FCA fines former managing director £45,000

Gorman carried out the trades in his capacity as a person discharging managerial responsibility (PDMR) at Braemar.

Under the Market Abuse Regulations, persons who are PDMRs and those closely associated with them are required to notify the FCA and the issuer of every transaction conducted on their own account above a certain threshold within three business days.

This includes transactions in the issuer’s shares, debt instruments, derivatives or other linked financial instruments.

Gorman was found to have sold shares worth a total of £71,235.28 on three occasions between without informing the FCA or Braemar within the required three business days.

Gorman agreed to resolve the matter and qualified for a 30% discount on his penalty, resulting in a £45,000 fine.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: "Transparency of trading by directors and other responsible officers is a key element of market integrity and helps to police the market against illegal insider trading. Directors of listed companies, like Mr Gorman, must ensure they report their trading on time or risk undermining market integrity."