Sequoia Financial Group's (ASX:SEQ) board said that the "regrettable" non-compliance with listing rule 15.7 was unintentional and occurred at a time when its shares were under a trading halt, according to a Wednesday Australian bourse filing.

Its Chief Executive, Garry Crole, provided information to the professional planner through a telephone conversation with a journalist on March 20, while the company was in a trading halt on the understanding that the information would not be published until after a sale agreement had been entered into by Sequoia and the deal was announced to the market.

The journalist asked questions about the sale of InterPrac Financial Planning to a third party, which was suggested to be Avalon FP. Crole advised that Sequoia "was not negotiating with that third party, and in order to correct the journalist, named the party with whom the Company was negotiating."

In response to the journalist's queries, the CEO advised the journalist that no agreement had been entered into by Sequoia, and that it expected the trading halt to be lifted, and an announcement released to the market should any agreement be signed. Crole was assured by the journalist that the information would not be published until the trading halt was lifted and any transaction announced to the market.

The company will discuss the matter, as well as a review of its continuous disclosure policy and internal training on the policy, as part of a specific agenda item during the next board meeting on April 29.