SRA

means the Solicitors Regulation Authority

defaulting practitioner

has the meaning given in rule 5 of the SRA Compensation Fund Rules.

manager

means:

1. the sole principal in a recognised sole practice;
2. a member of a LLP;
3. a director of a company;
4. a partner in a partnership; or
5. in relation to any other body, a member of its governing body

owner

means, in relation to a body, a person with any interest in the body, save that:

1. in the SRA Authorisation of Firms Rules, and the SRA Authorisation of Individuals Regulations, owner means any person who holds a material interest in an authorised body, and in the case of a partnership, any partner regardless of whether they hold a material interest in the partnership; and
2. for the purposes of the SRA Principles and the SRA Code of Conduct for Firms means a person who holds a material interest in the body; and
3. for the purposes of the SRA Assessment of Character and Suitability Rules includes owners who have no active role in the running of the business as well as owners who do,

and "own" and "owned" shall be construed accordingly

Fund

means the fund established and maintained under rule 1.1 of the SRA Compensation Fund Rules.

person

includes a body of persons (corporate or unincorporated)