The FSA sought injunctions to restrain the activities of the first defendants, including asset freezing orders under section 380 of the 2000 Act. The defendant’s bankers objected that they would be prejudiced by the restrictions without the FSA giving an appropriate undertaking as to damages.
Held: The appeal was dismissed. There is no general rule requiring an authority such as the FSA exercising its statutory duties to provide such an undertaking, and one should not be provided in this case.
Judges:
Lord Neuberger, President, Lady Hale, Lord Mance, Lord Clarke, Lord Sumption
Citations:
[2013] 2 WLR 678, [2013] WLR(D) 90, [2013] Bus LR 302, [2013] UKSC 11, UKSC 2011/0244
Links:
Bailii, WLRD, Bailii Summary, SC Summary, SC
Statutes:
Financial Services and Markets Act 2000 380(3)
Jurisdiction:
England and Wales
Citing:
Cited – In re Highfield Commodities Ltd ChD 1985
The court’s discretion in appointing provisional liquidators is unfettered provided it is exercised in a ‘proper judicial manner’. Sir Robert Megarry V-C said: ‘I would respectfully express my complete agreement with the view taken by [the judge]. I . .
Cited – Director General of Fair Trading v Tobyward ChD 1989
The company advertised a product as assisting in permanent weight loss. The Advertising Standards Authority had found the advertisements to be misleading, but the company persisted, and the Authority referred the case to the applicant, who sought an . .
Cited – Securities and Investments Board v Lloyd-Wright and Another ChD 23-Jun-1993
The SIB sought injunctions pursuant to the 1986 Act, three to prevent continued breaches of the law and fourth, an asset freezing order. It was argued that although it might be right to dispense with a cross-undertaking in damages in relation to the . .
Appeal from – The Financial Services Authority v Sinaloa Gold Plc and Others CA 18-Oct-2011
. .
At First Instance – Financial Services Authority v Sinaloa Gold Plc and Others ChD 25-Jan-2011
The court considered issues arising on an application by the regulator for an injunction to restrain the defendant operating what it said was an unregulated share dealing scheme. Barclays Bank, bankers to the main defendant complained that as third . .
Cited – Commissioners of Customs and Excise v Anchor Foods Ltd (No 2) ChD 24-Mar-1999
The claimant intended to seek recovery of a very substantial sum from the defendant. On learning of the defendant’s intention to sell its assets, it sought an order freezing them.
Held: The court has the discretion to order a freezing of a . .
Lists of cited by and citing cases may be incomplete.
Financial Services
Updated: 14 November 2022; Ref: scu.471222