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C and C fined E90k by regulator

Monday, February 04 11:11:23

The Central Bank today said that it has reprimanded and fined Dublin-listed drinks group, C and C, E90,000 for failures by the company to maintain an Insider List to prevent insider trading.

The financial watchdog said that, from 2 January 2008 to 29 January 2009, C and C committed breaches of Regulation 11 of the Market Abuse Regulations and Rule 6.1 of the Market Abuse Rules in relation to the insider lis.

It said that the drinks company failed to regularly and promptly update its Insider List, with the identity of those persons working for C and C who had access to inside information, or no longer had access to inside information, relating to C and C;.

It also failed to state on its Insider List, the date of each and every occasion on which it was updated; and failed to maintain on its Insider List a complete list of principal contacts at any other entity acting on behalf of C and C or acting for the account of C and C, who had access to inside information regarding either C and C or the financial instruments of the company.

The Central Bank said that C and C, as a public company with its securities admitted to trading on the Irish Stock Exchange, is obliged to comply with the insider list requirements of the Market Abuse Regulations and Market Abuse Rules aimed at protecting the financial markets from market abuse.

C and C's failure to comply with its obligations in relation to the proper maintenance and updating of Insider Lists was identified by the Central Bank.