Sonya Zywko (UK)

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The FCA has prohibited Christian Bittar, a former derivatives trader of products referenced to Euribor at a global bank, from all controlled functions for seeking to manipulate Euribor. The FCA refrained from imposing an additional financial penalty on the basis that the Crown Court had sentenced Mr Bittar to 5 years and 4 months in prison and confiscation order of £2.5m plus costs in relation to substantially the same matters.  During the relevant period, Mr Bittar…
This decision makes it clear that personal culpability cannot be avoided through delegation or collective decision-making structures, such as the board, even where other directors have been allocated particular responsibility for specific areas including compliance.  Where responsibility is delegated, directors are not absolved from acquiring a sufficient understanding of the business to enable them to effectively challenge their fellow directors. Overview The Upper Tribunal has upheld the FCA’s decision to prohibit Alistair Burns from performing…
The Tribunal has held that third party rights do not arise in the context of Supervisory Notices, nor do the relevant provisions allow third parties to refer Supervisory Notices to the Tribunal, even where they are identified. Although Parliament has specifically provided for this right in the context of Warning and Decision Notices, it has not in relation to Supervisory Notices, which do not impose sanctions but provide the FCA with a tool where there…
Judge James V. Selna of the Central District of California (“C.D. Cal.”) recently released the redacted, 115-page public version of his Memo of Facts and Law with his FRAND determination in the TCL v. Ericsson SEP dispute concerning 2G, 3G and 4G cellular technology in the European Telecommunications Standards Institute (“ETSI”) standards along with his Final Judgment And Injunction, which injunction has detailed terms like one would find in a licensing agreement. Judge Selna ultimately…
Judge James V. Selna of the Central District of California (“C.D. Cal.”) recently released the redacted, 115-page public version of his Memo of Facts and Law with his FRAND determination in the TCL v. Ericsson SEP dispute concerning 2G, 3G and 4G cellular technology in the European Telecommunications Standards Institute (“ETSI”) standards along with his Final Judgment And Injunction, which injunction has detailed terms like one would find in a licensing agreement. Judge Selna ultimately…
Christian Bittar was a trader holding the position of Manager of a bank’s Money Markets Derivatives (MMD) desk in London during the relevant period. On 23 April 2015, the FCA published a Final Notice imposing a penalty on the bank for misconduct, including the attempted manipulation of the LIBOR and EURIBOR benchmarks (the Final Notice). Mr Bittar made a reference to the Upper Tribunal under s393(11) FSMA 2000, claiming that he had not been provided…
The Takeover Panel (Panel) has censured certain legal and financial advisers in connection with the acquisition by Vallar plc (Vallar) of interests in two Indonesian coal mining companies. Background/Facts Vallar was the predecessor of Bumi plc, which subsequently became known as Asia Resource Minerals plc. As a result of connected transactions, Vallar’s three Indonesian counterparties, acquired shares which, in aggregate, carried more than 30 per cent of the voting rights of Vallar. No dispensation had…
Overview The High Court has upheld a claim to privilege by RBS in respect of certain documents prepared by external lawyers in the context of LIBOR investigations by regulators in various jurisdictions. Mr Justice Snowden ruled that: (i) factual updates provided to the Executive Steering Committee (ESG), a committee set up to oversee such investigations; and (ii) the minutes of the ESG meetings, were part of the “continuum of communications and meetings between solicitor and…
The Asia Resource Minerals plc (formerly Bumi plc) (the Company) was fined for failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with Listing Principle 2 (in force at the relevant time), impeding the Company’s ability to identify related party transactions (RPT) despite the  “heightened risk” of the occurrence of RPTs in light of the group structure and the relationships of the director of its…