The UK's Financial Services Authority has lost a judicial review case concerning use of its information-gathering powers in support of a US Securities and Exchange Commission request for documents in the UK.
The case is important because it confirms that the English courts place limits on the ability of the FSA to assist foreign regulators with information-gathering. This is the first time that such cooperation on the part of the FSA has been considered by the English courts.
Click here to view full memo, Misuse of FSA Powers to Support SEC Investigations