The FCA fines an individual for failing to observe proper standards of market conduct and on similar facts issues its first formal decision under its competition powers against three asset management firms

On 21 February 2019, the FCA fined two asset management firms for breach of competition law.  No fine was imposed on the other asset management firm, Newton Investment Management Limited (Newton), as it had been given immunity under the competition leniency programme.  This decision followed the FCA’s announcement on 4 February 2019 that it had fined Paul Stephany, a former fund manager at Newton, £32,200 for his conduct in relation to an Initial Public Offering (IPO) and a placing. In 2015, Mr Stephany disclosed confidential information about his orders in relation to an IPO and a placing to external fund manager competitors, and attempted to influence them so that they would cap their orders at the same price limit as his orders (the Communications).  The FCA found that, by sending the Communications, Mr Stephany had attempted to influence his competitors to use their collective power, thereby undermining the proper price formation process. The FCA…

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