FCA responds to High Court decision to stay proceedings in enforcement case

The Claimants issued a judicial review to challenge a decision by the FCA’s Regulatory Decisions Committee not to stay the regulatory proceedings against the first Claimant. The Claimants wanted to stay the RDC proceedings pending the outcome of civil proceedings in the Commercial Court brought by the Danish Customs and Tax Administration, Skatteforvaltningen (SKAT), against various Defendants including the second Claimant in the judicial review.

The FCA notes today’s judgment, which orders that the FCA’s regulatory proceedings be stayed pending a judgment by the Commercial Court on certain preliminary issues.

The FCA’s request for permission to appeal was refused by the judge who heard this case. The FCA will be seeking permission to appeal from the Court of Appeal