On 5 August 2022, the FCA issued a final notice to Sir Christopher Gent, the former non-executive Chair of ConvaTec Group plc (company), fining him £80,000 for committing market abuse by unlawfully disclosing inside information.

The final notice is the most important statement by the FCA as to how the UK Market Abuse Regulation (UK MAR) and its predecessor, the EU Market Abuse Regulation (EU MAR), should be applied since the Upper Tribunal's 2014 decision in Hannam v FCA [2014] UKUT 0233 (TCC).

Of most significance, and analysed in this article, are the FCA's conclusions on when information amounts to inside information (where the FCA confirms Hannam), how to interpret the obligation to disclose inside information as soon as possible and when it is appropriate to disclose inside information selectively.