||All England Reporter
|| All ER (D) 95 (Feb)
|| Lexis Citation 11
||Upper Tribunal (Tax and Chancery Chamber)
Andrew Bartlett QC, Keith Palmer and Colin Senior
||Alexander Cranbrook for the applicant.
||Sarah Clarke for the FSA.
||8 February 2011
Financial services - Financial Services Authority (FSA) - Regulation of financial services - Applicant employed in financial sector, using information to make profit through buying and selling shares - FSA alleging abuse of market and imposing fine and prohibition - Applicant seeking review - Whether applicant 'insider' - Whether information not generally available - Whether information of precise nature - Whether information likely to have significant effect on price - Whether applicant entitled to invoke statutory defence - Whether financial penalty to be imposed - Whether applicant fit and proper - ,
Financial services Financial Services Authority (FSA). The Upper Tribunal (Tax and Chancery Chamber) held that the applicant had engaged in market abuse under of the Financial Services and Markets Act 2000. As the statutory defence under s 123(2)(a) of the 2000 Act had failed the financial penalty imposed by the FSA was justified, albeit in the lesser amount of 150,000 and the prohibition order made by the FSA endorsed.
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