Part 5 – Miscellaneous Regulatory and investigatory powers Section 210: SRA Information request power
This section inserts new sections 111A to 111E into the Legal Services Act 2007, which is a power that will allow the SRA to request information and documents from both recognised bodies (as defined by section 9 of the Administration of Justice Act 1985) and licensed bodies (as defined by section 72 of the 2007 Act) for the purpose of monitoring compliance with and detecting breaches of the rules and legislation related to economic crime, which for example includes offences relating to money laundering, terrorist financing and sanctions.
	The power includes safeguards and limits on how it can be exercised by the SRA. For instance, information cannot be requested from third parties unless the SRA obtains a High Court order. Also, importantly, any information requested must be for the purpose of the fulfilment of the SRA’s regulatory function and duty to ensure that its regulated community upholds the economic crime regime.
	The exercise of this power is subject to the oversight of the Legal Services Board. The LSB will ensure that necessary regulatory action is effective, but also proportionate to the size, nature, and exposure to risk of the regulated communities, and as such not disproportionately burdensome to businesses.
	The power will create a delegated power so that it is possible to designate other regulators, in addition to the SRA, to exercise the information request power. The delegated power would be exercisable by the Lord Chancellor making an order, which as per section 204(1) of the 2007 Act must be made by statutory instrument.
	"Economic crime" is defined with reference to section 193 of this Act. It includes offences listed in Schedule 11, ancillary offences, and equivalent offences overseas.
	The SRA will need to give consideration to which of these offences its regulated community may be exposed to and should act in a proportionate and targeted manner when discharging its functions.
	The offences that are most relevant in the context of legal sector compliance with economic crime rules include fraud, money laundering and terrorist financing, and an offence under regulations made under section 1 of the Sanctions and Anti-Money Laundering Act 2018.