On 14 October 2013 Mr Macris made a reference to the Upper Tribunal (Tax and Chancery Chamber) asserting that the FCA should have given him the right to make representations on certain matters set out in the final notice issued to JPMorgan Chase Bank N.A (JP Morgan) on 19 September 2013 which related to the ‘London Whale’ trades. Such rights are known as ‘third party rights’.
The FCA did not give Mr Macris third party rights because it did not consider that he was identified in the notice. However, following a preliminary hearing on an issue of law, the Tribunal released a decision to the parties on 10 April 2014 finding that Mr Macris is identified in the notice and therefore should have been afforded third party rights.
The FCA is seeking permission to appeal the decision.