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High court decides to stay FCA's proceedings in enforcement case

Chris Hamblin, Editor, London, 25 February 2021


Unnamed claimants in a case have issued a judicial review to challenge a decision by the UK Financial Conduct Authority’s Regulatory Decisions Committee not to stay regulatory proceedings against one of them.

The claimants - known only as T and I - 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 judgment orders that the FCA’s regulatory proceedings should be stayed pending a judgment by the Commercial Court on certain preliminary issues.

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

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