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The Financial Conduct Authority v Macris [2015] EWCA Civ 490 (19 May 2015)
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This is an appeal by the appellant, the Financial Conduct Authority ("the Authority"), against a decision by the Upper Tribunal (Tax and Chancery Chamber) ("the Upper Tribunal") promulgated on 10 April 2014, BAILII: [2014] UKUT B7 (TCC). By its judgment ("the judgment") the Upper Tribunal judge[1] ("the judge") decided, in the context of a preliminary issue determined in accordance with Rule 5(3)(e) of the Tribunal Procedure (Upper Tribunal) Rules 2008, that the respondent to this appeal, Achilles Macris ("Mr Macris") was identified in certain notices given by the Authority on 18 September 2013 to JPMorgan Chase Bank, N.A. ("the Firm") .
The issue in the appeal is whether the notices identified Mr Macris for the purposes of section 393 of the Financial Services and Markets Act 2000 ("the Act") in which case the Authority ought to have given Mr Macris third party rights under section 393 of the Act.
Background
On 18 September 2013 the Authority gave a warning notice ("the Warning Notice"), a decision notice ("the Decision Notice"), and a final notice ("the Final Notice") to the Firm and on 19 September 2013 the Final Notice was published. These notices (collectively "the Notices") notified the Firm that the Authority had decided to impose on it a financial penalty of £137,610,000 as a result of large losses incurred in a trading portfolio managed by the Firm for J P Morgan Chase & Co ("the Group"). The losses were stated to have amounted to US $6.2 billion by the end of 2012 and were reported by the press as the "London Whale" trades.
This is an appeal by the appellant, the Financial Conduct Authority ("the Authority"), against a decision by the Upper Tribunal (Tax and Chancery Chamber) ("the Upper Tribunal") promulgated on 10 April 2014, BAILII: [2014] UKUT B7 (TCC). By its judgment ("the judgment") the Upper Tribunal judge[1] ("the judge") decided, in the context of a preliminary issue determined in accordance with Rule 5(3)(e) of the Tribunal Procedure (Upper Tribunal) Rules 2008, that the respondent to this appeal, Achilles Macris ("Mr Macris") was identified in certain notices given by the Authority on 18 September 2013 to JPMorgan Chase Bank, N.A. ("the Firm") .
The issue in the appeal is whether the notices identified Mr Macris for the purposes of section 393 of the Financial Services and Markets Act 2000 ("the Act") in which case the Authority ought to have given Mr Macris third party rights under section 393 of the Act.
Background
On 18 September 2013 the Authority gave a warning notice ("the Warning Notice"), a decision notice ("the Decision Notice"), and a final notice ("the Final Notice") to the Firm and on 19 September 2013 the Final Notice was published. These notices (collectively "the Notices") notified the Firm that the Authority had decided to impose on it a financial penalty of £137,610,000 as a result of large losses incurred in a trading portfolio managed by the Firm for J P Morgan Chase & Co ("the Group"). The losses were stated to have amounted to US $6.2 billion by the end of 2012 and were reported by the press as the "London Whale" trades.
