Firm authorisation
You are reading current version in effect from 11 April 2025
Tags
AuthorisationYou are reading current version in effect from 11 April 2025
Glossary terms
recognised body
means a body recognised by the SRA under section 9 of the AJA
recognised sole practice
means the practice of a sole solicitor or REL which is recognised by the SRA under section 9 of the AJA
person
includes a body of persons (corporate or unincorporated)
COLP
means compliance officer for legal practice and in relation to a licensable body is a reference to its HOLP
COFA
means a compliance officer for finance and administration and in relation to a licensable body is a reference to its HOFA
manager
means:
- the sole principal in a recognised sole practice;
- a member of a LLP;
- a director of a company;
- a partner in a partnership; or
- in relation to any other body, a member of its governing body
owner
means, in relation to a body, a person with any interest in the body, save that:
- in the SRA Authorisation of Firms Rules, and the SRA Authorisation of Individuals Regulations, owner means any person who holds a material interest in an authorised body, and in the case of a partnership, any partner regardless of whether they hold a material interest in the partnership; and
- for the purposes of the SRA Principles and the SRA Code of Conduct for Firms means a person who holds a material interest in the body; and
- for the purposes of the SRA Assessment of Character and Suitability Rules includes owners who have no active role in the running of the business as well as owners who do,
and "own" and "owned" shall be construed accordingly