Regulator fines Irish Times €10,000 over anonymous Ryanair share tip
The Financial Regulator has fined the Irish Times €10,000 for anonymously tipping Ryanair shares.
Rules introduced in 2005 make it an offence for newspapers to publish share tips without naming the author.
The fine related to an article published in the business section of the Irish Times on February 8, 2008.
In that newspaper's "Croesus" column, the author gave a generally upbeat assessment of Ryanair shortly after the airline published a profit warning. It concluded: "Croesus goes along with this assessment and takes the view that the best airline stock to hold in any portfolio continues to be Ryanair."
In a statement yesterday, the Financial Regulator said: "The matter has been settled on the basis that the breach is admitted and a fine of €10,000 has been imposed.
"The Irish Times has confirmed the breach was inadvertent and has advised that it has reviewed its procedures and practices to ensure more effective compliance with the Market Abuse Regulations."
The Irish Times is not the first Irish publication to fall foul the the relatively new restrictions.
Last November, Phoenix magazine was fined €5,000 for a similar offence. The magazine now accompanies share items with a disclaimer stating that no element of the article in question is to be construed as a recommendation.
Although the Market Abuse Regulations came into force in July 2005, they were not extended to cover newspapers until October of that year.
The first newspaper to be targeted was the Irish Independent after this writer penned an article stating Swisscom had made an approach to Eircom with a view to making a bid.
Citing the new regulations, the regulator wrote to the Irish Independent asking for the newspaper, among other things, to identify the source for the article.
The Irish Independent wrote back declining to identify the source and the matter was not pursued further.
- Tom McEnaney
