THE FAIR Trading Commission (FTC) will be asking the United Kingdom Privy Council to decide whether it has control over the Jamaica Stock Exchange.
On Monday, the Court of Appeal granted the FTC leave to appeal to the United Kingdom Privy Council ruling against a Court of Appeal ruling last month. The FTC was granted conditional leave to appeal and is to take the necessary steps within the next 90 days to pursue the appeal. Final leave will be granted at a later date.
The Court of Appeal ruled last month that the Jamaica Stock Exchange was governed by the Securities Act therefore the Fair Trading Commission had no legal right to investigate or interfere with it.
The FTC was also barred by an injunction from continuing proceedings against the JSE after the court overturned a 1997 Supreme Court ruling that under the Fair Competition Act the FTC had jurisdiction over the JSE. It was the court's finding that the FTC breached the rules of natural justice.
A dispute arose between the FTC and the JSE in 1994 after the JSE took a decision that new members should have capital amounting to more than $20 million. Complaints were made to the FTC that the amount was too high.
The Jamaica Stock Exchange took the matter to the Supreme Court for a determination and lost. It appealed and the Court of Appeal ruled in its favour.
