SRA

means the Solicitors Regulation Authority

authorised body

means:

1. a body that has been authorised by the SRA to practise as a licensed body or a recognised body; or
2. a sole practitioner's practice that has been authorised by the SRA as a recognised sole practice

principal

means (unless paragraph (c) of this definition applies):

1. where the authorised body is or was:
   1. a recognised sole practice - the sole practitioner;
   2. a partnership - each partner;
   3. a company with a share capital - each director of that company and any person who:
      1. is held out as a director; or
      2. beneficially owns the whole or any part of a share in the company; or
      3. is the ultimate beneficial owner of the whole or any part of a share in the company;
   4. a company without a share capital - each director of that company and any person who:
      1. is held out as a director; or
      2. is a member of the company; or
      3. is the ultimate owner of the whole or any part of a body corporate or other legal person which is a member of the company;
   5. an LLP - each member of that LLP, and any person who is the ultimate owner of the whole or any part of a body corporate or other legal person which is a member of the LLP;
2. where a body corporate or other legal person is a partner in the authorised body, any person who is within paragraph (a)(iii) of this definition (including sub-paragraphs (A) and (C)), paragraph (a)(iv) of this definition (including sub-paragraphs (A) and (C)), or paragraph (a)(v) of this definition
3. in the SRA Indemnity Fund Rules, means:
   1. a solicitor who is a partner or a sole solicitor within the meaning of section 87 of the SA, or an REL who is a partner, or who is a sole practitioner, or an RFL or non-registered European lawyer who is a partner, and includes any solicitor, REL, RFL or non-registered European lawyer held out as a principal; and
   2. additionally in relation to a practice carried on by a recognised body or a licensed body alone, or a practice in which a recognised body or a licensed body is or is held out to be a partner:
      1. a solicitor, REL, RFL or non-registered European lawyer (and in the case of a licensed body any other person) who:
         1. beneficially owns the whole or any part of a share in such recognised body or licensed body (in each case, where it is a company with a share capital); or
         2. is a member of such recognised body or licensed body (in each case, where it is a company without a share capital or an LLP or a partnership with legal personality); or
      2. a solicitor, REL, RFL or non-registered European lawyer (and in the case of a licensed body any other person) who is:
         1. the ultimate beneficial owner of the whole or any part of a share in such recognised body or licensed body (in each case, where the recognised body or licensed body is a company with a share capital); or
         2. the ultimate owner of a member or any part of a member of such recognised body or licensed body (in each case, where the recognised body or licensed body is a company without a share capital or an LLP or a partnership with legal personality).