Ashurst acts for Winterflood on appeal against £4m FSA fine
Ashurst and Blackstone Chambers have represented Winterflood Securities on the trading company's bid to overturn a 2008 market abuse ruling by the Financial Services Authority (FSA). Ashurst litigation partner Edward Sparrow instructed Blackstone Chambers' Charles Flint QC on the appeal against the ruling, which saw Winterflood fined £4m for an "illegal share-ramping scheme" carried out in 2003-04.
March 10, 2010 at 10:11 AM
2 minute read
Ashurst and Blackstone Chambers have represented Winterflood Securities on the trading company's bid to overturn a 2008 market abuse ruling by the Financial Services Authority (FSA).
Ashurst litigation partner Edward Sparrow (pictured) instructed Blackstone Chambers' Charles Flint QC on the appeal against the ruling, which saw Winterflood fined £4m for an "illegal share-ramping scheme" carried out in 2003-04.
The case was heard in the Court of Appeal yesterday (9 March) in front of Lord Justice Lloyd, Lord Justice Moore-Bick and Lord Justice Richards.
Winterflood's defence claims that the market abuse did not occur within the FSA's Code of Market Practice, as the trader did not deliberately attempt to distort the market.
In response, the FSA argued that its rules do not include "a requirement to prove any form of mental element" in finding market abuse and that it is the effect rather than the intention that matters, so the appeal should be rejected.
Fountain Court's Bankim Thanki QC represented the FSA.
The court has reserved judgment, although a ruling is expected before Easter.
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