Pilotcenter.net News reports that the UK’s Financial Conduct Authority (FCA) has imposed a fine on a former Wizz Air executive for breaching trading regulations by conducting trades without authorization and failing to disclose them. András Sebők, the ex-chief supply chain officer, engaged in share trading while holding a key managerial role at Wizz Air, where specific safeguards are established to prevent market abuse.

The FCA discovered that Sebők traded Wizz Air shares during a restricted 30-day window preceding the announcement of the airline’s financial results. He also neglected to notify both the FCA and Wizz Air about his personal trades within the requisite three business days. Between April 2019 and November 2020, Sebők executed 115 trades in Wizz Air shares, totaling more than £4 million ($5 million), in violation of regulations mandating the disclosure of personal trades by PDMRs.

"The restrictions on PDMRs trading during their company’s closed periods, and transparency on their trades, are crucial safeguards against market abuse," emphasized the FCA. As part of an agreement to resolve the issue, Sebők received a 30% reduction on his penalty, resulting in a fine of £123,500 ($156,434).

Steve Smart, the Executive Director of Enforcement and Market Oversight at the FCA, highlighted the significance of trust and transparency in upholding market integrity. "Senior executives, like Mr. Sebők, must report their trading activities and adhere to trading restrictions during closed periods, or they risk compromising market credibility," Smart emphasized.