23 August 2021
The Legal Profession Uniform General Amendment (Managed Investment Schemes) Rule 2021 (PDF, 156.7 KB), which amends rules 91B and 91BA of the Legal Profession Uniform General Rules 2015, commenced on 20 August 2021.
In July 2020, the Legal Services Council published a report (PDF, 241.8 KB) setting out the findings and decisions of its review of rules 91A – 91D of the Legal Profession Uniform General Rules 2015 relating to managed investment schemes.
The report recommends an amendment to rule 91B to permit a law practice to provide legal services in relation to a managed investment scheme, in circumstances where an associate of the law practice has an interest in the scheme or the operator of the scheme, but the provision of those legal services does not give rise to a conflict between the duty to serve the best interests of the client and the interests of the associate of the law practice.
The Legal Profession Uniform General Amendment (Managed Investment Schemes) Rule 2021 implements this recommendation.
In July 2020, rule 91BA was made by the Legal Services Council on an urgent interim basis to resolve a serious and unintended consequence of the Commonwealth reforms to regulate litigation funding as managed investment schemes.
Rule 91BA ensures that law practices in NSW and Victoria do not contravene s 258 of the Legal Profession Uniform Law by promoting or operating a litigation funding scheme or providing legal services in relation to a litigation funding scheme or the responsible entity for the scheme.
The Legal Profession Uniform General Amendment (Managed Investment Schemes) Rule 2021 makes rule 91BA an ongoing rule.
10 Oct 2022
The Legal Services Council and Commissioner for Uniform Legal Services Regulation acknowledges the Aboriginal and Torres Strait Islander peoples as custodians of Australia and pay their respects to Elders, past and present. We also acknowledge their ongoing connection to land, sea and communities throughout Australia, and their contributions to the lives of all Australians.