United Kingdom: Individual fined for breaching Disclosure and Transparency Rules
Posted by nileshkokane on 23 August, 2011
No comments yet
This item was filled under [ Europe, Financial Regulators ]
On August 16, 2011 Financial Services Authority (FSA) fined Sir Ken Morrison £210,000 for breaching the Disclosure and Transparency Rules (DTR) by failing to disclose his reduced shareholding and voting rights in Wm Morrison Supermarkets Plc. Shortly after his retirement as Chairman of Wm Morrison, the company announced on 28 March 2008 that Sir Ken had a notifiable holding of voting rights of 6.38%. After the announcement on 28 March 2008 there were no further shareholding notifications made concerning Sir Ken’s holdings until 1 March 2011 – just under three years later – despite the fact that he had reduced his holdings during that period to 0.9%.
The original article can be found at Financial Services Authority.
