THE FINANCIAL CONDUCT AUTHORITY v KONSTANTINOS PAPADIMITRAKOPOULOS & Anor.

THE FINANCIAL CONDUCT AUTHORITY v KONSTANTINOS PAPADIMITRAKOPOULOS & Anor.

The FCA's use of MLA Material obtained from the Greek and SVG authorities to inform its civil claim, without obtaining express consent for such use, constituted a breach of the absolute prohibition in section 9(2) of the Crime (International Co-Operation) Act 2003. However, given the public interest in the proceedings, the limited extent of the breach, the absence of deliberate misconduct, and the possibility of remedial steps, striking out the claim would not be a proportionate response. Instead, the court will exclude the MLA Material from the civil proceedings and require the FCA to seek retrospective consent from the Greek authorities.

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
Civil (market Abuse/financial Regulation) / Application to Strike Out Claim (interlocutory)
Outcome
Application to strike out dismissed
Legal Topics
Market Abuse, Mutual Legal Assistance, Collateral Use of Evidence, Abuse of Process, Consent for Use of Evidence
Financial Regulation Civil Procedure International Cooperation Market Abuse Mutual Legal Assistance Collateral Use of Evidence Abuse of Process Consent for Use of Evidence

Case Brief

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Parties

The Financial Conduct Authority

Claimant

Konstantinos Papadimitrakopoulos

First Defendant

Dimitris Gryparis

Second Defendant

Procedural Posture

Civil (market Abuse/financial Regulation) / Application to Strike Out Claim (interlocutory)

Legal Issues

  1. 1 Proper interpretation of 'use' in section 9(2) of the Crime (International Co-Operation) Act 2003
  2. 2 Whether the FCA's use of MLA Material breached section 9(2)
  3. 3 Whether consent for collateral use was obtained from relevant overseas authorities

Ratio Decidendi

The FCA's use of MLA Material obtained from the Greek and SVG authorities to inform its civil claim, without obtaining express consent for such use, constituted a breach of the absolute prohibition in section 9(2) of the Crime (International Co-Operation) Act 2003. However, given the public interest in the proceedings, the limited extent of the breach, the absence of deliberate misconduct, and the possibility of remedial steps, striking out the claim would not be a proportionate response. Instead, the court will exclude the MLA Material from the civil proceedings and require the FCA to seek retrospective consent from the Greek authorities.

Court Disposition

Application to strike out dismissed

Orders

  • None of the materials obtained via the MLA process from the Greek or SVG Authorities shall be admissible in the current proceedings.
  • MLA Materials must be retained solely for future criminal proceedings or returned to the relevant overseas authorities when no longer required.