The FSA has censured Darren Morton, a director and Christopher Parry, a vice president at Dresdner Kleinwort (now part of Commerzbank) for committing market abuse in relation to a new issue of Barclays’ bonds. The case was referred to the RDC which determined that that Morton and Parry had acted on inside information in selling an existing holding of a previous issue of Barclays’ floating rate notes prior to the announcement of the new issue. Amongst other things, the RDC rejected representations that Morton and Parry reasonably believed they were acting in accordance with market practice (Darren Morton, 6 October 2009; Christopher Parry, 6 October 2009).