Source: All England Reporter
Publisher Citation: [2011] All ER (D) 95 (Feb)
Neutral Citation: [2011] Lexis Citation 11
Court: Upper Tribunal (Tax and Chancery Chamber)
Judge:

Andrew Bartlett QC, Keith Palmer and Colin Senior
Representation Alexander Cranbrook for the applicant.
  Sarah Clarke for the FSA.
Judgment Dates: 8 February 2011

Catchwords

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 - ,

The Case

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.

If you are a LexisLibrary subscriber you can read more about this case here.

Lexis®Library

  • An Official transcript is the final version of the judgment prepared by shorthand writers. LexisLibrary contains all judgments from the High Court and aboveView Judgment
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView related commentary
  • The All England Law Reports comprises judgments with headnotes and catchwords indicating the area of law and key issues of the case prepared by legally qualified editorsFind AllER Reports
  • Cases related to this particular case that are related to, or discuss this caseView related cases