Business Services Industry

British Regulators to Censure Technology Consultancy over Insider Trading.

Knight Ridder/Tribune Business News, July, 2001

By Ross Hawkins, Sunday Business, London Knight Ridder/Tribune Business News

Jul. 22--Sema Group, the information technology consulting business, is to be censured by the Financial Services Authority over the sale of UKpound 24 million of its shares by a non-executive director in the "closed period" before it announced its profit figures.

The company will receive a private warning in the form of a letter from the regulator, but Hartmut Lademacher, the director involved, will escape without further punishment.

The FSA's light touch is likely to raise questions about its ability to challenge those who breach regulatory rules. It is still waiting to take on fresh powers secured under the Financial Services & Markets Act, which take effect...

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