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EU legal commentary: Financial Services and Markets Tribunal considers risks of contravention of FSA Principle requiring skill, care and diligence in Fox Hayes v Financial Services Authority
Journal of Risk Management in Financial Institutions,
1
(3),
337-341
(2008)
Abstract
This piece reports a decision of the Financial Services and Markets Tribunal concerning a challenge to FSA enforcement action taken in respect of a UK firm of solicitors' approval of financial promotions made by unauthorised overseas firms promoting shares in unlisted companies to UK-based investors. In light of the shift in emphasis towards Principles-based regulation, the Tribunal's reasoning in relation to whether or not the firm had acted in breach of the second of the 11 FSA Principles for Business will provide some comfort for those faced with uncertainty about compliance under Principles-based regulation.
Keywords: financial promotion; unauthorised overseas firms; ‘boiler rooms’; FSA Principle for Business 2 Due Skill Care and Diligence
The full article is available to subscribers to the journal.
Author's Biography
Joanna Gray is Professor of Financial Regulation in Newcastle Law School, University of Newcastle upon Tyne. She teaches and supervises postgraduate PhD students in the areas of corporate law, corporate finance, banking and financial services law. She has extensive experience as a consultant and professional trainer including conducting training seminars for the IMF. Her most recent research, funded by a research grant from the Arts and Humanities Research Council, centred on insights into the relationship between risk and regulation revealed during the course of the misfeasance litigation against the Bank of England brought by the liquidators of BCCI in the UK courts.
Citation
Gray, Joanna (2008, June 1). EU legal commentary: Financial Services and Markets Tribunal considers risks of contravention of FSA Principle requiring skill, care and diligence in `Fox Hayes v Financial Services Authority`. In the Journal of Risk Management in Financial Institutions, Volume 1, Issue 3. https://doi.org/10.69554/QOJQ2332.
© Henry Stewart
Publications LLP
Publications LLP