Source: All England Reporter
Publisher Citation: [2005] All ER (D) 314 (Nov)
Neutral Citation: [2005] EWCA Civ 1183
Court: Court of Appeal, Civil Division

Ward, Arden LJJ and Collins J

Representation Rebecca Stubbs (instructed by the Solicitor for the Financial Services Authority) for the FSA.
  Mr Fradley appeared in person.
Judgment Dates: 23 November 2005


Investment - Financial services - Investment business - Authorisation - Collective investment schemes - Whether scheme involving investment in horse racing a collective investment scheme - , s 235.

The Case

The absence of cross-ownership or common control did not show that arrangements between parties were not a joint scheme for the purposes of s235 of the Financial Services Management Act 2000: the operators of a single scheme could be independent entities. However, the court could not determine whether the two entities in the instant case were the operators of a joint scheme until all the facts as to the nature of the arrangements between them had been fully investigated. Accordingly summary judgment against them would be set aside and the issue would proceed to trial.

Practice Areas

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