The Tribunal has ruled in favour of Christian Bittar’s claim that FCA’s Decision Notice in respect of Deutsche Bank AG’s benchmark manipulation activities included reasons which identified him and were prejudicial to him and which he had no opportunity to contest. All parties acknowledged the question should be answered in accordance with the construction put on s 393 FSMA by the Court of Appeal in its judgment in Financial Conduct Authority v. Macris. On balance, it found the timing of the release of key documents was sufficient for a relevant reader to conclude the FCA material referred to Mr Bittar. (Source:Tribunal Backs Complainant in Identification Case)