Section 402(1)(a) of the 1993 Act has the effect of allowing the Financial Services Authority to bring proceedings for an offence of insider dealing under Part V without first obtaining the consent of the Secrretary of Sate or the DPP.
Sir Anthony May PQBD said: ‘In my judgment the structure and content of the 2000 Act amply demonstrate that it must have been the Parliamentary intention that the FSA would be able to institute proceedings under Part V of the 1993 Act without consent from outside. In the light of section 61(2) of the 1993 Act, and not overlooking paragraph 4 of Schedule 1 to the 1987 Act and the absence of such provision in the 2000 Act, section 402(1) is not tightly drawn. But the implication is to my mind abundantly plain. It is achieved by reading the words ‘may institute’ in section 402(1) as having the same meaning and effect as the same words in the passive voice ‘may be instituted by’ in section 401(2), so that the FSA may institute proceedings under section 402(1) on their own initiative and without the antecedent need to obtain the consent of the Secretary of State or the DPP. If a narrow argument of literal construction might not lead to that result, in my judgment the narrow argument is overwhelmed by the obvious general Parliamentary intention and the specific intention to be derived from those two sections.’
Judges:
Sir Anthony May P
Citations:
[2008] EWHC 3191 (Admin), [2009] 1 WLR 1905, [2009] Bus LR 1544, [2009] Lloyds Rep FC 152, [2009] Crim LR 445
Links:
Statutes:
Criminal Justice Act 1993 402(1)(a)
Cited by:
Cited – Rollins, Regina v CACD 9-Oct-2009
The court was asked whether the Financial Services Authority had itself the power to prosecute offences under the 2002 Act. The defence said that the FSA’s powers were limited to offences under the 2000 Act. The FSA relied on its common law power to . .
Cited – Rollins, Regina v SC 28-Jul-2010
The court was asked whether the Financial Services Authority had a power to prosecute money laundering offences under the 2002 Act, or whether, as contended by the defendant, its powers were limited to sections under the 2000 Act.
Held: The . .
Lists of cited by and citing cases may be incomplete.
Criminal Practice, Financial Services
Updated: 23 July 2022; Ref: scu.293973
