FINAL NOTICE

ACTION

1.
For the reasons given in this notice, the Authority hereby makes an order,
pursuant to section 56 of the Act, prohibiting Mr Bittar from performing any
function in relation to any regulated activity carried on by an authorised or
exempt person, or exempt professional firm.

REASONS FOR THE ACTION

2.
On 13 April 2017, the Authority gave Mr Bittar a decision notice, a copy of
which is attached to this notice at Appendix 1 (“the Decision Notice”).

3.
The Decision Notice notified Mr Bittar that the Authority had decided to take
the following action:

(i)
impose on Mr Bittar a financial penalty of £6,500,000 pursuant to
section 66 of the Act; and

(ii)
make an order, pursuant to section 56 of the Act, prohibiting Mr Bittar
from performing any function in relation to any regulated activity carried
on by an authorised or exempt person, or exempt professional firm.

4.
On 10 May 2017, Mr Bittar referred the Decision Notice to the Upper Tribunal
(Tax and Chancery Chamber) (“the Tribunal”). Mr Bittar’s reference to the
Tribunal was stayed on 1 August 2017.

5.
Following the stay of Mr Bittar’s reference, on 2 March 2018, Mr Bittar pleaded
guilty to a criminal charge of conspiracy to defraud. The criminal charge to
which Mr Bittar pleaded guilty included substantially the same conduct to that
on which the Decision Notice was based. On 20 July 2018, Mr Bittar was
sentenced to 5 years and 4 months in prison and ordered to pay £2,500,000
million by way of confiscation, plus costs.

6.
Given the sentence imposed on Mr Bittar for substantially the same conduct
as described in the Decision Notice and in light of the Crown Court Judge’s
sentencing remarks which are attached to this Notice at Appendix 2, the
Authority considers the underlying purposes of the original penalty, including
that of specific and general deterrence, have been met without the imposition
of any additional penalty. Were it not for these particular circumstances, the
Authority would have sought to impose a penalty of £6,500,000 for the
reasons set out in the Decision Notice.

7.
Accordingly, with the consent of the Authority and Mr Bittar, by order dated
14 September 2018 the Tribunal directed that the Authority should not
impose a penalty on Mr Bittar and that Mr Bittar’s reference regarding the
prohibition order be dismissed.

8.
In light of the above, the Authority has issued this Final Notice.

PROCEDURAL MATTERS

9.
This Final Notice is given under, and in accordance with, section 390 of the
Act.

10.
Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this notice relates. Under those
provisions, the Authority must publish such information about the matter to
which this notice relates as the Authority considers appropriate. The
information may be published in such manner as the Authority considers
appropriate. However, the Authority may not publish information if such
publication would, in the opinion of the Authority, be unfair to Mr Bittar or
prejudicial to the interests of consumers or detrimental to the stability of the
UK financial system.

11.
The Authority intends to publish such information about the matter to which
this Final Notice relates as it considers appropriate.

Authority contacts

12.
For more information concerning this matter generally, contact Steven King
(direct line: 020 7066 3408) of the Enforcement and Market Oversight
Division of the Authority.

Director, Enforcement and Market Oversight Division

DECISION NOTICE

Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel: +44 (0)20 7066 1000
Fax:+44 (0)20 7066 1099
www.fca.org.uk

ACTION

1.
For the reasons given in this Notice, the Authority has decided to:

(1)
impose on Christian Bittar a financial penalty of £6,500,000
pursuant to section 66 of the Act; and

(2)
make an order, pursuant to section 56 of the Act, prohibiting Mr
Bittar from performing any function in relation to any regulated
activity carried on by an authorised or exempt person, or exempt
professional firm.

SUMMARY OF REASONS

2.
The Authority has decided to take this action because during the period
from 9 March 2005 to 4 June 2009 (inclusive) Mr Bittar was knowingly
concerned in a contravention of Principle 5 by Deutsche in relation to
EURIBOR.

3.
EURIBOR is a benchmark reference rate fundamental to the operation of
both UK and international financial markets. Its integrity is of fundamental
importance to confidence in the financial system.

Registered as a Limited Company in England and Wales No. 1920623. Registered office as above

Appendix 2