HM Courts and Tribunal Service, Upper Tribunal (Tax and Chancery): Canada Inc Peter Beck v FSA
August 16, 2011
The Upper Tribunal has rejected an application to prohibit the disclosure and/or publication of a Decision Notice issued by the FSA on 6 May 2011.
The Decision Notice contains a decision of the FSA to impose on "Swift Trade" a financial penalty pursuant to section 123(1) of FSMA for engaging in market abuse.
On 9 June 2011 the Applicants applied to the High Court for permission to apply for judicial review of the decision of the FSA to publish the Decision Notice. The High Court granted permission to the Applicants to bring judicial review proceedings on condition that, by 23 June 2011, the Applicants make an application to the Upper Tribunal for a direction that there be no publication of the Decision Notice.
The Applicants applied to the Upper Tribunal on 15 June 2011, submitting that the Tribunal should follow the judgment of the High Court and restrain publication on grounds that publication by the FSA would be contrary to the decision of the Court which had ruled that publication was "prima facie unlawful". The Applicants further argued that publication of the Decision Notice was not necessary in the present circumstances, nor would it be fair. They submitted that the prohibition would violate their rights under Article 8 (respect for privacy) and Article 1 of the First Protocol (protection of property) of ECHR.