International outfit ‘didn’t correctly distinguish between itself and its linked apply’ when coping with freezing order
The Solicitors Regulation Authority (SRA) has issued Reed Smith with a written rebuke after it was discovered to have breached the regulator’s skilled code.
The agency “didn’t correctly distinguish between itself and its linked apply, being Reed Smith LLP of Delaware, USA, each internally and in exterior correspondence, when coping with a US freezing order dated 13 September 2012”, according to a notice printed this week by the regulator.
It was discovered that the agency’s conduct amounted to a breach of SRA precept 6, to not behave in a approach that maintains the general public’s belief and confidence in it, and a failure to realize end result 7.12 of the code of conduct, which requires the agency to determine, monitor and handle all dangers to its enterprise which can come up from its linked practices.
A Reed Smith spokesperson mentioned: “We maintain ourselves to the very best skilled and moral requirements and take full accountability to make sure we meet them.”
They mentioned the agency “is a enterprise owned by a single US partnership that operates internationally by way of a variety of separate authorized entities, established in jurisdictions exterior of the US and controlled by regulators particular to every jurisdiction”.
The spokesperson added: “A mistake was made resulting from a scarcity of complete understanding of Reed Smith’s working construction. Since this incident got here to gentle, we’ve strengthened our insurance policies and procedures with a purpose to guarantee we uphold the very best skilled and moral requirements.”
Reed Smith was issued with, and accepted, a written rebuke and a prices order of £1,350.