93.This section allows an accredited regulator to apply to the Lord President to surrender some or all of the rights acquired (for example, if they no longer have a sufficient number of providers to make the running of the body feasible). Subsection (2) requires the accredited regulator to first consult each of the body’s authorised providers of legal services (and the application to the Lord President must include copies of any representations received). The Lord President must consult persons or bodies considered appropriate on the application.
94.The Lord President may give directions as to the requirements which a body wishing to surrender any such rights will have to comply with. Where the Lord President grants the application, the Lord President is to give notice to the regulator specifying the date on which it takes effect and publish that notice (see subsection (10)). From the date specified in the notice, persons authorised by the body may not exercise the right.
95.However, where the application is seeking to surrender all of the regulator’s acquired rights, the consultation under subsection (2) must seek the views of the body’s authorised providers about whether a majority of the providers would like another regulator to authorise them to exercise and regulate their rights or whether they would like to form a body and submit an application under section 23 to seek accreditation to authorise them to exercise and regulate their acquired rights. If the majority of consulted providers have expressed a preference of either of these outcomes, the notice from the Lord President under subsection (10) may give effect to this.
Background Part 1 – Regulatory Framework Exercise of the acquired rights Section 30 – Surrender of rights