Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd & Ors

Real Estate Opportunities Ltd v Aberdeen Asset Managers Jersey Ltd & Ors

Section 348 FSMA does not prohibit disclosure of documents containing confidential information already known to the recipient, including knowledge attributed to a corporate body under general law. The judge did not err in exercising discretion to order inspection, and inspection of warning notices does not constitute publication under section 391 FSMA.

Parties
Claimant/respondent: Real Estate Opportunities Limited; Defendant/1st Appellant: Aberdeen Asset Managers Jersey Limited; Defendant/2nd Appellant: Aberdeen Asset Managers Limited; Defendant/3rd Appellant: UBS Limited
Jurisdiction
England and Wales
Judgment Date
09 March 2007
Procedural Posture
Civil Appeal / Court of Appeal Judgment on Appeal From High Court (chancery Division)
Outcome
Appeal dismissed
Legal Topics
Disclosure of Documents, Confidential Information, Statutory Interpretation, Inspection of Documents
Financial Services Law Civil Procedure Disclosure of Documents Confidential Information Statutory Interpretation Inspection of Documents

Case Brief

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Parties

Real Estate Opportunities Limited

Claimant/respondent

Aberdeen Asset Managers Jersey Limited

Defendant/1st Appellant

Aberdeen Asset Managers Limited

Defendant/2nd Appellant

UBS Limited

Defendant/3rd Appellant

Procedural Posture

Civil Appeal / Court of Appeal Judgment on Appeal From High Court (chancery Division)

Legal Issues

  1. 1 Whether section 348 of the Financial Services and Markets Act 2000 (FSMA) prohibits disclosure of documents containing confidential information already known to the recipient
  2. 2 Whether knowledge of information by a corporate body is attributed under general law for the purposes of section 348 FSMA
  3. 3 Whether the judge erred in exercising discretion to order inspection of documents despite objections

Ratio Decidendi

Section 348 FSMA does not prohibit disclosure of documents containing confidential information already known to the recipient, including knowledge attributed to a corporate body under general law. The judge did not err in exercising discretion to order inspection, and inspection of warning notices does not constitute publication under section 391 FSMA.

Court Disposition

Appeal dismissed

Orders

  • Both appeals dismissed; orders for inspection of documents upheld as per the High Court's order.