In March, the Bar Standards Board (BSB) launched a new consultation seeking views on the final phase of the Governance Reform outlined in its 2016-19 Strategic Plan. The BSB now proposes to change how it deals with the information it receives as the regulator and to revise its decision-making structures in relation to professional conduct…
Results from the ICLR.net member survey
Thank you to the ICLR.net members who took the time to complete the online survey asking for feedback on the ICLR.net website. The key findings were as follows: The most valued features were: the newsletter, the directory of members and the research bank. 90% of respondents said they would like to engage more with ICLR.net…
Request for input: remuneration policy
Motlatsi Barnabas Molefe, Chief Executive Officer of the Attorneys Fidelity Fund South Africa has contacted ICLR.net to request the assistance of fellow ICLR members. They are in the process of reviewing their own remuneration policy and they have been requested by their Remuneration Committee to compare with international trends. They are not looking for salary figures,…
The FATF FinTech and RegTech initiative
At the end of February 2018, the Financial Action Task Force (FATF) launched the new FATF FinTech & RegTech initiative platform, to share information about national initiatives and developments relevant to FinTech and RegTech. The FATF policy is to strongly support responsible financial innovation in line with the FATF Standards to tackle money laundering and…
SRA publishes the findings of its money laundering review
The SRA’s review of 50 firms has shown that although most law firms are doing what is needed to tackle money laundering, some need to do more. The review of firms – large and small – explored the profession’s compliance with the more stringent demands of the Money Laundering Regulations 2017, introduced last June. It also…
ABA issues formal guidance to lawyers on limits of blogging and representation
The American Bar Association Standing Committee on Ethics and Professional Responsibility has issued Formal Opinion 480 explaining the limitations the Model Rules of Professional Conduct place on lawyers who blog or engage in other social commentary related to a representation. Under Model Rule 1.6(a) a lawyer has a duty of confidentiality. Supporting language to the model rule, known…
Ministry of Law, Singapore – Reflections from the International Conference of Legal Regulators 2017
The International Conference of Legal Regulators (“ICLR”) network remains to this day the only platform for legal services regulators to discuss issues and trends relevant to our unique perspective as regulators of lawyers. At the annual ICLR, legal services regulators from participating jurisdictions are able to share knowledge and best practices, learn from each other…
The Federation of Law Societies of Canada: AML update
The Federation of Law Societies of Canada (the “Federation”) is in the midst of a consultation with its members, the 14 provincial and territorial regulators of the legal profession, on proposed amendments to the Model Rules that have formed the cornerstone of the law societies’ fight against money laundering and the financing of terrorist activities…
ICLR 2018 – conference themes announced
The Netherlands Bar are looking to develop the programme content for the conference around four specific themes. The proposed themes are: Quality of the legal profession Regulatory technology Implementation of the Fourth Anti-Money Laundering Directive Organisation of Bars; in particular as regards to surveillance on Bars and Law Societies. If you would like to suggest topics…
A step closer to law firm regulation in British Columbia
The Law Society of British Columbia is considering regulating law firms for more efficient and effective regulation. At their meeting on December 8, 2017, the Benchers* approved the recommendations of the second interim report of the Law Firm Regulation Task Force as amended at the meeting and resolved to initiate them through a pilot project that will be…