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The FCA has issued a final notice to Neil Dwane, formerly a capital markets adviser in the investor relations team at ITM Power Plc, an AIM listed company. The FCA found that Mr Dwane engaged in insider dealing in breach of Article 14 of the UK Market Abuse Regulation.
Mr Dwane sold his and a close family member's entire shareholding in ITM (125,000 shares worth £124,287) on 26 October 2022 while in possession of inside information which was due to be disclosed to the market in a trading update the following day. Following the trading update issued on 27 October 2022, ITM's share price fell around 37%.
As an experienced financial professional and former FCA approved person, the FCA found that Mr Dwane would have known that his conduct amounted to insider dealing and knew that ITM's internal policies required him to obtain the company's permission before dealing in its shares (but he failed to request such permission). It therefore considers that his conduct was deliberate and dishonest.
The FCA has fined Mr Dwane £100,281 (after a 30% settlement discount) and banned him from working in UK financial services going forwards.
ITM itself has not been criticised, sanctioned or fined by the FCA.
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