The Financial Conduct Authority (FCA) has issued a statement of objections to Artemis Investment Management, Hargreave Hale, Newton Investment Management and River & Mercantile Asset Management in the first case where the regulator is using its competition enforcement powers, as it believes the firms may have broken competition law.
The FCA alleges that the four firms shared information by disclosing the price they intended to pay, accepting such information, or both, in relation to Initial Public Offerings (IPOs) and placings, shortly before share prices were set.
In first case of the FCA using its competition enforcement powers, the regulator said in a statement, “The sharing generally occurred on a bilateral basis and allowed firms to know the other’s plans during the IPO or placing process when they should have been competing for shares.”
While the FCA can levy financial penalties as high as 10% of global revenue, antitrust regulators in the UK and European Union rarely issue fines that large. The FCA was given competition powers for the first time in 2015.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Japanese Tech Lobby Urges Revision of EU Cybersecurity Labelling Scheme
Dec 5, 2023 by
CPI
EU Approves 1.2 Billion Euros in Aid to Propel EU Cloud Computing
Dec 5, 2023 by
CPI
FTC Probe into Exxon’s Record-Breaking $60 Billion Pioneer Acquisition
Dec 5, 2023 by
CPI
Ericsson and AT&T Forge Historic $14 Billion Pact
Dec 5, 2023 by
CPI
Amazon Accuses Microsoft of Anticompetitive Practices in UK Cloud Market Probe
Dec 5, 2023 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Horizontal Competition: Mergers, Innovation & New Guidelines
Nov 30, 2023 by
CPI
Innovation in Merger Control
Nov 30, 2023 by
CPI
Making Sense of EU Merger Control: The Need for Limiting Principles
Nov 30, 2023 by
CPI
Sustainability Agreements in the EU: New Paths to Competition Law Compliance
Nov 30, 2023 by
CPI
Merger Control and Sustainability: A New Dawn or Nothing New Under the Sun?
Nov 30, 2023 by
CPI