Source: All England Reporter
Publisher Citation: [2014] All ER (D) 219 (May)
Neutral Citation: [2014] UKUT 0233 (TCC)
Court: Upper Tribunal (Tax and Chancery Chamber)
Judge:

Mr Justice Warren, P, Judge Bishopp and Mr Nicholas Douch

Representation Laurence Rabinowitz QC and Emma Jones for the applicant.
  Richard Boulton QC and Benjamin Strong for the FCA.
Judgment Dates: 27 May 2014

Catchwords

Financial services - Financial Conduct Authority (FCA) - Regulation of financial services - Market abuse - Applicant executive director sending two emails regarding client company to third parties - FCA imposing substantial fine on applicant on basis that applicant's actions constituting market abuse - Applicant challenging FCA's decision - Determination of appropriate standard of proof in market abuse cases - Whether market abuse established - .

The Case

Financial services Financial Conduct Authority (FCA). The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) dismissed the challenge made by the applicant to a decision by the respondent Financial Conduct Authority which had decided that the applicant's actions in sending two emails concerning one of the applicant's clients had constituted behaviour falling within of the Financial Services and Markets Act 2000, with the result that he had engaged in market abuse. Consequently, he could not rely on the defence provided in s 123 of the Act.

Practice Areas

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