FCA Issue £80,000 Fine for Breach of Article

The FCA have fined Sir Christopher Gent, former non-executive Chairman of ConvaTec Group Plc, £80,000 for disclosing Inside Information to Shareholders in breach of Article 14(c) of EU MAR.

Although at “the time of the disclosures, ConvaTec had not yet formally classified the information” the FCA have assessed that “Sir Christopher acted negligently” in disclosing the information “given his training and experience.” In reviewing the case the FCA make specific mention of the MAR training Sir Christopher had been given, as well as ConvaTec’s Market Disclosure Policy, demonstrating the importance for Companies to ensure they are providing their Insider’s with sufficient education and direction with regards to their obligations under MAR.

For more details, please read the press release and the Final Notice.