Happy New Year 2015 to readers of The Flaw!
It may be a new year but the UK’s Financial Conduct Authority (FCA) picked up right where it left off in 2014 by taking another headline-grabbing piece of enforcement action. In its crosshairs this time were Execution Noble & Company – the 140 year old City firm which was acquired in 2010 by Banco Espirito Santo de Investimento, S.A. and is now part of Espirito Santo Investment Bank.
In a press release on 6 January 2015, the FCA said that Execution Noble was fined £231,000 (reduced from £330,000 for early settlement) for breaches of the Listing Rules in relation to sponsors having failed to tell the FCA’s UK Listing Authority (UKLA) that two thirds of its sponsor team – including the individuals responsible for leading and executing sponsor services – had left between June and November 2013, and for continuing to market itself as a competent sponsor during that time.
Click here for the FCA’s Final Notice dated 18 December 2014 in relation to this case.