed provider, or\n(b) a person whose intended acquisition of an interest in the licensed provider is of less than a 10% stake in the total ownership or control of the licensed provider.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 8 para. 4 in force at 1.4.2011 for specified purposes by S.S.I. 2011/180, art. 3, Sch."
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Sch. 8 para. 4 in force at 2.7.2012 in so far as not already in force by S.S.I. 2012/152, art. 2, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/asp/2010/16/schedule/8/paragraph/4",
    "retrieved_at": "2026-10-29T20:15:19.904135+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}