The Financial Regulator has fined Allied Irish Banks (AIB) €40,000 for a delay in including two individuals on a list of people who have access to sensitive information relating to a trading statement from the bank in May 2009.
AIB breached a market abuse regulation that compels the bank to update regularly and promptly a so-called "insider list" which helps prevent or detect the illegal use of information in insider trading.
Companies must maintain an insider list of individuals who have access to, or are in possession of, sensitive information on the firm.
The regulator said the breach related to "a delay of 20 days in two instances of updating the insider list relating to the release of an interim management statement by AIB on May 11th, 2009".
"AIB has advised that it has reviewed its procedures and practices to ensure more effective compliance with the requirements of the regulations in relation to insider lists," the regulator said.
AIB acknowledged the breach of the 2005 market abuse regulations and provided details of the breach to the regulator, fully cooperating with its investigation.
The regulator reached the settlement agreement with the bank last Friday, according to its statement.
Publicly-quoted financial institutions are required to maintain insider lists for up to five years and the regulator can call on banks to produce the list at any time.
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