S.I. No. 460/2001 - The Solicitors Acts, 1954 To 1994 (Euro Changeover) Regulations, 2001

The Law Society of Ireland in exercise of the powers conferred on them by sections 5 and 71 (as amended by the Solicitors (Amendment) Act, 1994 ) of the Solicitors Act, 1954 and sections 26 and 73 of the Solicitors (Amendment) Act, 1994 HEREBY MAKE the following Regulations.

Citation, construction and commencement

1   (a) These Regulations may be cited as The Solicitors Acts, 1954 to 1994 (Euro Changeover) Regulations, 2001.

(b) (i)      These Regulations and The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 ( S.I. No. 312 of 1995 ), the Professional Indemnity Insurance (Amendment) Regulations, 1998 ( S.I. No. 209 of 1998 ) and The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) (Amendment) Regulations, 1999 ( S.I. No. 362 of 1999 ) shall be construed as one and may be cited as The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 to 2001.

(ii)     These Regulations and the Solicitors (Interest on Clients' Moneys) Regulations, 1995 ( S.I. No. 108 of 1995 ) shall be construed as one and may be cited as the Solicitors (Interest on Clients' Moneys) Regulations, 1995 to 2001.

(iii)    These Regulations and The Solicitors Acts, 1954 to 1994 (Investment Business and Investor Compensation) Regulations, 1998 ( S.I. No. 439 of 1998 ) shall be construed as one and may be cited as The Solicitors Acts, 1954 to 1994 (Investment Business and Investor Compensation) Regulations, 1998 to 2001.

(c)  These Regulations shall come into operation on the 15^th day of October 2001.

Euro changeover

2   (a) Any reference in any regulation (or any appendix or schedule thereto) made by the Law Society of Ireland pursuant to the Solicitors Acts, 1954 to 1994 to “money” or “moneys” (or “monies”) or the payment or receipt thereof, whether expressed in general or specific terms, shall -

(i)       in the period up to and including 31 December 2001, be taken as a reference to Irish pounds or punts (£) or the euro (€) equivalent thereof, and

(ii)      with effect from 1 January 2002, be taken to refer exclusively to the euro ( ) and, thereafter, the euro ( ) shall be the only unit of currency to which any such regulation (or any appendix or schedule thereto) shall be taken to refer.

(b)  Other than as specifically provided in Regulations 3, 4 and 5 of these Regulations, where, in any regulations (or any appendix or schedule thereto) made by the Law Society of Ireland pursuant to the Solicitors Acts, 1954 to 1994, an amount stands specified in Irish pounds, the same shall be converted to the equivalent euro amount by dividing that amount by the fixed conversion rate of 0.787564 pence to the euro; provided that where such conversion results in an equivalent euro amount in excess of one or more euros but below the next whole euro, that euro amount shall be rounded down in each case to the nearest whole euro amount; and that euro amount shall, for the purposes of any such regulation (or any appendix or schedule thereto), be taken to be the equivalent of the Irish pound amount standing specified therein.

3     Without prejudice to the generality of Regulation 2(b) of these Regulations, The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 to 2001 shall, with effect from 1 January 2002, stand amended as follows:

(a)  in Regulation 6 of The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 and in Form 1 in the Schedule thereto (as amended by Regulation 3 of the Professional Indemnity Insurance (Amendment) Regulations, 1998), by the substitution of “1,300,000” for “£1,000,000” in sub-clauses (a)(i) and (a)(ii) of the said Regulation 6 and in Form 1, recitals (b)(viii)(A) and (B), in the said Schedule;

(b)  in Regulation 6 of The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 and in Form 1 in the Schedule thereto, by the substitution of “130,000” for “£100,000” in sub-clauses (a)(i) and (a)(ii) of the said Regulation 6 and in Form 1, recitals (viii)(A) and (B), in the said Schedule;

(c)  in Regulation 6 of The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 and in Form 1 in the Schedule thereto, by the substitution of “6,500” for “£5,000” in sub-clause (b)(i) of the said Regulation 6 and in Form 1, recital (xv)(A), in the said Schedule; and

(d)  in Regulation 9 of The Solicitors Acts, 1954 to 1994 (Professional Indemnity Insurance) Regulations, 1995 and in Form 4 in the Schedule thereto, by the substitution of “2,600” for “£2,000” in sub-clause (c) of the said Regulation 9 and in Form 4 in the said Schedule.

Interest on clients' moneys

4.    Without prejudice to the generality of Regulation 2(b) of these Regulations, Regulation 5 of the Solicitors (Interest on Clients' Moneys) Regulations, 1995 shall, with effect from 1 January 2002, stand amended by the substitution of “95” (ninety-five euros)” for “£75 (seventy-five pounds)”.

Commission on provision of investment business services or advice

5.    Without prejudice to the generality of Regulation 2(b) of these Regulations, Regulation 5 of The Solicitors Acts, 1954 to 1994 (Investment Business and Investor Compensation) Regulations, 1998 shall, with effect from 1 January 2002, stand amended by the substitution of “95” for “£75”.

Cessation of legal tender status of Irish pound

6.    For the avoidance of doubt, none of the foregoing provisions of these Regulations shall be construed as being contrary to the provisions of section 9 (1) of the Economic and Monetary Union Act, 1998 and the Irish Pound Notes and Coins (Cessation of Legal Tender Status) Order, 2001 ( S.I. No. 313 of 2001 ), which together provide that the notes and coins denominated in Irish pounds or multiples or sub-divisions thereof shall retain legal tender status until the 9^th day of February 2002.