The Financial Services and Markets Authority (FSMA) has expanded its investigation into the communications of FNG and is handing the file over to the judicial authorities.
Last year, the FSMA began an investigation into indications of possible market manipulation under the authority of the former FNG management. Based on that investigation, the FSMA’s Management Committee decided to hand the file over to the investigations officer on grounds – of potential infringement constituting market manipulation.
In accordance with Article 12.1 of the European Market Abuse Regulation, market manipulation comprises, among other things, the dissemination of information which secures the price of a financial instrument at an abnormal or artificial level.
From further investigation, including of the financial information disseminated by FNG, it has recently appeared that the case contains a number of new indications of infringements that may likewise be incriminating for the former management of FNG. The FSMA’s Management Committee has therefore tasked the investigations officer with expanding the investigation into past actions to include these new elements. The Management Committee has decided also to hand the file over to the judicial authorities.