Proceedings were brought against the appellant’s associated parties, alleging that they had carred on regulated activities without authorisation, contrary to section 19 of the2000 Act. They had offered various plots of land for sale, suggesting they would be seeking planning development permissions.
Held: The appeal was dismissed. The company’s activities operated as ‘collective investment schemes’ under section 235 of the 2000 Act, and were thus ‘regulated activities’ for the purpose of section 19.
Lord Mance, Lord Clarke, Lord Sumption, Lord Carnwath, Lord Hodge
[2016] UKSC 17, [2016] WLR(D) 206, [2016] Bus LR 524, UKSC 2014/0150
Bailii, Bailii Summary, WLRD, SC, SC Summary
Financial Services and Markets Act 2000
England and Wales
Citing:
At ChD – The Financial Services Authority v Asset L I Inc and Others ChD 8-Feb-2013
The court was asked whether so-called ‘land-banking’ schemes were ‘collective investments schemes’ within section 235.
Held: Andrew Smith J discussed the difference in effect between the contra preferentem rule, and regulation 7 of the 1999 . .
At CA – Asset Land Investment Plc and Another v The Financial Conduct Authority CA 10-Apr-2014
The court was asked whether certain sales of land, or arrangements relating to sales of land, at six sites in England were ‘collective investment schemes’ within the meaning of section 235 of the 2000 Act. The company appealed from a finding that . .
Cited – Financial Services Authority v Fradley and Woodward CA 23-Nov-2005
The defendant appealed against a finding that the pooled betting scheme they operated was governed by the Act.
Held: Whether such an arrangement amounted to a collective investment scheme so as to be regulated was first a question of fact as . .
Cited – In re Sky Land Consultants Plc ChD 3-Mar-2010
a land-banking arrangement was held to amount to a collective investment scheme within section 235. The company purported to change its practices following intervention by the FCA. The changes were held by the judge insufficient to take it outside . .
Cited – The Financial Conduct Authority v Capital Alternatives Ltd and Others CA 25-Mar-2015
The court was asked four different schemes constituted ‘collective investment schemes’ within the meaning of section 235 of the 2000 Act, two schemes in particular, one relating to exploitation of a rice farm in Sierra Leone, the other to tradable . .
Cited – Brown and Others v InnovatorOne Plc and Others ComC 18-May-2012
The claimants had been advised to invest in a scheme promoted by the defendants with the assistance of their solicitors. On the failure of the scheme they now sought relief alleging inter alia, breach of trust.
Held: The claims failed. In . .
Lists of cited by and citing cases may be incomplete.
Financial Services
Updated: 10 November 2021; Ref: scu.562185