C&C fined for breaches of market abuse rules
Updated: Monday, 04 Feb 2013 11:11
The Central Bank has fined drinks group C&C a total of €90,000 for breaches of market abuse regulations.
The breaches occurred between January 2008 and January 2009.
The bank said C&C failed to regularly and promptly update its ''insiders list'' with the identity of the people working for it who had access to inside, sensitive information or who no longer had access to such information.
C&C also failed to state on its insider list the date of each and every occasion on which it was updated, while it also did not keep a complete lost of main contacts at any other entity acting on behalf of C&C.
C&C, as a listed company, is obliged to comply with the insider list requirements of the Market Abuse Regulations and Market Abuse rules aimed at protecting the markets from financial abuse.
In a statement, C&C said it has confirmed to the Central Bank that, since 2009, it has implemented a number of changes to its practice and procedures.
The Central Bank said today that it regards the proper maintenance and updating of insider lists as essential given their key importance as a tool in the prevention and/or detection of market abuse through the illegal use of inside information.
''Insider lists provide an essential record of both the extent of knowledge within an issuer and the identities of those in possession of that knowledge at specific points in time where inside information is involved,'' commented the Central Bank's head of enforcement Derville Rowland.
The Central Bank today confirmed that the matter is now closed.