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Appeal Win Lets FSA Grab Evidence for SEC

Global Glimpses | March 5, 2010

Britain's Financial Services Authority says it is committed to helping the Securities and Exchange Commission with overseas investigations, after winning an appellate court battle that aimed to block its efforts to obtain confidential evidence for its U.S. friends.

Lawyers said the victory gives new support to the SEC’s ability to obtain evidence outside of the United States.

Last August, a court ruled that the FSA had overstepped the mark when—acting on a request from the SEC—it tried to force a London accounting firm to hand over confidential information about two of its clients.

The SEC wanted the information as part of an investigation into suspected market manipulation on the New York Stock Exchange.

The FSA agreed to help and started the process of compelling the accounting firm to provide the information that the SEC wanted. However, the...

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