ARTICLE
28 July 2015

Financial Conduct Authority Publishes Final Guidance And Amended Rules On Its Concurrent Competition Powers

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On July 15, 2015, the FCA published final guidance and amended rules on its new competition law powers.
United Kingdom Finance and Banking

On July 15, 2015, the FCA published final guidance and amended rules on its new competition law powers. The FCA obtained concurrent competition powers for the provision of financial services on April 1, 2015 which allow it to: (i) conduct investigations under the Competition Act 1998 and the Treaty on the Functioning of the European Union; and (ii) carry out market studies and make market investigation references to the Competition and Markets Authority under the Enterprise Act 2002. The finalized guidance clarifies how the FCA intends to use its new competition powers. The final rules, which come into effect from August 1, 2015, impose an obligation on authorized firms to report to the FCA any significant infringement of any applicable competition law.

The Shearman & Sterling client publication on the FCA's Concurrent Competition Powers is available at: http://www.shearman.com/~/media/Files/NewsInsights/Publications/2015/07/FCAs-Concurrent-Competition-Powers-Final-Guidance-and-Handbook-Amendments-Are-Published-AT-071515.pdf.

The FCA Policy Statement, including final rules, is available at: http://www.fca.org.uk/static/documents/policy-statements/ps15-18.pdf , the final guidance on the FCA's powers and procedures under the Competition Act 1998 is available at: http://www.fca.org.uk/static/documents/finalised-guidance/fg15-08.pdf  and the final guidance on the FCA's market studies and market investigations references functions is available at: http://www.fca.org.uk/static/documents/finalised-guidance/fg15-09.pdf

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