
1 

(1) These Regulations may be cited as the Licensed Legal Services (Maximum Penalty and Interest in respect of Approved Regulators) (Scotland) Regulations 2012 and come into force on 2nd July 2012.
(2) In these Regulations—
 “the Act” means the Legal Services (Scotland) Act 2010.
2 

(1) The maximum amount of penalty prescribed for the purpose of paragraph 2 of schedule 4 to the Act is the higher of—
(a) an amount equal to 5 per cent of all income which the approved regulator derived from its regulatory functions under Part 2 of the Act in respect of its most recent accounting period; and
(b) £10,000.
(2) The income which the approved regulator derived from its regulatory functions for a particular accounting period is to be determined by reference to the audited accounts for that period.
(3) The reference to the most recent accounting period in paragraph (1) is to the accounting period which ended most recently before the imposition of the financial penalty and for which audited accounts have been prepared.
(4) In this regulation, “audited accounts” refers to the accounts of the approved regulator which have been drawn up in accordance with generally accepted accounting practice.
3 
The rate of interest prescribed for the purpose of paragraph 11 of schedule 4 to the Act is a rate equivalent to the base rate of the Bank of England from time to time plus 2 per cent.
R CUNNINGHAM
Authorised to sign by the Scottish Ministers
St Andrew’s House,
Edinburgh
17th May 2012