Ex-Ship Finance Director Fined Under Market Abuse Rules

Law360, London (December 20, 2019, 5:29 PM GMT) -- A former director of a London-listed shipbroker and marine finance business has been fined £45,000 ($59,000) for not notifying the Financial Conduct Authority about his personal trading activity as required under the U.K.’s market abuse rules, the watchdog said Friday.

The City regulator fined Kevin Gorman, former managing director of Cory Brothers, the logistics arm of Braemar Shipping Services PLC, for failing to disclose his personal trades in £71,235 worth of shares of the London-based company.

Gorman was required to update the FCA about his trading activities under Britain’s Market Abuse Regulations because he had a so-called personal discharging managerial responsibility...

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