Tag Archives: FSMA

Supreme Court clarifies what is required for “identification” in respect of third party rights under s393 FSMA

In a judgment highly anticipated by firms and their senior managers as well as the regulators, the Supreme Court has overturned decisions of the Court of Appeal and Upper Tribunal, holding in FCA v Macris [2017] UKSC 19 that Achilles … Continue reading

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UK: FCA will appeal decision to stay land banking case based on defendants’ inability to secure representation following legal aid cuts

The Court has stayed a trial of a prosecution case, brought by the FCA in respect of a land banking scheme involving an alleged £5m fraud, on the basis that, as a result of legal aid cuts, there was no realistic … Continue reading

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Filed under FCA, UK

The courts’ analysis of firms’ responsibilities under COB and COBS client classification requirements

In the years preceding the financial crisis, more and more private clients began to invest in increasingly complex and riskier financial products in the search for yield. Following the subsequent market turmoil, those investors have sought to recover their losses … Continue reading

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Filed under Commercial Litigation, FSA Rules, JURISDICTIONS, Sector Updates by Herbert Smith Freehills, UK