As many members will be aware, the new Solicitors Accounts Regulations come into force on 1 July 2023.
This update to the financial regulatory regime requires the implementation of a number of changes to a solicitor’s practice, so it is important that members are fully prepared.
With five weeks to go before the introduction of the new regulations, the Law Society is here to assist members with their preparation and address all concerns.
Any members with particular queries can contact financialregulation@lawsociety.ie.
CPD talks and free webinar
Due to the number of requests for a CPD talk on the regulations, the Law Society’s Regulation Department has been delivering a number of talks across the country. Investigating accountants from the Financial Regulation Section are available to attend local Bar Association CPD events as invited speakers, so contact your Bar Association to check if a talk has been arranged in your area. The Regulation Department will make every effort to facilitate further requests.
Separately, the Society’s LegalED Talks Hub is offering a complimentary talk on the SARs, delivered by Garry Clarke, solicitor, Society Council member and current chair of the Regulation of Practice Committee. The purpose of this talk is to offer members a practical guide for implementing necessary change in their practices. 30 minutes CPD is available for the talk (Regulatory Matters (accounting and AML compliance) (by eLearning)).
In addition to this, a webinar is also being arranged in July through the Law Society Professional Training team. Attendees will have the option of either attending the webinar in real time, or by catching up on a recording of the talk in their own time, via the LegalED Talks Hub.
Here to help
The Law Society acknowledges that this change may cause alarm for members who view the demands of regulatory compliance as increasingly onerous. With that in mind, the Law Society is committed to guiding and supporting members with any regulatory compliance issue they have.
If you require assistance with navigating these updates to the financial regulatory regime, please contact: financialregulation@lawsociety.ie.
(This article does not form part of the Regulations and is for assistance only).