The Financial Services Authority (FSA) has fined Nestor Healthcare Group Nestor) £175,000 for failing to take adequate steps to ensure that its board members and senior executives complied with the share dealing provisions of the FSA's Model Code.
Nestor had a policy on how senior Nestor staff intending to trade in the company's shares should obtain clearance to deal. The FSA has found that the breaches occurred principally because Nestor's weak procedures allowed for this policy to be forgotten by the board. This, with other factors, led to purchases of Nestor shares by board members being carried out in breach of the Model Code, which lays down minimum procedural standards. In the period 18 October 2006 to 30 June 2010 Nestor was listed on the Main Market of the London Stock Exchange. Under the listing rules, Nestor was...
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