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`

Joanna Gray

Journal of Risk Management in Financial Institutions, 2008, vol. 1, issue 3, 337-341

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 (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:aza:rmfi00:y:2008:v:1:i:3:p:337-341

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