Legal Profession Regulations 2018

The prescribed authority may, by notice given under this regulation, require a law practice to give the prescribed authority a statement – specifying whether or not the practice has during a period specified by the prescribed authority received or held trust money; and if it has received or held trust money during that period, specifying to which of the following categories the trust money belongs:general trust money (being trust money other than that referred to in subparagraphs (ii), (iii) and (iv)); controlled money; transit money; money subject to a power.

A notice may be given so as to apply in respect of one or more periods (whether they occur annually or otherwise), and may be withdrawn or varied by a further notice.

A notice may specify the time by which or the period during which the requirement is to be complied with.

A notice is given to – a particular law practice by sending the notice by post to the practice; or a particular class of law practices by publishing the notice in a circular distributed generally to law practices of the class or in a magazine or other publication available generally to law practices of the class.

A law practice – must comply with a requirement imposed on it under this regulation and must do so by the time or during the period specified in the notice of compliance; and must not include in the statement any information that is false or misleading in a material particular.