FCA v Macris: UK Supreme Court Clarifies the Test for Identifying Third Parties in FCA Enforcement Notices

30 March 2017
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Key takeaways

  • The UK Supreme Court has significantly narrowed the grounds on which a third-party will be deemed to have been “identified” in FCA enforcement notices, giving rise to third party rights under section 393 FSMA.
  • A person will only be identified if he or she is referred to in a FCA enforcement notice by name, or a “synonym”, such as a job title, that can only refer to one person.
  • Recourse to publicly available information to identify an individual will only be permissible to “interpret” the notice, rather than to “supplement” it.
  • The individual’s identity must be discernable to a member of the general public (rather than someone with specialist knowledge or in the same sector as the individual).