Swift Trade Inc. and its CEO Peter Beck have abandoned judicial review proceedings of a Financial Services Authority decision to publish a decision notice, the UK regulator said Wednesday.

Earlier this year, the FSA made a preliminary enforcement decision against Swift Trade indicating that it has decided to fine the firm £8 million ($12.75 million) for engaging in a form of manipulative trading known as ‘layering’. The firm is appealing that decision, and has referred the case to the Upper Tribunal which may uphold, vary or cancel the FSA’s decision.

UK regulator fines Swift Trade $12.75 million for market abuse

In 2010, the FSA was given the power to publish decision notices, and it indicates that it will typically do so in cases that are being referred for judicial review; otherwise it will usually publish final notices of enforcement action.

In this case, the firm sought to challenge the FSA’s decision to publish the notice, and obtained an injunction to restrain publication of the notice. After that injunction lapsed, the court dismissed an application for another injunction, and the FSA subsequently published the notice. The firm sought a judicial review of that decision too.

Among other things, the firm argued that publishing the FSA decision could prejudice a pending case against the firm by the Ontario Securities Commission. The case from the OSC against Swift Trade has yet to be heard, and those allegations have not been proven.