“Co-operation between national financial regulators was of the greatest importance, particularly where there were suspicions or allegations of fraud. The Financial Services Authority was entitled to assist the US Security and Exchange Commission in a share fraud investigation without subjecting its request for help to critical examination. The FSA was required only to comply with the requirements of statute, and the terms of memoranda of understanding were immaterial. There was no requirement to provide notice under s 170(2) of the Financial Services and Markets Act 2000.”
WLR Daily, 24th February 2010
Source: www.lawreports.co.uk
Please note once a case has been reported in one of the ICLR series the corresponding WLR Daily summary is removed.
