# Legal Services (Scotland) Act 2010, Paragraph 4


(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.
(2) Licensing rules must explain—
(a) any circumstances in which the approved regulator proposes to rely on sub-paragraph (1),
(b) any threshold below the percentage specified in sub-paragraph (3) by reference to which it proposes to rely on sub-paragraph (1),
(c) where it proposes to rely on sub-paragraph (1), its reasons.
(3) In sub-paragraph (1), an “exemptible investor” is (as the case may be)—
(a) an investor who has less than a 10% stake in the total ownership or control of the licensed provider, or
(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.

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Source: https://www.legislation.gov.uk/asp/2010/16/schedule/8/paragraph/4 (the official version)
Page: https://openlegislation.uk/legal-services-scotland-act-2010/schedule-8/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.