The Upper Tribunal issued an important case management judgment on 8 May 2024 in the case of FCA v Banque Havilland & Ors. 

Nick Vamos, James Tyler and Julia Steinhardt represent the second defendant in the case, Mr Edmund Rowland. Mr Rowland is alleged to have been involved in the creation and dissemination of a document alleged to propose a strategy to manipulate the price of Qatari bonds. 

In this judgment, Judge Herrington agreed that the charge against Mr Rowland that he was knowingly concerned in systems and controls breaches at the bank should be struck out.

The judgment considered the nature and scope of the requirements of the FCA’s Principle 3 and the knowing concern doctrine.

In addition, a novel application by the Financial Conduct Authority that the Tribunal should, in light of the dicta in Seiler & Ors, exercise its powers to call a witness itself was successfully resisted.

The judgment also covers a number of other important matters, including the scope of the FCA’s disclosure obligations under the Upper Tribunal Rules and the correct approach to jurisdictional issues in light of the pending appeal in Bluecrest Capital Management v FCA. 

Andrew George KC and Simon Pritchard, of Blackstone Chambers, were instructed to act for Mr Rowland.