This regulation may be cited as the Legal Profession Amendment Regulation 2021.
(1)This regulation, other than section 4, commences on 1 May 2021.(2)Section 4 commences on 1 July 2021.
This regulation amends the Legal Profession Regulation 2017.
After section 74—
insert—For the Act, section 364(2), the maximum amount prescribed for a financial year is $750,000.
5Replacement of s 76 (Caps on fidelity fund payments—Act, s 396)
omit, insert—(1)For the Act, section 396(5), definition capped amount, the amount prescribed for a claim is $200,000.(2)However, if more than 1 claim is to be paid from the fidelity fund in relation to a particular law practice for a default, the amount prescribed for each claim is the lesser of—(a)$200,000; or(b)the amount apportioned by the law society for the claim from a total amount of $2m to be paid from the fund for all of the claims in relation to the law practice for the default.(3)In apportioning amounts for claims under subsection (2)(b), the law society must—(a)have regard to the amount that would have been paid from the fund for each claim if the payments were not limited under the Act, section 396; and(b)have regard to cases of hardship if it knows relevant information; and(c)endeavour to apportion the amounts equitably.
After section 78—
insert—(1)For the Act, section 787(4)(a), the interest rate prescribed is the rate equal to the bank bill yield rate, rounded to the nearest second decimal point, worked out on a daily basis for each day the interest is to be paid, and compounded annually.