This briefing considers the Upper Tribunal's decision in the case of Ian Hannam v FCA, finding that Mr Hannam committed market abuse by disclosing inside information improperly.
The key aspects of the judgment are considered in this briefing, including:
the meaning of inside information, including price sensitivity, the "reasonable investor" test, and the treatment of prospective events
the scope of an issuer's ability to delay announcement of inside information
disclosure of inside information in the proper course of employment
the scope of the "improper disclosure" head of market abuse
