Question of legal nature of betting scheme under FSMA 2000 considered by Court of Appeal

Abstract

Purpose

To provide a summary of the action against Top Bet Placement Services, involving a betting scheme that infringed FSMA 2000.

Design/methodology/approach

A detailed exposition of the factual background to this action, including an explanation of how it changed its structure and operations over time in order to attempt to allay concerns about infringements of FSMA 2000.

Findings

From the facts that have emerged in this case that sollcitors and counsel were involved throughout this scheme's existence and those concerned, including FSA, appear to have gone to considerable lengths to clarify where exactly this betting scheme fitted into the FSMA legislative framework and how.

Originality/value

Case law on the meaning of the terms used in scoping out the definition of “collective investment scheme” is thin on the ground.

Citation

Gray, J. (2006), "Question of legal nature of betting scheme under FSMA 2000 considered by Court of Appeal", Journal of Financial Regulation and Compliance, Vol. 14 No. 2, pp. 217-221. https://doi.org/10.1108/13581980610659521