The UK Financial Conduct Authority issues its first formal decision under its competition law enforcement powers by finning three asset management firms in an IPO context (Hargreave / Newton / RAMAM)

On 21 February 2019, the Financial Conduct Authority (FCA) issued a decision finding that three asset management firms breached competition law in the context of an initial public offering (IPO). This marks the FCA’s first formal decision under its competition law enforcement powers, which it received in 2015. The decision also manifests a trend in the financial market whereby enforcement powers under regulatory conduct rules (regulatory business obligations, rules on the treatment of customers and market abuse regimes) are increasingly going hand in hand with competition powers. While this is not a new trend – investigations around alleged manipulations of benchmarks and in the foreign exchange market were

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Authors

  • Freshfields Bruckhaus Deringer (London)
  • Freshfields Bruckhaus Deringer (London)
  • Freshfields Bruckhaus Deringer (London)

Quotation

Lisa Eger, Deirdre Trapp, Martin McElwee, The UK Financial Conduct Authority issues its first formal decision under its competition law enforcement powers by finning three asset management firms in an IPO context (Hargreave / Newton / RAMAM), 21 February 2019, e-Competitions Bulletin November 2019, Art. N° 92041

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