On 21 February, the UK Financial Conduct Authority issued its first competition enforcement decision against three asset management firms. The FCA imposed fines totaling £414,900 for an infringement based on the sharing of strategic information on a bilateral basis during an IPO and a placing, shortly before share prices were set. The decision reflects increasing antitrust scrutiny into information exchange in financial markets, provides preliminary insights into the FCA’s approach to fines and its investigative procedure in competition cases, and “demonstrates [the FCA’s] commitment to taking enforcement action to protect competition.”

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