The Financial Conduct Authority v Macris

The Financial Conduct Authority v Macris

A person may be identified for purposes of section 393 of the Financial Services and Markets Act 2000 by reference in a notice to a description, office, or job title, provided that in context it singles out an individual and persons acquainted with the third party or operating in the relevant sector would reasonably understand the notice to refer to him. External material may be used to confirm identification, but only to the extent it was objectively known to such persons at the time of the notice. In this case, 'CIO London management' in the FCA notices referred to Mr Macris, and he was entitled to third party rights.

Parties
Appellant: Financial Conduct Authority; Respondent: Achilles Macris
Jurisdiction
England and Wales
Judgment Date
19 May 2015
Procedural Posture
Civil Appeal / Judgment on Appeal
Outcome
appeal dismissed
Legal Topics
Third Party Rights, Identification in Regulatory Notices, Statutory Interpretation, Procedural Fairness
Financial Regulation Administrative Law Third Party Rights Identification in Regulatory Notices Statutory Interpretation Procedural Fairness

Case Brief

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Parties

Financial Conduct Authority

Appellant

Achilles Macris

Respondent

Procedural Posture

Civil Appeal / Judgment on Appeal

Legal Issues

  1. 1 Whether Mr Macris was identified in the FCA notices for purposes of section 393 of the Financial Services and Markets Act 2000
  2. 2 Whether identification requires reference to external material beyond the notice itself
  3. 3 Correct legal test for identification under section 393

Ratio Decidendi

A person may be identified for purposes of section 393 of the Financial Services and Markets Act 2000 by reference in a notice to a description, office, or job title, provided that in context it singles out an individual and persons acquainted with the third party or operating in the relevant sector would reasonably understand the notice to refer to him. External material may be used to confirm identification, but only to the extent it was objectively known to such persons at the time of the notice. In this case, 'CIO London management' in the FCA notices referred to Mr Macris, and he was entitled to third party rights.

Court Disposition

appeal dismissed

Orders

  • Mr Macris is entitled to third party rights under section 393 of the Financial Services and Markets Act 2000
  • No further relief granted