Source: All England Reporter
Publisher Citation: [2010] All ER (D) 260 (Feb)
Neutral Citation: [2010] EWCA Civ 123
Court: Court of Appeal, Civil Division
Judge:

Sir Anthony May P, Stanley Burnton and Jackson LJJ
Representation Charles Flint QC (instructed by Mishcon de Reya) for the claimants.
  Dinah Rose QC and Andrew George (instructed by the Financial Services Authority) for the defendant.
  The interested party did not appear and was not represented.
Judgment Dates: 24 February 2010

Catchwords

Financial services - Financial Services Authority (FSA) - Powers - Power to carry out investigations to assist overseas regulator - American regulatory body requesting assistance in obtaining documents from accountancy firm in London relating to claim being brought in USA - FSA using statutory powers to appoint inspectors to obtain documents - Decision of FSA quashed on judicial review - Whether FSA under duty to investigate information provided by overseas regulator - Whether regulator's request required to comply with international standards for FSA to accede to it - Whether FSA required to give notice - Whether investigators confined by terms of appointment - Whether decision of investigator could be impugned - Whether notice too unspecific so that extent of requirement beyond FSA's statutory powers - ss 169, 171 and 172.

The Case

Financial services Financial Services Authority (FSA). The Court of Appeal, Civil Division held, in overturning a decision of the Administrative Court, that the decision of the Financial Services Authority (FSA) to appoint investigators to obtain documents sought by the Securities and Exchange Commission was, in all the circumstances, lawful. It was not for the FSA or the national courts to satisfy themselves of the correctness of what there were being asked to investigate or the basis upon which the investigation had been asked for.

Practice Areas

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