The SRA has been undertaking a review of its international regulatory requirements, following the publication of a Green Paper putting forward some initial ideas in November 2011. The latest consultation represents the SRA's further thinking in this area.
The Law Society welcomes the SRA's latest set of proposals as part of its review of international regulation and continue to regard this review as important. The current regime for regulating international practice can create a confused view of who is being regulated. It is essential that we have a regulatory regime which does not inhibit solicitors practising as freely as possible overseas but also maintains the high standards of the profession. Our response includes:
- A recommendation for further work around the SRA's proposal that a new overseas chapter in the Code is based on the SRA Principles to ensure that the Principles are delinked from the ‘domestic’ outcomes in the Code to provide clarity for those firms and individuals practising overseas.
- Concerns around the proposed new outcome in chapter 7, that individuals/entities practising in England and Wales that undertake overseas practice are required to manage the risk of non-compliance posed by branch offices and other 'connected practices' internationally, particularly around the definition of 'connected practices'.
- A request for the provision of more information on what reporting requirements would be required of SRA-regulated entities in England and Wales.
Download the full response below.