Purpose - The purpose of this paper is to describe the Financial Services and Markets Tribunal ruling on the application of the financial promotion regime, involving Fox Hayes v. Financial Services Authority. Design/methodology/approach - The paper outlines the facts surrounding the case and comments on the ruling. Findings - The Tribunal disagreed with the FSA that the applicant had acted negligently or recklessly. Originality/value - The paper highlights the lack of clarity and guidance on the part of the FSA as to exactly which firms on its list of unauthorised firms it considered as "boiler rooms" and which it did not.
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Columbia Univ, Sch Business, Finance & Econ Dept, New York, NY 10027 USA
Natl Bur Econ Res, Cambridge, MA 02138 USAColumbia Univ, Sch Business, Finance & Econ Dept, New York, NY 10027 USA
Ang, Andrew
Timmermann, Allan
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Univ Calif San Diego, Rady Sch Management, La Jolla, CA 92093 USA
Univ Calif San Diego, Dept Econ, La Jolla, CA 92093 USAColumbia Univ, Sch Business, Finance & Econ Dept, New York, NY 10027 USA
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Univ Texas Rio Grande Valley, Robert C Vackar Coll Business & Entrepreneurship, Int Business & Entrepreneurship, Brownsville, TX 78504 USAUniv Texas Rio Grande Valley, Robert C Vackar Coll Business & Entrepreneurship, Int Business & Entrepreneurship, Brownsville, TX 78504 USA
Elliot, Esi A.
Cavazos, Carmina
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Univ Hartford, Barney Sch Business, Management Mkt & Entrepreneurship, West Hartford, CT 06117 USAUniv Texas Rio Grande Valley, Robert C Vackar Coll Business & Entrepreneurship, Int Business & Entrepreneurship, Brownsville, TX 78504 USA
Cavazos, Carmina
Ngugi, Benjamin
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Suffolk Univ, Sawyer Business Sch, Informat Syst & Operat Management, 73 Tremont St, Boston, MA 02108 USAUniv Texas Rio Grande Valley, Robert C Vackar Coll Business & Entrepreneurship, Int Business & Entrepreneurship, Brownsville, TX 78504 USA