Court of appeal ruling on discovery in civil litigation of regulatory information protected from disclosure by section 348 FSMA

This paper aims to report and comment on the Court of Appeal ruling on Real Estate Opportunities Ltd v. Aberdeen Asset Managers Jersey Ltd and others.

The paper outlines the facts surrounding this decision and the action involved.

The paper finds that this is a significant decision in terms of its potential practical effect on the likely incidence of private law litigation against regulated financial services firms. It will become increasingly common, in response to media and investor pressures, for the FSA to conduct more extensive and long‐running investigations into a particular industry sector or category of firms.

The paper provides useful information for all those involved in investment management services.