The UK Financial Conduct Authority makes the first use of its enforcement powers under competition law and in a landmark decision fines 3 asset managers for exchanging "strategic" information (Hargreave / Newton / RAMAM)

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Summary In a landmark decision on 21 February 2019 (the “Decision”), marking the first use of its enforcement powers under the Competition Act 1998 (“CA 1998”), the Financial Conduct Authority (“FCA”) imposed fines on three asset managers in relation to findings of anti-competitive conduct during one initial public offering (“IPO”) and one placing in 2015. Hargreave Hale Limited (“Hargreave Hale”), Newton Investment Management Limited (“Newton”) and River and Mercantile Asset Management LLP (“RAMAM”) were found to have exchanged “strategic information” vis-à-vis their bidding intentions (in terms of both volume and price) during a placing by Market Tech Holdings Limited (“Market Tech”) and the IPO of On the Beach Group plc (“OTB”). [1] Hargreave Hale was fined £306,300 for its actions and RAMAM,

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Auteurs

  • White & Case (London)
  • White & Case (Brussels)
  • Stephenson Harwood

Citation

Marc Israel, Sophie Sahlin, Will Spens, The UK Financial Conduct Authority makes the first use of its enforcement powers under competition law and in a landmark decision fines 3 asset managers for exchanging "strategic" information (Hargreave / Newton / RAMAM), 21 février 2019, e-Competitions February 2019, Art. N° 96767

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