71Statements regarding receipt or holding of trust money

71 Statements regarding receipt or holding of trust money (1) The Law Society may, by notice given under this regulation, require a law practice to give the Society a statement: (a) specifying whether or not the practice has during a period specified by the Society received or held trust money; and (b) if it has received or held trust money during that period, specifying to which of the following categories the trust money belongs: (i) general trust money (being trust money other than that referred to in subparagraphs (ii) to (iv)); (ii) controlled money; (iii) transit money; (iv) money subject to a power. (2) A notice may be given so as to apply in respect of one or more periods (whether they occur annually or otherwise), and may be withdrawn or varied by a further notice. (3) A notice may specify the time by which or the period during which the requirement must be complied with. (4) A notice is given to: (a) a particular law practice by sending the notice by post to the (b) a particular class of law practices by publishing the notice in a circular distributed generally to law practices of the class or in a magazine or other publication available generally to law practices of the class. (5) A law practice: (a) must comply with a requirement imposed on it under this regulation and must do so by the time or during the period specified in the notice for compliance; and (b) must not include in the statement any information that is false or misleading in a material particular.

Legal Profession Regulations 2007 49