Background to Reference

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

In its two recent decisions entitled Phillipe Jabre v FSA: Financial Services and Markets Tribunal (FIN 2006/0006) the Financial Services and Markets Tribunal has ruled on a number of preliminary issues raised by a reference to it by Mr Jabre of an FSA decision notice. Those issues concern the territorial scope of the market abuse regime in s118 FSMA 2000 and the Tribunal’s own jurisdiction. Thus there are points in the Tribunal’s decision and reasoning behind it which are of wider and more general interest to FSA regulated firms and individuals and all those subject to the market abuse regime (which of course applies more widely than simply the FSA regulated sector).