Wednesday, 20 April 2016
The Supreme Court gave judgment earlier today in Asset Land Investment Plc v The Financial Conduct Authority  UKSC 17 (on appeal from  EWCA Civ 435). The court unanimously held that the arrangements in question, which centred on the selling of individual plots of land at six possible development sites, amounted to the operation of a 'collective investment scheme' within section 235 of the Financial Services and Markets Act 2000, and were therefore regulated activities for the purposes of the general prohibition found in section 19 of the Act. A summary of the judgment, which provided the court with its first opportunity to consider the regulation of collective investment schemes, is available here (pdf). A summary was also delivered before the court by Lord Carnwath: see the video recording below.