We have recently received a letter from the FCA, reminding us of our obligations in relation to price-sensitive information. Whilst having the appearance of a general circular, I wanted to understand the extent to which this was a targeted communication. Have other members also received this FCA letter?
The letter was sent from the Market Monitoring Dept at the FCA and was addressed to the Co Sec by name. The text read:
Dear Sir
Price-Sensitive Information
We write on behalf of the Financial Conduct Authority (“FCA”) in relation to price-sensitive information.
The FCA has as one of its objectives the protection and enhancement of the integrity of the UK financial system. This role includes tackling market abuse, such as insider trading and market manipulation, and is largely the responsibility of its Market Monitoring Department.
As part of our role we monitor and review price movements in financial instruments prior to significant announcements, for example half yearly or annual results, by the issuers of those securities. You will be aware that identifying and appropriately handling price-sensitive
information in advance of such announcements is of the utmost importance if potential
instances of market abuse, particularly those related to insider dealing, are to be avoided. We would therefore like to emphasise to you a need of which you will be aware: to have in place appropriate systems and procedures, including staff training, in respect of price-sensitive
information.
If you have any particular queries about the market abuse regime you can contact our Market Abuse Helpline on 020 7066 4900 or at market.abuse@fca.ora.uk .
Yours faithfully,
Nothing received to date.
Newly listed FTSE250 company
We have received anything but after the Reckitt fine early this year doesn’t surprise me
Nothing received here. It would be useful if you were able to share the content of the letter with those not in the FTSE250 who may not be recipients anyway? Thanks in advance.
Not yet. How curious that the letter refers to price sensitive information. This term was used in the Listing Rules before 1 July 2005; that now used in the FCA Handbook is inside information….
We haven’t received anything so far
We haven’t received a circular from the FCA
we have not received such a letter…..yet