PRACTICE DIRECTION 63AA – FINANCIAL LIST

This Practice Direction supplements Part 63A.

Contents of this Practice Direction

TitleNumber
GeneralPara. 1
Starting proceedings in the Financial ListPara. 2
Applications before proceedings are issuedPara. 3
Transferring proceedings to or from the Financial ListPara. 4
Proceedings in the Financial ListPara. 5
Financial Markets Test Case SchemePara. 6

General

1.1 This Practice Direction applies to all claims in the Financial List.

1.2 All proceedings in the Financial List, including any appeal from a judgment, order or decision of a Master or District Judge before the proceedings were transferred to the Financial List, will be heard or determined by a Financial List judge, except that –

(a) another judge of the Queen's Bench Division or Chancery Division may hear urgent or vacation applications if no Financial List judge is available; and

(b) unless the court otherwise orders, any application relating to the enforcement of a Financial List judgment or order for the payment of money will be dealt with by the allocated judge unless that judge directs it to be dealt with by a Master of the Queen's Bench Division or of the Chancery Division or a District Judge.

1.3 Provisions in other practice directions which refer to a Master or District Judge are to be read, in relation to claims in the Financial List, as if they referred to a Financial List judge.

1.4 The Admiralty and Commercial Registry in the Royal Courts of Justice is the administrative office of the court for all proceedings in the Financial List commenced in the Commercial Court and the Chancery Registry in the Royal Courts of Justice is the administrative office of the court for all proceedings in the Financial List commenced in the Chancery Division.

Starting proceedings in the Financial List

2.1 Claims in the Financial List must be issued in either the Chancery Registry or the Admiralty and Commercial Registry.

2.2 A claim form issued in the Admiralty and Commercial Registry must be marked in the top right hand corner “Queen's Bench Division, Commercial Court, Financial List” and a claim form issued in the Chancery Division must be marked in the top right hand corner “Chancery Division, Financial List”.

2.3 A claimant starting proceedings in the Financial List, other than an arbitration claim, must use practice form N1(CCFL) for Part 7 claims issued in the Commercial Court, practice form N1(CHFL) for Part 7 claims issued in the Chancery Division, practice form N208(CCFL) for Part 8 claims issued in the Commercial Court or practice form N208(CHFL) for Part 8 claims issued in the Chancery Division.

Applications before proceedings are issued

3.1 A party who intends to bring a claim in the Financial List must make any application before the claim form is issued to a Financial List judge.

3.2 The written evidence in support of such an application must state that the claimant intends to bring proceedings in the Financial List.

3.3 If the Financial List judge hearing the application considers that the proceedings should not be brought in the Financial List, that judge may adjourn the application to be heard by a Master or by a judge who is not a Financial List judge.

Transferring proceedings to or from the Financial List

4.1 Rule 30.5 applies to the Financial List as a specialist list and applications for the transfer of proceedings to or from the Financial List must be made to a Financial List judge.

4.2 If an application is made to a judge other than a Financial List judge to transfer proceedings to the Financial List, the other judge may –

(a) adjourn the application to be heard by a Financial List judge; or

(b) dismiss the application.

4.3 If a Financial List judge orders proceedings to be transferred to the Financial List, that judge –

(a) will order them to be transferred to the Royal Courts of Justice; and

(b) may give case management directions.

4.4 A party applying to a Financial List judge to transfer a claim to the Financial List must give notice of the application to the court in which the claim is proceeding, and the Financial List judge will not make an order for transfer until satisfied that such notice has been given.

4.5 An application by a defendant, including a Part 20 defendant, for an order transferring proceedings from the Financial List should be made promptly and normally not later than the first case management conference.  

4.6 In considering whether to transfer a claim to or from the Financial List and in addition to the criteria set out in rule 30.3 the court may have regard to the Guide to the Financial List.

Proceedings in the Financial List

5.1 Paragraphs 5 to 14 of Practice Direction 58 shall apply to claims in the Financial List in the same manner as they apply to claims in the Commercial Court.

5.2 Appendix A of Practice Direction 58 shall apply to claims in the Financial List, the “Registry” being the Admiralty and Commercial Registry for claims commenced in the Commercial Court and the Chancery Registry for claims commenced in the Chancery Division.

Financial Markets Test Case Scheme

6.1 The Financial Markets Test Case Scheme applies to a claim started in the Financial List which is a Financial List claim and which raises issues of general importance in relation to which immediately relevant authoritative English law guidance is needed (“a qualifying claim”).

6.2 In such cases the Financial Markets Test Case Scheme enables the qualifying claim to be determined without the need for a present cause of action between the parties to the proceedings.

Proceedings in the Financial Markets Test Case Scheme

6.3 Where there is a qualifying claim a person who is or was actively in business in the relevant market may, by mutual agreement, issue proceedings against another person who is or was actively in business in the relevant market provided that other person has opposing interests as to how the law of England and Wales issue(s) raised by the qualifying claim should be resolved.

6.4 The claim form must indicate clearly that the claim is brought pursuant to the Financial List, Financial Markets Test Case Scheme.

6.5 Proceedings will be conducted in accordance with the procedure applicable to claims in the Financial List save that—

(a) for proceedings to be allowed to proceed to trial or summary determination the judge hearing the first case management conference or summary application must be satisfied that it is a qualifying claim, that it is a claim which can be satisfactorily determined as a test case and that the arguments of all those with opposing interests in relation to the issues in question will be properly put before the court by those represented. For these purposes, in appropriate cases a relevant trade, professional or regulatory body or association, or a third party affected by the determination of the issues, may, with the permission of the court, be joined as a party or otherwise allowed to be represented;

(b) the parties will seek to agree the facts;

(c) the general rule will be that there shall be no order as to costs;

(d) in a case of particular importance or urgency the trial may, at the court’s discretion, be heard by a court consisting of two Financial List judges, or a Financial List judge and a Lord or Lady Justice of Appeal.

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