SRA Samples
A man instructs his solicitor to act for him in the purchase of the entire issued share capital of a private limited company from another company. The solicitor advises on the share purchase and helps to prepare and negotiate all the necessary documentation.
Neither the solicitor nor his firm is authorised by the Financial Conduct Authority to carry on a ‘regulated activity’ as defined in the Financial Services and Markets Act 2000 and related secondary legislation.
Has the solicitor breached the general prohibition against carrying on a regulated activity?
A man instructs his solicitor to act for him in the purchase of the entire issued share capital of a private limited company from another company. The solicitor advises on the share purchase and helps to prepare and negotiate all the necessary documentation.
Neither the solicitor nor his firm is authorised by the Financial Conduct Authority to carry on a ‘regulated activity’ as defined in the Financial Services and Markets Act 2000 and related secondary legislation.
Has the solicitor breached the general prohibition against carrying on a regulated activity?
No, because an exclusion applies if the transaction involves at least 50% of the voting shares in the company.
E - No, because an exclusion applies if the transaction involves at least 50% of the voting shares in the company.
97 of 115