The UK’s Financial Conduct Authority (FCA) has upheld a £450,000 fine on ex-JP Morgan Cazenove chairman Ian Hannam for market abuse after a prolonged court battle.
The fine follows on from the judgment of the Upper Tribunal (Tribunal) which upheld the decision of the FCA that 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.
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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," McDermott added.
Hannam has agreed not to contest the financial penalty.
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By GlobalData
