Andrew Mitchell QC has appeared for the FSA in Chaligne v FSA and Sejean vs FSA. Unusually, the Upper Tribunal was persuaded to reverse a decision made by the Regulatory Decisions Committee, finding instead that market abuse had occurred, and, in a rare move, increased the penalty from that originally proposed by the FSA, on the grounds that it was unduly lenient.  In a further decision, the Upper Tribunal declined to reduce the penalty on grounds of serious financial hardship, even though some evidence suggested that the trader had insufficient assets to pay the penalty.

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