Source: All England Reporter
Publisher Citation: [2013] All ER (D) 266 (Feb)
Court: Upper Tribunal (Tax and Chancery Chamber)
Judge:

Judge Colin Bishopp, Mr Keith Palmer and Mr Ian Abrams

Representation Dr Michael von Pommern-Peglow (instructed by Ford & Warren) for the applicant.
  Timothy Otty QC and Simon Pritchard (instructed by the Financial Services Authority) for the FSA.
Judgment Dates: 23 January 2013

Catchwords

Financial services - Financial Services Authority (FSA) - Regulation of financial services - Market abuse - FSA issuing decision notice to applicant company conveying conclusion that applicant had committed market abuse - FSA imposing substantial penalty on applicant - Applicant referring decision notice to Upper Tribunal (Tax and Chancery Chamber) - Whether tribunal having jurisdiction to hear matter - Whether allegations of market abuse justified - Whether penalty appropriate - .

The Case

Financial services Financial Services Authority (FSA). The Upper Tribunal (Tax and Chancery Chamber) (the tribunal) directed that the penalty of 8m imposed by the Financial Services Authority on a company, 7722656 Canada Inc (formerly trading as Swift Trade Inc) should remain, in circumstances where the tribunal had found that the allegations of market abuse in breach of of the Financial Services and Markets Act 2000 made against that company had been made out.

Practice Areas

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