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Delay to regulation of ABS announced

updated on 28 July 2011

First reported in Legal Futures, the SRA has now formally announced that it will not be ready to start regulating alternative business structures (ABS) in early October because of parliamentary delays.

The Ministry of Justice (MoJ) has informed the SRA that required primary legislation has yet to be debated in Parliament and, as such, it will not be able to designate the SRA as a licensing authority in time for the planned date of 6 October.

SRA chief executive Antony Townsend said: "We were on track to license ABS from 6 October, so it is disappointing to learn that we will not be able to do so. We will work with the MoJ to do all we can to speed up the process. But we are in the hands of the parliamentary timetable. It seems unlikely that we will be able to license ABS much before the end of the year, and we shall make further announcements as soon as we have more certainty."

Other elements related to the implementation of the Legal Services Act, such as the introduction of outcomes-focused regulation and the new Code of Conduct for solicitors, will be unaffected by the delay.

For more news on the SRA and ABS, see "ABS: reality starts to take shape".

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