David Massey v Financial Services Authority: [2011] UKUT 49 (TCC)

Upper Tribunal Tax and Chancery decision of Judge Bartlett QC and Member Palmer and Member Senior on 3 February 2011.

Read the full decision in David Massey v Financial Services Authority: [2011] UKUT 49 (TCC).

MARKET ABUSE ‐ Conditions in FSMA s118(2) –Whether applicant an insider within s118B(e) – Yes ‐ Whether information not generally available – Yes – Whether information of a precise nature within meaning of s118C(2) – Yes – Whether information likely to have a significant effect on price within meaning of s118C(6) – Yes – Defence under s123(2)(a) of belief on reasonable grounds that not market abuse – Defence not made out ‐ Penalty to be imposed – Whether applicant fit and proper – No ‐ Prohibition.

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