Earlier this summer, the BSB agreed to recommendations that several compulsory rules now be made discretionary, so as to make the authorisation regime more agile. The rules would have obliged entities to:

  • have at least one practising barrister who is a manager and owner;
  • ensure that every owner is also a manager; and
  • conduct only ‘legal activities’.

These criteria will still be included in a policy statement, to be published with the new Handbook – due to go live in January 2014.

The BSB will apply to the LSB to be a Licensing Authority once the ‘non-ABS’ entity regulation regime (as described above) has been approved. Barristers can already set up ABSs, but they currently need to be regulated by another approved regulator such as the SRA.

For further information, please see: http://bit.ly/14sk8ve