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ARTICLE · 29 OCTOBER 2020

FCA Issue Final Notice To CEO For Market Manipulation

Walker Morris
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These provisions governed market abuse at the time the offences to place, prior to the introduction of the Market Abuse Regulation in 2016.

United KingdomFinance and Banking
John Hamer
John Hamer
Debbie Jackson
Debbie Jackson
Richard Naish
Richard Naish
Daniel O'Gorman
Daniel O'Gorman
Jo Stephenson
Jo Stephenson
Oliver Duke
Oliver Duke

The Financial Conduct Authority (FCA) has published a final notice issued to the former CEO of Worldspreads Limited and its holding company, Worldspreads Group plc, for behaviour contrary to sections 118(5) (manipulating transactions), (6) (manipulating devices) and (7) (dissemination) of the Financial Services and Markets Act 2000 (FSMA). These provisions governed market abuse at the time the offences to place, prior to the introduction of the Market Abuse Regulation in 2016.

Mr Conor Foley, the ex-CEO of WorldSpreads Limited (WSL), and its holding company WorldSpreads Group plc (WSG), was involved in drafting admission documentation ahead of WSG's flotation on AIM in August 2007. The documents contained misleading information and omitted key information that investors would have needed to make an informed decision about the company. In particular, the documentation did not mention that some WSG executives had made significant loans to WSG and its subsidiaries.

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