Global steel giant Tenaris was notified of the "securities transaction from a person discharging managerial responsibilities," according to the European Union's Regulation No. 596/2014 on market abuse, the company reported in a filing to financial markets in New York, Mexico and Italy.
Although SteelOrbis reported this week there was an open investigation against the company, Tenaris clarified that the Commission of Surveillance Du Secteur Financier (CSSF), the regulatory entity of the financial sector for Europe and the world, specified the action as an "initial notification." In the initial report, the name of the person involved was not revealed, but later information from the CSSF disclosed the named executive as Carlos Condorelli, member of the Tenaris Board of Directors.
The regulation sanctions operations with the use of privileged information, although the transaction was conducted and reported under the law, according to a statement from the company. Sanctions may include the restitution of benefits obtained or the losses avoided due to the infraction.