49Trust account statements for sophisticated clients

49 Trust account statements for sophisticated clients

(1)  In this regulation –

sophisticated client has the same meaning as in section 283 of the Act.

(2)  Regulation 48 (Trust account statements) does not apply to a sophisticated client to the extent to which the client directs the law practice not to provide trust account statements under that regulation.

(3)  If the sophisticated client directs the law practice to provide trust account statements on a basis different from that prescribed by regulation 48 , the law practice must provide those statements as directed, except to the extent to which the direction is unreasonably onerous.

(4)  The law practice must keep a copy of a trust account statement provided under this regulation.