Semperian PPP Investment Partners Limited Partnership (Semperian) has pleaded guilty at the City of Westminster Magistrates Court to an offence under section 191(3) of the Financial Services and Markets Act 2000 by acquiring an authorised firm before it had received the necessary approval from the FSA.

Semperian notified the FSA in mid December 2008 that it proposed to acquire the authorised firm but failed to wait for FSA approval before completing the deal 3 weeks later.

The Deputy District Judge imposed a penalty of £1,000 and said that Semperian had taken a calculated risk that the FSA would not prosecute.

View Semperian Limited Partnership pleads guilty to change in control offence, 17 February 2010