The U.K. Financial Conduct Authority issues its first antitrust decision and fines several companies for sharing strategic information during an initial public offering (Hargreave Hale / Newton / RAMAM)

The U.K. Financial Conduct Authority (FCA) has issued its first antitrust decision since obtaining competition law powers four years ago. The decision is a controversial one. It sets the FCA up as a strict enforcer on the type of information that competing investors can share when making recommendations about the correct price of a share placement or initial public offering (IPO) allocation. Asset managers can lawfully judge appetite for the shares by talking to their client base, the book runner or from independent research. But sharing information on price- or volume-bidding intentions with competing investors for a forthcoming share placement or IPO is strictly illegal. Background On February 21, 2019, the FCA found three asset management firms — Hargreave Hale Ltd, Newton

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Authors

  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)
  • Skadden, Arps, Slate, Meagher & Flom (Brussels)

Quotation

Edward William Batchelor, Frederic Depoortere, Giorgio Motta, Thorsten Goetz, Ingrid Vandenborre, The U.K. Financial Conduct Authority issues its first antitrust decision and fines several companies for sharing strategic information during an initial public offering (Hargreave Hale / Newton / RAMAM), 21 February 2019, e-Competitions Bulletin February 2019, Art. N° 89935

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