Canada Inc, R (on the application of) v The Financial Services Authority

Canada Inc, R (on the application of) v The Financial Services Authority

The claimants failed to demonstrate a strong arguable case that the FSA's decision to publish was unlawful, irrational, or unfair. The statutory regime confers a broad discretion on the FSA, the Upper Tribunal has already ruled against prohibition, and there is no sufficient evidence of unfairness or human rights infringement to justify an injunction.

Parties
First Claimant: The Queen on the Application of Canada Inc; Second Claimant: Peter Beck; Third Claimant: BRMS; Defendant: The Financial Services Authority
Jurisdiction
England and Wales
Judgment Date
26 August 2011
Procedural Posture
Judicial Review / Interim Application for Injunction
Outcome
Application for interim injunction dismissed
Legal Topics
Publication of Decision Notices, Market Abuse, Judicial Review, Interim Injunctions, Human Rights
Administrative Law Financial Regulation Publication of Decision Notices Market Abuse Judicial Review Interim Injunctions Human Rights

Case Brief

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Parties

The Queen on the Application of Canada Inc

First Claimant

Peter Beck

Second Claimant

BRMS

Third Claimant

The Financial Services Authority

Defendant

Procedural Posture

Judicial Review / Interim Application for Injunction

Legal Issues

  1. 1 Whether the Financial Services Authority's decision to publish a decision notice was unlawful
  2. 2 Whether publication would be unfair to the claimants under section 391(6) of the Financial Services and Markets Act 2000
  3. 3 Whether the FSA's interpretation of its statutory powers was correct

Ratio Decidendi

The claimants failed to demonstrate a strong arguable case that the FSA's decision to publish was unlawful, irrational, or unfair. The statutory regime confers a broad discretion on the FSA, the Upper Tribunal has already ruled against prohibition, and there is no sufficient evidence of unfairness or human rights infringement to justify an injunction.

Court Disposition

Application for interim injunction dismissed

Orders

  • Application for interim injunction refused
  • Anonymity order lifted immediately