Financial Services analysis: Tracey Dovaston, partner, and Alessia de Quincey, counsel, of Pallas Partners LLP, consider the investigations and enforcement trends which have generated attention in the past year and highlight the trends they expect to see in 2023 revolving around financial crime, operational resilience, cryptocurrencies, ESG, culture, non-financial misconduct, and increased focus on affordability and vulnerability against the backdrop of the implementation of the Consumer Duty.

Environment analysis: The Office for Environmental Protection (OEP) is investigating the Department for Environment, Food and Rural Affairs (Defra) Secretary of State and Natural England over potential legal failures relating to Special Protection Areas (SPAs) for wild birds. Professor Robert Lee, LLD, Professor at the University of Birmingham, outlines the key issues.

ARCHIVED: This archived Practice Note is being retained to assist those advising on investigations and prosecutions for offences under MLR 2007, SI 2007/2157. The Money Laundering Regulations 2007, SI 2007/2157, (MLR 2007, SI 2007/2157) were revoked and replaced by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, (MLR 2017, SI 2017/692). From 26 June 2017, offences under MLR 2007, SI 2007/2157 can no longer be committed although offences which occurred on or before 25 June 2017 may still be investigated and prosecuted under MLR 2007, SI 2007/2157. For information on the offences and investigations under MLR 2017, SI 2017/692, see Practice Note: Offences under the Money Laundering Regulations 2017 (MLR 2017). Money Laundering Regulations 2007 MLR 2007, SI 2007/2157, regs 37–38 give investigative powers to officers and relevant officers as defined in reg 36. Officers are defined as officers of designated authorities or other specified authorities, including: • the Financial Conduct Authority (FCA) • HM Revenue & Customs (HMRC), and Relevant

This Checklist highlights key questions and issues which local authority officers should consider when determining the scope and content of a criminal investigation into a suspected criminal offence. • What is the offence(s) under investigation? Analyse the statute and identify the: ◦ ingredients of the offence, and ◦ who can commit the offence • What is the legal status of a potential defendant(s)? Is the potential defendant: ◦ a registered company? ◦ an LLP? ◦ a partnership? ◦ a

The Investigatory Powers Commissioner, Sir Brian Leveson, has updated the Attorney General on the progress of an investigation into false evidence given by the Security Service to the High Court and the Investigatory Powers Tribunal.

For information on the overarching regime for scrutiny of the use of powers under the Investigatory Powers Act 2016 (IPA 2016), see Practice Note: Scrutiny of intelligence gathering and the role of commissioners under the Investigatory Powers Act 2016. What does the Investigatory Powers Tribunal investigate? The Investigatory Powers Tribunal (IPT) has jurisdiction to consider and determine complaints in relation to the conduct and use of covert surveillance by public authorities including UK intelligence agencies. Section 65(5) of the Regulation of Investigatory Powers Act 2000 (RIPA 2000), as amended by IPA 2016 contains a detailed list of what constitutes ‘conduct’ for the purposes of the jurisdiction of the IPT. Broadly speaking, ‘conduct’ includes a public authority exercising covert surveillance powers under IPA 2016 or RIPA 2000, and any conduct by or on behalf of the intelligence services. For example, the IPT investigates complaints about the conduct by or on behalf of the police, Security Service, the Secret Intelligence Service and UK Government Communications Headquarters (GCHQ). It is the only tribunal against which complaints about the

Investigatory power refers to the legal authority of a public body or office‑holder to obtain information, compel cooperation or otherwise investigate suspected wrongdoing, regulatory breaches or threats to the public interest. In UK and Irish practice, the term is descriptive rather than a single defined concept, and covers a wide range of statutory and common law powers.Examples include police powers to search, seize and interview; regulators’ powers to require documents and information; and surveillance, interception and data‑acquisition powers exercised by intelligence agencies and law enforcement. In the UK these are principally derived from specific legislation such as the Police and Criminal Evidence Act 1984, the Regulation of Investigatory Powers Act 2000 and the Investigatory Powers Act 2016, together with sector‑specific statutes. In Ireland, key sources include the Garda Síochána (Powers) Acts and regulatory enforcement legislation.Across England and Wales, Scotland, Northern Ireland and Ireland, investigatory powers are constrained by constitutional and human rights standards (including Article 8 ECHR / privacy rights), requirements of necessity and proportionality, and procedural safeguards such as warrants, independent authorisation, and judicial and parliamentary oversight.

In the context of the AIM Rules, any AIM company which has as its primary business or objective, the investing of its funds in securities, businesses or assets of any description. See also the definition of special purpose acquisition company or SPAC.

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. Increasing use of platforms Online platforms are used by advisers and, increasingly, directly by consumers, to facilitate the administration of their investment portfolios. The term 'platform' encompasses both wrap platforms and fund supermarkets. The distinction between the two often informs the way in which they generate revenue and receive payments. As their use and popularity increases, platforms are coming under increasing scrutiny from the Financial Services Authority (FSA), with issues surrounding transparency and information disclosure being of particular concern. Investing in authorised funds through platforms Platforms provide a link between

An investment will typically mean any type of property or interest held within the territory of the host state. This will often extend far beyond 'obvious' property, such as real estate or shares in a local company, to (depending upon the circumstances) other interests such as rights under a contract, intellectual property rights and private loans. As with the concept of 'investor,' in the modern commercial world what does and does not qualify as investment can be a complex question. The definition of 'investment' will vary between BITs.

The organisation is the result of mergers between a number of organisations (including, most recently, the Investment Management Association and the Investment Affairs Division of the Association of British Insurers) that were formed to protect and promote the interests of investors and investment managers. It has a focus on the corporate governance of listed companies and is responsible for guidelines available through the IVIS. Also known as the IA.

An institutional investor organisation representing UK investment managers, formerly known as the Investment Management Association (IMA). The Investment Association (IA) are responsible for the publication of the Investment Association Principles of Remuneration - http://www.ivis.co.uk/guidelines