Solicitors Professional Practice, Conduct and Discipline Regulations, 1986.

S.I. No. 405/1986 - Solicitors Professional Practice, Conduct and Discipline Regulations, 1986. S.I. No. 405 of 1986. SOLICITORS PROFESSIONAL PRACTICE, CONDUCT AND DISCIPLINE REGULATIONS, 1986. The Incorporated Law Society of Ireland in exercise of the powers conferred on it by Sections 5 71 of the Solicitors Act, 1954 , and of every other power thereunder enabling it hereby makes the following Regulations:— 2. These Regulations shall come into operation on the 1st day of June 1987. 3. In these Regulations except where the context otherwise requires: "Accountant" has the meaning given to it by Part V 21 (3) of the Accounts Regulations. "Accounts Regulations" means the Solicitors Accounts Regulations (No. 2) 1984 (S.I. No. 304/1984). "Client" means any person on whose account a solicitor holds or receives Client's Money. "Client Account" means a current or deposit account in the name of the solicitor and in the title of which Account the word "Client" shall appear at ) a Bank; or ) any other Financial Institution authorised by the Client in writing. "Client's Money" means money which a solicitor receives as a solicitor or agent (excluding stakeholder) or in connection with his practice as a solicitor on account of some other person (excluding a stake) provided that the expression "Client's Money" shall not include money held or received on behalf of the trustees of any trust. "Operative Date" means the 1st day of June 1987. "Solicitor" includes a firm of solicitors. "Trust Money" means money held or received by a solicitor which is not Client's Money and which is subject to a trust of which the solicitor is a trustee. 4. The Interpretation Act, 1937 5. (1) Subject to Section 7 of these Regulations and to subsection (2) hereof a solicitor shall as and from the Operative Date ) Keep Client's Money in a separate deposit or savings Client Account or in a separate deposit receipt Client Account and shall account and pay to such Client the interest earned thereon, ) Pay or account to the Client out of the solicitor's own money a sum equivalent to the interest which would have accrued for the benefit of the Client if that client's money had been paid into an account for the benefit of the Client in the manner prescribed in paragraph ( ) of this sub-section at the appropriate deposit rate of the main or principal Bank to the practice of the solicitor for a deposit of an amount equal to the amount of the relevant Client's Money. ) where there is a dispute the rate and amount of such interest referred to in paragraph ( ) of this subsection shall be calculated and certified by the Society upon request of the solicitor or the Client AND the certificate of the Society as to the rate and the amount of such interest shall be final and binding upon the solicitor and the Client and upon the issue of such a certificate the sum so certified to be due shall be payable by the solicitor to the Client less any sum already paid or credited to the Client in respect of such interest. (2) A solicitor is required to act as provided in subsection (1) of this Section in each case in which the amount of any sum received or sum or balance held if placed on deposit in a bank at the rate fixed pursuant to paragraph ( ) of sub-section (1) of this Regulation would produce a sum of not less than IR£50 after deduction of deposit interest retention tax. PROVIDED HOWEVER that a solicitor shall not be required to pay or credit interest to a Client in any case before the funds representing such sum or balance have been cleared and actually credited to an appropriate Client Account. 6. Except as provided by these Regulations a solicitor shall not be liable by virtue of the relation between solicitor and Client to account to a Client for interest received by the solicitor on Client's Money. 7. (i) Nothing in these Regulations shall affect any arrangement in writing whenever made between a solicitor and his Client as to the application of the Client's Money or interest on it. (ii) Nothing in these Regulations shall apply to Trust Money received by a solicitor and further no provision of these Regulations shall be construed as altering the Rule of Law whereby such a solicitor has to account to any trust in relation to which he is a trustee for all and any benefit (including bank or other interest) received by him unless he has appropriate and express authority enabling him to receive such benefit. 8. Each partner of a firm of solicitors shall be responsible for securing compliance by the firm with the provisions of these Regulations. 9. Nothing in these Regulations shall deprive a solicitor of any recourse or right whether by way of lien, set off, counter-claim, charge or otherwise against monies standing to credit of a Client Account. 10. Subject to the provisions of Section 66 (3) of the Solicitors Act, 1954 and of these Regulations, these Regulations apply to every solicitor who receives Client's Money. 12. Nothing in these Regulations shall require an Accountant in complying with his duties under Regulations 10, 19 and 22 of the Accounts Regulations to make any examination or enquiry as to whether the solicitor has complied with these Regulations. 13. The Council shall have power to waive in writing the application of any of the provisions of these Regulations in any particular case. DATED this 9th day of December, 1986. Signed on behalf of the Incorporated Law Society of Ireland. LAURENCE CULLEN. Incorporated Law Society of