FSA has clarified that directors should seek clearance when they plan to use their shares in their company as collateral for a financing transaction. Grants of security over shareholdings by persons discharging managerial responsibilities should be disclosed to the market via the relevant company. However, since the rules have not been clear until now, FSA will not take action against any person who has not disclosed in the past, so long as they now disclose before 23 January.
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