57Statements regarding receipt or holding of trust money

57 Statements regarding receipt or holding of trust money

(1)  The prescribed authority may, by notice given under this regulation, require a law practice to give the prescribed authority a statement –

(a) specifying whether or not the practice has during a period specified by the prescribed authority 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) , (iii) and (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may be given so as to apply in respect of one or more periods (whether they occur annually or otherwise), and may be withdrawn or varied by a further notice.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 is to be complied with.

(4)  A notice is given to –

(a) a particular law practice by sending the notice by post to the practice; or

(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 of compliance; and

(b) must not include in the statement any information that is false or misleading in a material particular.