As announced on the Law Society’s website:

“Convocation approved the development of detailed options for a compliance-based regulatory framework, as recommended by the Task Force on Compliance-Based Entity Regulation. The options will be the subject of focused consultation with lawyers and paralegals. Convocation also approved the Task Force’s recommendation to seek authority to regulate entities through amendments to the Law Society Act.  The recommendations are based on the Task Force’s study of the experience in other jurisdictions, its review of related research and comments received from lawyers, paralegals and legal organizations in response to a call for input.”

Full report available here.