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FCA proposes enforcement action against portfolio manager for market manipulation under MAR

The FCA is proposing to take enforcement action against Corrado Abbattista for engaging in market manipulation under the Market Abuse Regulation (596/2014) (MAR).

This is the first case where the FCA is proposing to take enforcement action against a firm or an individual for committing one of the three substantive offences under MAR, namely insider dealing, market manipulation and unlawful disclosure.

Mr Abbattista has referred the decision notice to the Upper Tribunal (Tax and Chancery Chamber) where he and the FCA will each present their cases. The tribunal will determine what, if any, is the appropriate action for the FCA to take, and will remit the matter to the FCA with such direction as it considers appropriate for giving effect to its determination. Accordingly, the proposed action outlined in the decision notice will have no effect pending the tribunal’s determination of the case.