UK Financial Services and markets tribunal clears individuals of market abuse

Joanna Gray, University of Newcastle, joanna.gray@newcastle.co.uk

Introduction

On 16 May the Financial Services and Markets Tribunal published its decision in a reference to it of certain decision notices of the Regulatory Decisions Committee (‘RDC’) of the Financial Services Authority (‘FSA’) that was first made in 2003 and the subject of many days of subsequent argument and hearings before it. In (1) Paul Davidson (2) Ashley Tatham v FSA (Case Numbers FIN/2003/0016 FIN/2003/0021) the Tribunal had to consider some fairly detailed legal and factual questions which lay behind the FSA’s allegations, and the RDC’s findings, of market abuse and breaches of Statements of Principle applicable to approved individuals working in the financial services industry (the latter in the case of Mr Tatham only). This complexity, combined with the very serious nature of the allegations made by FSA, contributed to the considerable length and degree of detail of the Tribunal’s fully reasoned decision.