The Financial Conduct Authority v Ferreira [2022] EWCA Civ 397 (25 March 2022)

The Financial Conduct Authority v Ferreira [2022] EWCA Civ 397 (25 March 2022)

To be liable as 'knowingly concerned' under section 382 FSMA for contravention of section 21, a person must have knowledge of the facts that make the act a contravention, including the absence of approval by an authorised person or the non-applicability of any exemption. Mere knowledge of the making of a communication is insufficient.

Citation
[2022] EWCA Civ 397
Parties
Claimant/respondent: The Financial Conduct Authority; Defendant/appellant: Karen Ferreira
Jurisdiction
England and Wales
Judgment Date
25 March 2022
Procedural Posture
Civil Appeal / Appeal From High Court to Court of Appeal
Outcome
Appeal allowed
Legal Topics
Statutory Interpretation, Director Liability, Financial Promotion, Restitution Orders
Financial Regulation Company Law Statutory Interpretation Director Liability Financial Promotion Restitution Orders

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Parties

The Financial Conduct Authority

Claimant/respondent

Karen Ferreira

Defendant/appellant

Procedural Posture

Civil Appeal / Appeal From High Court to Court of Appeal

Legal Issues

  1. 1 Whether knowledge of the absence of approval by an authorised person is required for liability as 'knowingly concerned' under section 382 FSMA in contravention of section 21 FSMA

Ratio Decidendi

To be liable as 'knowingly concerned' under section 382 FSMA for contravention of section 21, a person must have knowledge of the facts that make the act a contravention, including the absence of approval by an authorised person or the non-applicability of any exemption. Mere knowledge of the making of a communication is insufficient.

Court Disposition

Appeal allowed

Orders

  • Order against Ms. Ferreira under section 382 FSMA set aside