• UK FCA issued Primary Market Bulletin 56 focused on optimizing data and technology to strengthen detection capabilities in shareholding reporting, on Directors’ dealing cases.
• Follows UK FCA April 2025 issued Primary Market Bulletin 55 on changes.

Detection Capabilities

• The integrity of the UK markets is supported by timely and accurate notification and disclosure of major shareholding positions, directors’ dealing and net short positions.
• UK FCA monitors compliance across these major shareholding and short selling regimes using transaction and position data from market participants, as well as investing directly further in relevant technology.
• To support its market oversight, it had created the new Market Oversight Data & Intelligence department, and it is tasked with optimizing and developing its data and technologies to ensure it takes a data-led approach to identifying potential harms.
• As part of monitoring work, it developed alerts with position and transaction reports, to identify late shareholding submissions and failures to report, undermining trust and transparency.
• The work triggered enforcement investigation in transactions made by Andras Sebok.
• Mr Sebok was a Person Discharging Managerial Responsibilities (PDMR) in listed issuer, subject to substantial shareholding notification requirements Art. 19, UK Market Abuse Regulation (UK MAR).
• Mr Sebok was fined £123,500 for breaches of Article 19 of the UK MAR.
• In 2024, Bytes Technology Group plc announced resignation of CEO, Neil Murphy, after being prompted by request for information on transactions notification requirements.
• The review into the case was prompted by effective use of data and technology, and UK FCA will continue to strengthen detection capabilities and to follow up with firms.