7722656 Canada INC (formerly Swift Trade Inc) and Peter Beck v The Financial Services Authority: FS/2011/0017 FS/2011/0018

Upper Tribunal Tax and Chancery decision of Judge Bishopp and Member Palmer and Member Abrams on 23 January 2013.

Read the full decision in 7722656 Canada INC (formerly Swift Trade Inc) and Peter Beck v The Financial Services Authority: FS/2011/0017 FS/2011/0018.

MARKET ABUSE — share price manipulation — whether demonstrated — yes — FSMA s 118 — whether entering into contracts for difference knowing counterparty would hedge by placing orders for stocks amounts to behaviour “in relation to” qualifying investments — yes — whether open to FSA to take action against dissolved Canadian corporation regulated in Canada and with no place of business in United Kingdom — yes — scale of penalty — reference dismissed.

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