Reference Case Number: FOI9263
Freedom of Information: Right to know request:
1a. How many individuals is the FCA currently investigating in relation to Cum-Ex trades?
1b. Of these, how many is the FCA investigating in relation to suspected regulatory breaches; how many in relation to criminal allegations; how many on a "dual track" basis?
1c. Please provide an indication of how much progress the FCA has made in the regulatory cases above. Eg: in how many cases have you held a 'scoping meeting'? In how many have you issued a PIR? In how many have you issued a Warning Notice? Please feel free to use other definitions of case progress if you have better.
1d. Please provide an indication of how much progress the FCA has made in the criminal case above. Eg: in how many cases have you held an interview under caution? In how many has there been a decision to charge? Please feel free to use other definitions of case progress if you have better.
2a. How many organisations is the FCA currently investigating in relation to Cum-Ex trades?
2b. Of these, how many is the FCA investigating in relation to suspected regulatory breaches; how many in relation to criminal allegations; how many on a "dual track" basis?
2c. Please provide an indication of how much progress the FCA has made in the regulatory cases above. Eg: in how many cases have you held a 'scoping meeting'? In how many have you issued a PIR? In how many have you issued a Warning Notice? Please feel free to use other definitions of progress if you have better.
2d. Please provide an indication of how much progress the FCA has made in the criminal case above. Eg: in how many cases have you held interviews under caution? In how many has there been a decision to charge? Please feel free to use other definitions of case progress if you have better.
FCA response:
1a. How many individuals is the FCA currently investigating in relation to Cum-Ex trades?
There are 5 individuals currently under investigation.
1b. Of these, how many is the FCA investigating in relation to suspected regulatory breaches; how many in relation to criminal allegations; how many on a "dual track" basis?
All 5 investigations referenced in our response to question 1 are regulatory.
1c. Please provide an indication of how much progress the FCA has made in the regulatory cases above. Eg: in how many cases have you held a 'scoping meeting'? In how many have you issued a PIR? In how many have you issued a Warning Notice? Please feel free to use other definitions of case progress if you have better.
All five cases have progressed beyond the scoping meeting stage. We no longer issue PIRs; the equivalent is an Annotated Warning Notice, which has been issued to one individual.
1d. Please provide an indication of how much progress the FCA has made in the criminal case above. Eg: in how many cases have you held an interview under caution? In how many has there been a decision to charge? Please feel free to use other definitions of case progress if you have better.
None of the above investigations are criminal – we refer you to our response to question 1b.
2a. How many organisations is the FCA currently investigating in relation to Cum-Ex trades?
There are 11 organisations currently under investigation.
2b. Of these, how many is the FCA investigating in relation to suspected regulatory breaches; how many in relation to criminal allegations; how many on a "dual track" basis?
All of the investigations referenced in our response to Question 2a are regulatory.
2c. Please provide an indication of how much progress the FCA has made in the regulatory cases above. Eg: in how many cases have you held a 'scoping meeting'? In how many have you issued a PIR? In how many have you issued a Warning Notice? Please feel free to use other definitions of progress if you have better.
We have progressed beyond the scoping meeting stage in all of the cases. Warning Notices have been issues in relation to five organisations.
2d. Please provide an indication of how much progress the FCA has made in the criminal case above. Eg: in how many cases have you held interviews under caution? In how many has there been a decision to charge? Please feel free to use other definitions of case progress if you have better.
None of the above investigations are criminal – we refer you to our response to question 2b.