Ancean Limited v The Financial Conduct Authority

Parties

Procedural Posture

Reference Under FSMA / Ruling on Authority's Application for Declaration/directions Regarding Collateral Use of Documents

Legal Issues

1. 1 Whether the Financial Conduct Authority is bound by any rule restricting collateral use or disclosure of documents provided by Ancean in Tribunal proceedings
2. 2 Whether the statutory scheme under FSMA and the Disclosure of Confidential Information Regulations displaces any common law implied undertaking or collateral use rule
3. 3 Whether the Authority requires Tribunal permission or Ancean's consent to use or disclose documents received in reference proceedings

Ratio Decidendi

The statutory scheme under sections 348-349 FSMA and the Disclosure of Confidential Information Regulations 2001 provides the only relevant limitation or restriction on the use or disclosure by the Authority of documents, information, and witness statements supplied by parties in Tribunal references. This scheme displaces any common law implied undertaking or collateral use rule. The Authority does not require Tribunal permission or Ancean's consent to use or disclose documents received in reference proceedings for its regulatory and public functions, subject to the statutory restrictions. If permission were required, it is granted.

Court Disposition

Authority's application granted as directions (not declaration)

Orders

• Authority may use and disclose documents, information, and witness statements provided by Ancean in accordance with sections 348-349 FSMA and the Disclosure of Confidential Information Regulations 2001.
• Permission from Tribunal or consent from Ancean is not required for Authority to use or disclose documents for its regulatory and public functions or in other reference proceedings, subject to statutory restrictions.