The Financial Conduct Authority (FCA) has today published a Final Notice for Ian Hannam stating that it has fined him £450,000.
This follows on from the judgment of the Upper Tribunal (Tribunal) which upheld the decision of the FCA that Mr Hannam engaged in two instances of market abuse by disclosing inside information other than in the proper course of his employment in two emails dated 9 September and 8 October 2008.
Tracey McDermott, the FCA’s director of Enforcement and Financial crime, said:
"This has been a long and complex case but the Tribunal’s substantial judgment is a landmark. It should leave market participants in no doubt that casual and uncontrolled distribution of inside information is not acceptable in today’s markets. Controlling the flow of inside information is a key way of preventing market abuse and we would urge all market participants to pay close attention to the judgment."
Notes for editors
- The Final Notice[1].
- The Tribunal’s judgment[2] and FCA press release from 28 May 2014.
- Mr Hannam agreed not to contest the financial penalty.
- The Authority published its Decision Notice against Mr Hannam[3] on 3 April 2012.
- Section 118(3) of the Financial Services and Markets Act 2000 (FSMA) provides that it is market abuse for an insider to disclose inside information to another person otherwise than in the proper course of the exercise of their employment, profession or duties. Further details of the market abuse regime.
- On the 1 April 2013 the Financial Conduct Authority (FCA) became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. You can find more information about the FCA, as well as how it is different to the PRA.
- Find out more information about the FCA[4].