The new Code of Conduct came into force on 1st January 2015.
IPReg has recently (1 October) issued further clarification on the identification and treatment of client money in relation to Rule 11 – Financial Matters of the Rules of Conduct for Patent Attorneys, Trade Mark Attorneys and Other Regulated Persons.
It deals particularly with fixed fees paid in advance.
We have issued this Guidance by email to all firms and sole practitioners.
If you have any queries about the Guidance please contact us.
(This background note will not be published in the Code but may be helpful at this time of change).
The reference in the Code to “on trust” will be itself indicative of the nature of the trust arrangement even where business terms and conditions are themselves silent although IPReg recommends that terms and conditions do make the position clear. IPReg also recommends that any second business account opened for this purpose should include the word “client” in the name of the account.