The Solicitors Regulation Authority has published a guide to help prospective owners of alternative business structures (ABS) understand what steps they need to take to earn an operating licence.

The guide, which is published on the SRA website, includes information about which sorts of firms need to be authorised as ABSs. It also includes essential requirements to become authorised and details about the application process.

Executive director of authorisation Mike Jeacock said: "The guide provides a useful summary and should provide prospective owners with valuable information to help them prepare their applications."

He continued: "Protecting the public is our first priority, so there will be a robust authorisation process to ensure that only those that meet all the criteria will be awarded a licence."

The news comes a month after it emerged that the SRA would not be able to start licensing ABSs by 6 October as initially planned. The Ministry of Justice (MoJ) confirmed that the necessary parliamentary processes would not be completed in time, with the required primary legislation yet to be debated in parliament.

The MoJ has since announced that it expects to designate the SRA as a licensing authority for ABS by the end of the year. Formal applications can be submitted once the SRA is designated, meaning the body likely to begin licensing ABS in early 2012.
However, the introduction of outcomes-focused regulation (OFR), including the new Code of Conduct for solicitors and other legal services providers regulated by the SRA, will go ahead as scheduled on 6 October. The new regime will see the SRA move away from prescriptive rules-based regulation to the more risk-driven approach of OFR.