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Fully revised and updated, the third edition of Outcomes-Focused
Regulation: Compliance in Practice brings practitioners up to date
with recent and upcoming changes to the SRA Handbook and evolving
regulation. Covering all the main requirements of the Handbook, the
drivers behind them, and essential steps to remain compliant, it
also provides practical tools to help firms formulate a compliance
plan. Also included are real-life case studies from leading
practitioners, giving critical insight into practical issues faced
by compliance officers, and best-practice advice on good governance
and compliance planning. Key features of this updated book include:
* Information on the effects of the LSA and the changes it has
brought; * An overview of the 16th version of the SRA Handbook; *
The SRA Principles; * The SRA's approach to authorisation and its
views on risk, including information from the Regulatory Risk
Framework; * The SRA Code of Conduct and an explanation of its
compliance requirements and risk management strategies in key areas
such as client care, conflicts of interests, and confidentiality,
referrals, outsourcing, separate businesses, and overseas practice;
* An indicator of changes on the horizon and how the SRA is likely
to respond; * The SRA's approach to supervision, including a
reference to the indicators in the various supervision and
enforcement strategies published by the SRA; * Advice on compliance
planning; and * Case studies and practitioners' perspectives. This
book is designed to assist firms to develop and strengthen their
governance arrangements and risk management strategies as they
become more familiar with outcomes-focused regulation. It also
flags up new business opportunities available to firms through
external investment and the use of separate businesses.
Regulation and In-House Lawyers is a resource for SRA regulated
lawyers working in-house for organisations which are not authorised
by the SRA. This second edition has been updated to reflect the
major regulatory changes introduced by the SRA Standards and
Regulations in November 2019. The book explains the changes and
their significance to in-house lawyers in particular, and provides
guidance on regulatory compliance. It also covers key legislation
such as the Money Laundering Regulations 2017, the Criminal
Finances Act 2017, the EU General Data Protection Regulation and
the Data Protection Act 2018, as well as recent Solicitors
Disciplinary Tribunal decisions. Additional material has been added
to this new edition which will help lawyers to demonstrate
compliance in practice through systems, controls and policies,
including templates which can be used by practitioners to create
compliance manuals.
Compliance and Ethics in Law Firms provides guidance on SRA
regulations for non-lawyers working in law firms and for those who
are responsible for ensuring that they comply with the SRA's rules
(such as COLPs, COFAs and learning and development professionals).
There are regulatory and legal consequences both for these
individuals and for their firms if they fail to demonstrate the
correct behaviours. It is therefore essential that everyone who
works in a law firm understands the compliance and ethical
requirements of SRA regulations. The second edition of this book
has been updated to aid compliance with the SRA Standards and
Regulations, which replaced the SRA Handbook in November 2019, as
well as relevant tribunal decisions. The text has been revised to
take account of the Money Laundering Regulations 2017, the Criminal
Finances Act 2017, the EU General Data Protection Regulation (GDPR)
and the Data Protection Act 2018. These changes are of great
significance and this edition will explain them and provide the
reader with a toolkit of regulatory and ethical knowledge which can
be applied to their specific circumstances.
It is a condition of authorisation that all SRA-authorised law
firms must have a compliance officer for legal practice (COLP) and
a compliance officer for finance and administration (COFA), and
that these individuals must comply with regulatory duties imposed
on them personally. Now in its third edition, COLP and COFA:
Compliance in Practice provides the role-holders, and anyone
concerned with supporting the role-holders, with essential
information about regulatory and ethical standards and compliance
procedures that will support the achievement of these standards and
facilitate a good working relationship with the SRA. Written by
Tracey Calvert, a former employee of both the Law Society and the
SRA, this edition has been updated to include the latest
requirements as evidenced by the SRA Standards and Regulations, and
includes lessons learned from supervisory and enforcement action.
Every year firms close for a variety of reasons, including sale or
merger, but what happens if you haven't prepared to exit the
market? The Solicitors Regulation Authority (SRA) has stressed the
need for firms to have an exit strategy in place to prepare for
this eventuality, meet regulatory requirements and good practice
standards, and avoid potential fines. The Exit Strategies Toolkit
contains a mixture of commentary, procedural checklists, such as a
notification checklist, draft policies and precedents, including
sample letters to PI insurers and the SRA, to help you to prepare
for this eventuality.
In-house practice is an increasingly popular career choice, both
for new entrants to the profession and for individuals moving away
from traditional private practice. The opportunities are exciting
but the challenges of being a regulated individual in a different
environment should not be underestimated. In-house counsel must be
able to identify and comply with the non-negotiable regulatory and
ethical duties expected of them by the Solicitors Regulation
Authority. Whereas private practitioners have the benefit of safety
in numbers in a team environment with common professional
objectives, this is not automatically the case for in-house
counsel. The latter might be used as the ethical voice or heartbeat
of their organisation, but it is not uncommon for them to be
regarded as the facilitators of advice about how to find ways round
obstacles, or to shoulder the blame if there is criticism. Being an
in-house solicitor requires an understanding of tensions that might
not exist in private practice and knowing when to challenge
inappropriate behaviour. This book provides guidance on essential
regulatory and ethical knowledge. The challenges of in-house
practice are discussed with commentary on the tensions that might
exist such as when the business is global or when business risks
are not managed properly. There is analysis of team leader
responsibilities and a discussion of the pinch points of being
employed as lone lawyer. It also contains contributions from
thought leaders and experts, and case studies and examples of
disciplinary action are used to support your understanding of this
essential topic.
Regulation, compliance and ethics are the three common features of
all well-run law firms. Without an understanding of regulatory
expectations, compliance duties and ethical behaviours, a firm runs
the risk of censure, adverse publicity, and client dissatisfaction.
It is essential that law firm owners and managers acknowledge and
have strategies to accommodate risk management, regulatory and
legal compliance and ethical values in their business. They must
also have a common understanding as to how this will be achieved.
This guide is intended to provide lawyers with the language,
arguments and practical solutions which are needed to make this
happen.
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