Philippe Jabre reportedly is looking to return to trading in January, though it is yet not clear whether he will be allowed to. Although he dropped his appeal of a fine imposed on him by the U.K.’s Financial Services Authority, it did not change the fact that the FSA in February found him to be not “fit and proper” to trade because it felt he “poses a significant risk to confidence in the financial system.” Jabre set the January date, according to Financial News, as part of the non-compete agreement with his former firm, GLG Partners, which expires after nine months. Upon leaving the hedge fund, he terminated his trading rights anyway, and now must apply with the FSA to regain the right to manage other peoples’ money, which could be dicey. FN reports that in his application, Jabre plans to argue that while the FSA found him not fit, it also said his actions were unintentional. Stephen Oliver, chairman of the Financial Services and Markets Tribunal, told The Telegraph that Jabre may have complicated matters by calling for the tribunal to review the case in the first place. “By pursuing these reference proceedings, [Jabre was] exposing himself to what might be for him the most severe sanction of all, i.e. being deprived the right to carry on his career in the hedge fund industry.” Because now the FSA can reconsider the entire proceedings, and its earlier ruling, which did not ban Jabre from trading, might not stand.
