On Feb. 5, UK FCA fined fund manager £32k re IPO and placing.
- Paul Stephany was charged for his conduct in relation to an IPO and a placing.
Allegations
- Twice submitted orders as part of a book-build for shares on public exchanges.
- Prior to closing of the new order books he contacted other firm fund managers.
- Tried to influence them to cap their orders at the same price limit as his orders.
- Did not observe standard of market conduct, act with due skill, care, diligence.
- Stephany risked undermining market and book build by using collective power.
Settlement
- Defendant failed to consider risk of making these communications, fined £32k.
