Source: All England Reporter
Publisher Citation: [2007] All ER (D) 316 (Feb)
Court: Chancery Division
Judge:

Jonathan Crow QC sitting as a deputy judge of the High Court
Representation Nicholas Peacock (instructed by the Financial Services Authority) for the FSA.
  The respondent appeared by its representative.
Judgment Dates: 23 February 2007

Catchwords

Financial services - Financial Services Authority (FSA) - Powers - Respondent limited liability partnership entering into arrangements with relevant companies - FSA petitioning for respondent to be wound up on basis that involved in 'boiler room' activities - Whether respondent in breach of general prohibition - Whether respondent falling within relevant exemption - Whether just and equitable that respondent be wound up - , s 367 - (Regulated Activities) Order 2001, , arts 25, .

The Case

Having regard to the manner in which the words 'arrangements' and 'transaction' were used in arts25 and 26 of the (Regulated Activities) Order 2001, (as amended by ), a person could make 'arrangements' within art25 even if his actions did not involve or facilitate the execution of each step necessary for entering into and completing the transaction. The availability of the exception in art26 was essentially a question of fact. As a matter of causation, did the arrangements bring about the transaction, i.e. the purchase, sale etc of the shares. Applying those principles, the court acceded to the application by the Financial Services Authority to wind up the respondent limited liability partnership pursuant to s367 of the .

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