Upper Tribunal finds against Ian Hannam

This briefing considers the Upper Tribunal's decision in the case of Ian Hannam v FCA, finding that Mr Hannam committed market abuse by disclosing inside information improperly.

The key aspects of the judgment are considered in this briefing, including:

• the meaning of inside information, including price sensitivity, the "reasonable investor" test, and the treatment of prospective events
• the scope of an issuer's ability to delay announcement of inside information
• disclosure of inside information in the proper course of employment
• the scope of the "improper disclosure" head of market abuse