SRA announces start date for ABS applications
The Solicitors Regulation Authority has announced that it is to begin accepting licensing applications for alternative business structures (ABS) from 3 January 2012.
The Order designating the SRA as a licensing authority will come into force on 23 December and the SRA has set the date of 3 January as the date on which it will start accepting applications.
Chief Executive Antony Townsend said:
“We welcome the news that we will become an ABS licensing authority from 23 December. This is a milestone that we have been working towards for nearly two years.
“It means the public can have confidence that ABS providing reserved legal activities will be regulated according to the same rigorous professional standards as traditional law firms.”
Depending on the complexity of the first applications received, the SRA expects to announce the first successful applicants in the second half of February 2012.