FSA fines Nestor £175,000 for failure to secure compliance to the Model Code

On 14 February 2013, the Financial Services Authority (FSA) released a Final Notice against Nestor Healthcare Group and fined it £175,000 for failure to take all proper and reasonable steps to secure the compliance of persons discharging managerial responsibility (PDMRs) with the Model Code.

The reason why this will be of such interest to board members and company secretaries is that the FSA did not find any instances of market abuse; a finding of a lax and inconsistent approach to
compliance with the Model Code was sufficient for enforcement action. Furthermore, the FSA’s Final Notice recognises that PDMRs at Nestor generally understood that approvals were required and that the steps they did take were in keeping with the purpose of the Model Code…

If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.

Click on the link above to download the briefing.

Briefings from Taylor Wessing

  • Drag along or bring along

    Taylor Wessing’s Simon Walker explains the terms ‘drag along’ and ‘bring along’.

  • Voting rights

    Venture capital investors will have certain consent and voting rights that attach to their class of shares.

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

  • Money 317

    Crunch boom

    Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town

View more analysis from The Lawyer

Overview

5 New Street Square
London
EC4A 3TW
UK
http://www.taylorwessing.com

Turnover (£m): 228.00
No. of Lawyers: 860
No. of Lawyers (Asia Pacific): 79
Offices (Asia Pacific): 3

Jobs