October 7, 2021

FCA issues insider trading warning notice to former director of a listed company

On October 7, 2021, the UK Financial Conduct Authority published a  warning notice sent by it to a former member of the board of directors of a listed company, informing the individual of the FCA’s proposed  enforcement action for insider trading.  The FCA considers that the former board member had disclosed information about an anticipated company announcement to senior persons at the company’s major shareholders, and that the disclosure constituted unlawful disclosure of inside information, in contravention of Article 14(c) of the Market Abuse Regulation (EU No 596/2014).

Following receipt of a warning notice from the FCA, a person has the right to make representations to the Regulatory Decisions Committee, which decides whether the FCA should issue a decision notice.

FCA Warning Notice