FCA fines former Wizz Air executive for closed period trades and disclosure failures

The FCA has fined the former chief supply chain officer at Wizz Air Holdings plc £123,500 for trading company shares when he was not permitted to, and failing to disclose those trades.

Between April 2019 and November 2020, András Sebők made 115 trades worth over £4m in Wizz Air shares. Mr Sebők carried out the trades in his capacity as a person discharging managerial responsibility (PDMR) at Wizz Air during the restricted 30-day period before the company’s financial results announcements. He also failed to notify the FCA and Wizz Air of his personal trades in the company within the required 3 business days.

This case is the first time the FCA has used Article 19(11) of the Market Abuse Regulations (MAR) to fine a PDMR for trading company shares during closed periods, and the second time it has used Article 19(1) MAR to fine a PDMR for failing to disclose personal trades in a company.

Mr Sebők agreed to settle the matter, so the £123,500 fine constituted a 30% discount on his penalty.