Swift Trade Inc., a now-dissolved Canadian company, has referred the FSA’s decision to fine it £8m for market abuse to the Upper Tribunal (Tax and Chancery Chamber).

On 31 August 2011 the FSA published a decision notice dated 6 May 2011 indicating the proposed fine the FSA was imposing for market abuse against Swift Trade Inc. As well as referring the matter to the Upper Tribunal, Swift Trade is also undertaking judicial review proceedings against the FSA over its decision to publish the decision notice (Swift Trade had already obtained an injunction preventing the FSA from publishing earlier, but this had since lapsed). It will be interesting to see the outcome of the judicial review proceedings, particularly in light of the expected widening of the FSA’s power to publicise enforcement actions under the new regulatory regime.

Further reading

FSA decision notice relating to Swiftrade

FSA press release referring to the judicial review