Clifford Chance

Eight things we now really know about market abuse

9 June 2014

On 28 May, the UK Upper Tribunal handed down its long-awaited judgment in relation to the FCA's case against Ian Hannam for market abuse. The Financial Conduct Authority ("FCA") had found, and the Upper Tribunal has now held, that he engaged in market abuse by improperly disclosing inside information. The FCA is seeking to impose a financial penalty of £450,000, although the Tribunal is yet to determine the appropriate penalty.

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