We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Investorendialog und Weitergabe von Insiderinformationen – die Entscheidung der FCA gegen Sir Christopher Gent.
- Authors
Klöhn, Lars
- Abstract
The article deals with the FCA's decision against Sir Christopher Gent regarding the disclosure of insider information. Sir Christopher Gent, former CEO and Chairman of Vodafone, was fined by the FCA for violating the prohibition on disclosing insider information. He informed two shareholders about an upcoming profit warning and the CEO's resignation at ConvaTec. The FCA found that he had negligently violated the disclosure ban. The FCA's decision regarding Sir Christopher Gent is of particular importance due to the prominence of the protagonist and the factual basis of the decision. The disclosure of insider information to shareholders has gained relevance in the UK and Germany, especially due to the growing influence of institutional investors and activist campaigns by hedge funds. The article discusses the relevance of insider law in communication with institutional shareholders and puts forward theses on the associated legal issues. The FCA's decision is considered correct, as the mere obligation of confidentiality on the recipient is not sufficient to justify the disclosure of insider information. Likewise, general corporate interests are not sufficient to justify the disclosure. The ECJ confirmed in the case A/AMF that the exception to the prohibition on disclosing insider information must be interpreted narrowly and that the disclosure of insider information is only justified if it is essential for its exercise and respects the principle of proportionality.
- Subjects
DISCLOSURE; INSTITUTIONAL investors; VODAFONE Group PLC; SHAREHOLDER activism; TELECOMMUNICATIONS laws &; regulations; HEDGE funds; RESIGNATION of executives
- Publication
Zeitschrift für Bankrecht und Bankwirtschaft, 2022, Vol 34, Issue 6, p333
- ISSN
0936-2800
- Publication type
Article
- DOI
10.15375/zbb-2022-0603