Reference Case Number: FOI9733
Freedom of Information: Right to know request:
Request about Cum-Ex-trades.
FCA response:
Question 1a: When did the FCA first start investigating Cum-Ex trades?
We began investigating in 2015.
Question 1b: How many individuals and organisations are currently being investigated?
As at 14 November 2022, there are 3 individuals and 9 firms currently being investigated.
Question 1c: Are all investigations into individuals and organisations regulatory, not criminal?
All investigations are regulatory.
Question 1d: How many investigations into individuals have been dropped because of a lack of evidence during this investigation to date?
Since 2015, 8 investigations into individuals have been closed because of a lack of evidence.
Question 1e: How many Warning Notices have been issued to date for individuals and have any been challenged to the RDC?
1 warning notice has been issued, which has been challenged to the Regulatory Decisions Committee (RDC).
Question 1f: Is this investigation nearing a conclusion?
We have interpreted this to mean our investigations into ‘cum ex trades’. On this basis, as the findings of our investigations can be contested, the timing of final conclusions is uncertain. However, we have already achieved a number of outcomes and we are continuing to progress the remaining investigations into individuals and firms to conclusion.
Question 2a How many Warning Notices have been issued against organisations to date?
5 warning notices have been issued to firms.
Question 2b: Now you have fined Sapien, Sunrise and TJM, are you narrowing the focus of this investigation on to an increasingly small number of organisations?
The focus of our investigations has not changed, however the number of firms under investigation is decreasing as warning notices are issued.
Question 2c: How many investigations into organisations have you dropped during this investigation?
We have discontinued 1 such investigation.