means a person who is:

(a) if the body is a company and its affairs are managed by members, a member;

(b) if the body is a company and (a) does not apply, a director of the body;

(c) if the body is a partnership, a partner;

(d) if the body is a Limited Liability Partnership, an LLP member;

(e) if the body is an unincorporated body (other than a partnership), a member of its governing body; and

(f) a licensed conveyancer if sub-paragraphs (a)-(e) do not apply and the affairs of the body are not managed by another licensed conveyancer..

Master Policy

the CLC’s professional indemnity insurance policy authorised by the CLC under s.21 of the 1985 Act.

Material Interest

a person holds a material interest in a Licensed (ABS) Body if the Person*:

  • holds at least 10% or more shares in the body (or in a parent undertaking);
  • is someone able to exercise significant influence over the management of the body (or a parent undertaking) due to their entitlement to exercise, or control the exercise of voting rights;
  • is entitled to exercise or control the exercise, of voting powers in the body (or a parent undertaking), which, if it consists of voting rights, constitutes at least 10% or more of the voting rights;
  • as a partner having at least 10% interest in the capital or profits of the partnership;

and includes any ultimately beneficial owner of more than 10%. 

’The Person’ means:

    (a) the person;

    (b) any of the person’s associates; or

                (c) the person and any of the person’s
               associates taken together. 

Memorandum of Association

the meaning given by s.8 of the Companies Act 2006 i.e. a memorandum stating that the subscribers -  

  1.  wish to form a Company under the 2006 Act; and
  2.  agree to become members of the company and in the case of a Company that it is to take at least one share each.
Memorandum of Understanding

under the Licensed Body Framework, this defines the relationship between, and the objectives of, the Licensing Authorities (LAs) and other regulators in the regulation of Alternative Business Structures.  

ML Regulations

Money Laundering Regulations 2007 (SI 2007/2157).


a loan to purchase a property which is secured by a portion of the value of that property.