Financial Conduct Authority v Papadimitrakopoulos & Anor [2022] EWHC 2792 (Ch) (04 November 2022)

Financial Conduct Authority v Papadimitrakopoulos & Anor [2022] EWHC 2792 (Ch) (04 November 2022)

The FCA breached section 9(2) of the Crime (International Co-Operation) Act 2003 by using MLA Material obtained for criminal investigation to inform its civil claim without erecting an information barrier or obtaining consent from relevant overseas authorities; 'use' in section 9(2) bears its ordinary wide meaning, encompassing any dealings with MLA Material, not just deployment in evidence.

Citation
[2022] EWHC 2792 (Ch)
Parties
Claimant: The Financial Conduct Authority; First Defendant: Konstantinos Papadimitrakopoulos; Second Defendant: Dimitris Gryparis
Jurisdiction
England and Wales
Judgment Date
04 November 2022
Procedural Posture
Strike Out Application (cpr 3.4(2)(b)) / Judgment on Strike Out Application
Outcome
Application to strike out refused
Legal Topics
Market Abuse, Mutual Legal Assistance, Collateral Use Prohibition, Abuse of Process, Statutory Interpretation
Financial Regulation Criminal Law Civil Procedure International Cooperation Market Abuse Mutual Legal Assistance Collateral Use Prohibition Abuse of Process +1 more

Case Brief

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Parties

The Financial Conduct Authority

Claimant

Konstantinos Papadimitrakopoulos

First Defendant

Dimitris Gryparis

Second Defendant

Procedural Posture

Strike Out Application (cpr 3.4(2)(b)) / Judgment on Strike Out Application

Legal Issues

  1. 1 Interpretation of 'use' in section 9(2) Crime (International Co-Operation) Act 2003
  2. 2 Whether FCA's use of MLA Material breached section 9(2)
  3. 3 Whether FCA obtained necessary consent for collateral use

Ratio Decidendi

The FCA breached section 9(2) of the Crime (International Co-Operation) Act 2003 by using MLA Material obtained for criminal investigation to inform its civil claim without erecting an information barrier or obtaining consent from relevant overseas authorities; 'use' in section 9(2) bears its ordinary wide meaning, encompassing any dealings with MLA Material, not just deployment in evidence.

Court Disposition

Application to strike out refused

Orders

  • Claim not struck out; proceedings to continue
  • FCA must ensure compliance with section 9(2) regarding MLA Material and consent