A (R on the application of) v Financial Services Authority (2011) [2011] EWHC 2766 (Admin) (26 August 2011)
October 26, 2011
The High Court judgment, dated 26 August 2011, relating to the Court's decision to dismiss a further application for an interim injunction to restrain the FSA from publishing a decision notice in respect of Swift Trade Inc., has now been published.
On 31 August 2011, the FSA published the decision notice, dated 6 May 2011, that it issued to Swift Trade. The decision notice indicated that the FSA intended to fine Swift Trade £8 million for engaging in market abuse. However, Swift Trade referred the matter to the Upper Tribunal (Tax and Chancery Chamber), which will determine the appropriate action for the FSA to take.
Swift Trade and its President and CEO, Peter Beck, commenced judicial review proceedings to challenge the FSA's decision made on 11 May 2011 to publish the decision notice. These proceedings are ongoing. Swift Trade and Mr Beck also obtained a High Court injunction on 9 June 2011 to restrain publication of the decision notice. That injunction lapsed on 16 August 2011, following the decision of the Upper Tribunal (dated 2 August 2011) rejecting an application for prohibition of publication of the decision notice.
On 26 August 2011, the High Court dismissed a further application for an interim injunction to restrain the FSA from publishing the decision notice.