UK

More FSA disciplinary action for Market Abuse

Joanna Gray, University of Newcastle-upon-Tyne

So far this year the FSA has taken disciplinary action against three individuals pursuant to section 123 of the FSMA 2000, which empowers it to impose sanctions in respect of the behaviour it considers constitutes ‘market abuse’ within the meaning of section 118 of the FSMA 2000. In July 2004 Mr Peter Bracken, former head of Group Communications at Whitehead Mann Group plc (Whitehead Mann) was fined £15,000 by the FSA. In the same month, Mr Michael Davies, Group Financial Controller of Berkeley Morgan Group plc (BMG) was fined £1,000 and in February 2004 Mr Robert Middlemiss, Company Secretary of Profile Media Group plc (PMG) with, at the material time, responsibility for the preparation of the accounts of two of PMG’s subsidiaries, was fined £15,000.