The Financial Services Authority has issued administrative penalty against a Chief Financial Officer (CFO) of a public joint stock company for using insider information undisclosed to the public.

The decision was issued after it was established that the CFO traded based on undisclosed information in breach of Article 301 of the Executive Regulation of the Capital Market Law No. 1/2009, which stipulates “Insiders shall not deal in the securities of the issuer on the basis of undisclosed material information and shall not facilitate other person's access to material information before it is disclosed.”

The decision warned the CFO and imposed financial penalty on him pursuant to Article 58/a, e of the Securities law.

FSA emphasizes implementation of the laws and regulations of the financial markets to ensure fair and transparent investment environment and calls on all investors to comply with the applicable laws and regulations to safeguard their rights and the rights of all consumers in the market.