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FCA v Macris: UK Supreme Court Clarifies the Test for Identifying Third Parties in FCA Enforcement Notices
30 March 2017
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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).
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