Paul Davidson and Ashley Tatham v The Financial Services Authority: FIN/2003/0016 FIN/2003/0021

Upper Tribunal Tax and Chancery decision of Judge Brice, Member Chapman and Member Parsloe on 16 May 2006.

Read the full decision in Paul Davidson and Ashley Tatham v The Financial Services Authority: FIN/2003/0016 FIN/2003/0021.

MARKET ABUSE – company to be listed on the Alternative Investment Market – take up of shares in the placing slow – the idea emerged that if a spread bet were placed then the spread betting firm would hedge the bet through a contract for differences with a counterparty who would then hedge the contract for differences by purchasing shares in the placing thus completing the placing – whether either or both of the Applicants engaged in market abuse – no – whether penalties should have been imposed – no – whether the amounts of the penalties were appropriate - no – whether Mr Tatham was in breach of Principles 2 and 3 – no – references determined in favour of the Applicants – FSMA 2000 Ss 64, 66, 118 and 123.

Help us improve GOV.UK

Don’t include personal or financial information like your National Insurance number or credit card details.