BlueCrest Capital Management (UK) LLP v The Financial Conduct Authority
Tuesday 23 – Thursday 25 July 2024
By appellants notices filed and sealed on 15 August 2023, BlueCrest Capital Management (BlueCrest) and the Financial Conduct Authority (FCA) both appeal the order of the Upper Tribunal (Tax and Chancery Chamber) dated 21 June 2023.
Background – The appeal arises within the context of references by BlueCrest to the Tribunal against two decisions of the FCA; a supervisory notice dated 30 September 2023, notifying BlueCrest of its intention to impose a requirement to pay redress under S55L of the Financial services and Markets Act 2000; and the Decision Notice dated 4 November 2021 (the ‘DN’), pursuant to which the Authority notified the Applicant of its decision to impose upon it a financial penalty of £40,806,700 for breaches of Principle 8 of the Authority’s Principles for Business (‘Principle 8’) under section 206 FSMA.
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