The FSA has published its final notice imposing a fine of £160,000 on Jay Rutland for engaging in the market abuse offence of improper disclosure and for encouraging others to engage in behaviour which, had Mr Rutland engaged in, would have amounted to market abuse.

Mr Rutland worked for Pacific Continental Securities (UK) Limited (PCS UK Limited) as a senior broker. On four separate occasions he drafted and supplied sales scripts to PCS UK Limited's brokers for use when selling shares to customers that contained diluted risk warnings. Mr Rutland failed to get the necessary approval from his compliance department even though he knew he should not circulate non-approved scripts. In one of these scripts, Mr Rutland also improperly disclosed inside information to his colleagues.

Owing to special circumstances, the £160,000 fine imposed has been reduced to £30,000. However, the FSA had intended the size of the fine to reflect the seriousness of Mr Rutland's misconduct.