MARKET ABUSE ‐ Conditions in FSMA s118(2) –Whether applicant an insider within s118B(e) – Yes ‐
Whether information not generally available – Yes – Whether information of a precise nature within
meaning of s118C(2) – Yes – Whether information likely to have a significant effect on price within
meaning of s118C(6) – Yes – Defence under s123(2)(a) of belief on reasonable grounds that not
market abuse – Defence not made out ‐ Penalty to be imposed – Whether applicant fit and proper –
No ‐ Prohibition.