Section 47 Monitoring of performance of authorised legal businessesI1I2I3
Scotland
A category 1 regulator is to carry out a review of the performance of an authorised legal business—
at such time or in such circumstances as the regulator considers appropriate, or
when requested to do so by the Lord President.
A review under this section may (in particular) examine—
the authorised legal business’s compliance with—
its duties under this Act and any other enactment,
the terms on which its authorisation is granted including any conditions or restrictions imposed in relation to the authorisation,
the financial sustainability of the business,
such other matters as the regulator considers appropriate.
A request for the review of an authorised legal business under subsection (1)(b) must—
set out, by reference to the matters that may be reviewed, why the Lord President considers a review appropriate, and
be copied to the authorised legal business which is to be reviewed.
When conducting a review of an authorised legal business, a category 1 regulator may—
require the business to produce any relevant document or other information (either at the business’s premises or otherwise),
interview any person who owns, is employed by, or is otherwise involved with the business.
Following a review, the category 1 regulator must—
prepare a report on its review, and
send a copy of its report to—
the authorised legal business, and
if the review was requested under subsection (1)(b), the Lord President.
Before finalising the report, the category 1 regulator must—
send a draft of the report to the authorised legal business, and
give it a reasonable opportunity to make representations about—
the findings of the report, and
any action the business may be required to take or steps that may be taken by the regulator as a result of the review.