Property fund guilty of breaking FSA takeover rules

Semperian, a £1.3bn property fund spun out of Land Securities, has pleaded guilty to an FSA charge of failing to ask for the regulator's approval when it bought an FSA registered business.

The judge at the City of Westminster Magistrates Court yesterday imposed a £1,000 penalty on Semperian PPP Investment Partners, saying the fund had taken a calculated risk the FSA would not prosecute. Semperian notified the FSA in mid December 2008 it proposed to acquire the unnamed authorised firm, but failed to wait for FSA approval before completing the deal three weeks later.   In March last year, the law changed so courts have the power to impose unlimited fines for change in control offences. Semperian's case was exempt because it occured before the change. FSA directo...