Amro International SA & Anor, R (on the application of) v The Financial Services Authority & Ors

Amro International SA & Anor, R (on the application of) v The Financial Services Authority & Ors

The FSA's decision to assist the SEC by appointing inspectors and issuing a notice for broad document production was unlawful to the extent it exceeded the scope of the pleaded claim and included entities not named in the SEC's complaint; assistance must be limited to documents relevant to the Sedona transaction as...

Source-derived case information.

Parties
Claimant: Amro International SA; Claimant: Creon Management SA; Defendant: The Financial Services Authority; Defendant: Beth Connell; Defendant: Patricia Senra; Interested Party: Goodman Jones LLP
Jurisdiction
England and Wales
Judgment Date
25 August 2009
Procedural Posture
Judicial Review / Judgment After Rolled Up Hearing
Outcome
Claim allowed in part; orders quashed subject to undertaking.
Legal Topics
Investigatory Powers, International Regulatory Cooperation, Disclosure of Documents, Statutory Interpretation
Administrative Law Financial Regulation Investigatory Powers International Regulatory Cooperation Disclosure of Documents Statutory Interpretation

Source-derived case record

Summary, issues, holding and outcome

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Parties

Amro International SA

Claimant

Creon Management SA

Claimant

The Financial Services Authority

Defendant

Beth Connell

Defendant

Patricia Senra

Defendant

Goodman Jones LLP

Interested Party

Procedural Posture

Judicial Review / Judgment After Rolled Up Hearing

Legal Issues

  1. 1 Whether the FSA acted lawfully in appointing inspectors and issuing a notice to obtain documents from Goodman Jones LLP at the request of the SEC
  2. 2 Whether the scope of the notice was excessive and unspecific under the Financial Services and Markets Act 2000
  3. 3 Whether the FSA was obliged to consult the claimants before acting

Ratio Decidendi

The FSA's decision to assist the SEC by appointing inspectors and issuing a notice for broad document production was unlawful to the extent it exceeded the scope of the pleaded claim and included entities not named in the SEC's complaint; assistance must be limited to documents relevant to the Sedona transaction as pleaded; no statutory obligation to consult claimants existed.

Court Disposition

Claim allowed in part; orders quashed subject to undertaking.

Orders

  • The two FSA decisions (appointment of inspectors and notice to Goodman Jones LLP) are quashed, subject to an undertaking by Amro to instruct Goodman Jones to provide documents relevant only to the Sedona transaction.
  • Goodman Jones LLP is directed to preserve all relevant documents for six weeks, with FSA having liberty to apply.