Release Date: 15th July` 2016
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has fined Gavin Breeze £59,557 for engaging in market abuse, specifically insider dealing, and has publicly censured him for improper disclosure. Mr Breeze, who holds multiple directorships and is a Non-Executive Director of an AIM-listed company, attempted to sell his 8% shareholding in MoPowered plc while in possession of inside information. His actions could have prevented a loss of up to £242,000. Additionally, Mr Breeze passed the inside information to another shareholder. The FCA has also ordered Mr Breeze to pay restitution of £1,850 plus interest to those who suffered financial losses due to his actions.
Key Takeaways for Other Firms:
- Understand Insider Trading Laws: Even experienced professionals must be fully aware of and comply with insider trading regulations.
- Maintain Confidentiality: Never disclose inside information to non-insiders.
- Cooperate with Investigations: Proactive cooperation and early settlement can result in reduced penalties.
- Recognise the Impact: Understand that actions based on insider information can significantly impact market integrity and investor trust.
In conclusion, this case underscores the importance of adhering to market abuse regulations and maintaining the integrity of financial markets. Firms and individuals must ensure compliance to avoid severe penalties and reputational damage.
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