PCR Lecture 3
Terms
undefined, object
copy deck
- Where do you need to look for the definition of a 'regulated mortgage contract'?
- Oddly in article 61 - Part II RAO
- In relation to specified activities under part II of the RAO, how will a solicitor acting in his capacity as trustee be considered?
- He or she will be considered to be acting as a principal.
- How should a solicitor dealing by way of power of attorney be considered?
- To be dealing as 'agent' of the client. This was the approach envisaged by the FSA and there is nothing as yet to indicate the FCA will take a different view.
- Is general advice, for example to invest in China, as opposed to Europe, a specified activity?
- No.
- What is a bare trustee?
- Where the beneficiary has the right to both the income and capital of the trust.
- Might a general exemption apply where a solicitor is acting as a co-trustee or co-personal representative? Auth?
- Yes - See Article 66(2)
- Might a general exemption apply when a transaction is being entered into by the beneficiary under the trust/will/intestacy? Auth?
- Yes, see Article 66(2) RAO
- What should you say when concluding in relation to an act that would amount to a breach of s. 19(1)
- would breach the general prohibition in s. 19(1) and would be a criminal offence.
- What must a solicitor do if his or her work involves carrying out a regulated activity?
-
1) the firm should become directly authorised by the FCA; or
2) the firm needs to be supervised by a Designated Professional Body. - Who is a law firm's Designated Professional Body?
- The Law Society, but responsibility for regulation rests with the SRA as the profession's independent regulator.