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The Claimants issued a judicial review to challenge a decision by the FCAs 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 todays judgment, which orders that the FCAs regulatory proceedings be stayed pending a judgment by the Commercial Court on certain preliminary issues.
The FCAs 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.
Background
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The FCA is progressing enforcement cases relating to international dividend arbitrage trading schemes. The first of the two Claimants in the judicial review is subject to such enforcement proceedings by the FCA.
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The hearing on the relevant preliminary issues in the Commercial Court is scheduled for October December 2021.
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The SKAT Proceedings are comprised of five civil claims in the Commercial Court. SKAT contends that the Defendants engaged in an unlawful trading strategy, resulting in SKAT wrongfully paying out approximately 1.5bn by way of tax refunds. The main trial in these proceedings is scheduled for 2023.
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The FCAs enforcement information guide.
