Tuesday, 29 January 2013

UK: Tribunal upholds FSA finding of market abuse for 'layering'

The Upper Tribunal Tax and Chancery Chamber has upheld the decision of the Financial Services Authority to fine a Canadian company £ 8 million in respect of "layering" that was found to be market abuse within section 118(5) of the Financial Services and Markets Act 2000: see here (pdf). The FSA's original decision notice, which provides an explanation of "layering", is available here (pdf). The FSA states, in a press release noting the Tribunal decision, that £ 8 million this is the largest fine the FSA has imposed for this particular type of market abuse.

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