AIFC Legal Services Board (LSB) was established on 3 May 2022 as a designated body for registration of Legal Advisers and regulation of Registered Legal Advisers to maintain, in respect of matters concerning Registered Legal Advisers, the safety and soundness of the legal services market in the AIFC.
The powers and functions of the LSB are set out in the AIFC Legal Services Regulations 2022. In summary, they are as follows:
- to adopt Rules and guidelines;
- to supervise and monitor the activities of Registered Legal Advisers;
- to receive, investigate and impartially determine complaints against Registered Legal Advisers, and take necessary actions;
- to prescribe fees for the Registered Legal Advisers, and Legal Advisers applying for registration with the LSB;
- to determine the requirements relating to legal education and training for Registered Legal Advisers;
- to provide for the waiver or modification of any requirement and provisions of the Rules;
- to maintain a reliable and up-to-date Roll of Registered Legal Advisers;
- to appoint committees and delegate to such committees any of its functions;
- and other functions.
Charter of the AIFC Legal Services Board
