The UK’s Financial Conduct Authority (FCA) has fined a former Wizz Air executive for trading company shares when he wasn’t permitted to do so and failing to disclose his trades.
According to the FCA, ex-chief supply chain officer András Sebők traded shares while in the position of a person discharging managerial responsibility (PDMR) at Wizz Air – a role that means key safeguards are in place to protect against market abuse.
The FCA found that Sebők traded Wizz Air shares in a restricted 30-day period leading up to the airline’s financial results announcements.
While separately failing to notify the FCA and Wizz Air of his personal trades in the airline’s shares within the required three business days.
On November 27, 2024, the FCA said that between April 2019 and November 2020, Sebők made 115 trades in Wizz Air shares contrary to rules ensuring PDRMs disclose personal trades. Those trades were worth over £4 million ($5 million).
“The restrictions on PDMRs trading during their company’s closed periods, and transparency on their trades, are key safeguards against market abuse,” the FCA said.
Because of Sebők’s agreement to settle the matter, he qualified for a 30% discount on his penalty, resulting in a £123,500 ($156,434) fine.
“Trust and transparency are vital to keeping our markets clean. Senior executives, like Mr Sebők, must report their trading and comply with the restrictions on trading during closed periods or they risk undermining the integrity of the market,” said Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA.