RE: Has any investor read “The Plan”17 May 2021 11:42
Dear Mr Alavi
Thank you for your complaint of 14 May 2021 regarding Hurricane Energy plc (the Company). We have noted your concerns around the Company’s restructuring plan.
This matter has been received by the Market Integrity Unit in the Market Oversight Directorate (MO) of the FCA. MO is responsible among other things for monitoring issuers’ compliance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse (the Market Abuse Regulation or MAR).
We are reviewing the issues that you have brought to our attention with a view to determining whether it is appropriate for us to exercise any of our statutory powers. As part of such reviews we may use the information gathering powers available to us to seek further information from the subjects of the enquiry and reach out to other agencies as appropriate.
Once we have completed our review, we will consider whether it is appropriate for the FCA to launch a formal investigation via its Enforcement Division, whether some other form of intervention is required or whether the case should be closed with no action. In particular, an important part of our consideration is the potential seriousness of the misconduct.
As noted in our Approach to Enforcement, not all breaches of our rules or requirements constitute serious misconduct, however, where we suspect serious misconduct, we will start an enforcement investigation. We use our experience and judgement to ascertain whether this suspicion exists and there are a number of considerations we take into account when doing so. Chapter 2 of our Approach to Enforcement document provides further detail on these considerations, which include the nature of the actual and potential harm involved; the extent to which the suspected misconduct has or may affect consumers, markets or firms if we do not take action; and the public interest in investigating the matter.
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