Section 12

In these Regulations, “independent legal professional” means a firm or sole practitioner who by way of business provides legal or notarial services to other persons, when participating in financial or real property transactions concerning— and, for this purpose, a person participates in a transaction by assisting in the planning or execution of the transaction or otherwise acting for or on behalf of a client in the transaction. the buying and selling of real property or business entities; the managing of client money, securities or other assets; the opening or management of bank, savings or securities accounts; the organisation of contributions necessary for the creation, operation or management of companies; or the creation, operation or management of trusts, companies, foundations or similar structures, In these Regulations, “trust or company service provider” means a firm or sole practitioner who by way of business provides any of the following services to other persons, when that firm or practitioner is providing such services— forming a firm; selling an off-the-shelf firm; acting, or arranging for another person to act— as a director or secretary of a company; as a partner of a partnership; or in a similar capacity in relation to other legal persons; providing a registered office, business address, correspondence or administrative address or other related services for a company, partnership or any other legal person or legal arrangement; acting, or arranging for another person to act, as— a trustee of an express trust or similar legal arrangement; or a nominee shareholder for a person other than a company whose securities are listed on a regulated market. In this regulation, an “off-the-shelf firm” means a firm that either— does not carry on business; or carries on business but such business is not the main activity carried on by the trust or company service provider.

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Source: legislation.gov.uk · retrieved 2026-09-04