The ICLR, as part of its WLR Daily service, has recently provided a summary of Amro International SA v Financial Services Authority [2009] WLR (D) 288, a case concerning Sections 169 to 172 of the Financial Services and Markets Act (2000) which is not yet available on BAILII. The ICLR's summary begins:Although the purpose of ss 169–172 of the Financial Services and Markets Act 2000 was to facilitate investigation in support of overseas regulators and such co-operation was desirable in order to maintain the regulation of financial markets and banks, the nature of the claim in respect of which the Financial Services Authority’s assistance was sought was of fundamental importance and it was wrong to exercise the powers to aid an investigation into allegations that were not made in that claim. The correct approach was to apply a test of proportionality and the documents required should be properly specified".
Update (15 September 2009): the case is now available on BAILII: see here.
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