||All England Reporter
|| All ER (D) 153 (Sep)
||Upper Tribunal (Tax and Chancery Chamber)
Judge Colin Bishopp, Ms S. O'Neill and Mr C. Chapman
||Jonathan Barnard (instructed by) Kingsley Napley for C.
||S and D appeared in person.
||Andrew Mitchell QC for the FSA.
||28 September 2012
Financial Services - Financial Services Authority (FSA) - Prohibition Order - Market Abuse - Share price manipulation - Applicants being persons approved by FSA - Applicants instructed to deliberately push up prices of certain stocks - FSA subsequently withdrawing applicant's approval and imposing fines - Whether applicants fit and proper persons to perform functions to which approval related - ,,,
Financial Services Financial Services Authority (FSA). The Upper Tribunal (Tax and Chancery Chamber) upheld the decision of the Financial Services Authority (the FSA) to withdraw the approvals of two FSA approved persons, and to impose substantial fines on them for market abuse where they had deliberately increased the closing prices of certain stocks in December 2007 in an attempt to increase the net asset value of a fund.
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