The Financial Conduct Authority ("FCA") published the final report of its Investment and corporate banking market study (the "Study") on 18 October 2016. The FCA concluded that although larger corporate clients found that they were well-served by equity capital market, debt capital market and merger and acquisition services ("Primary Market Activities"), banking practices relating to restrictive contractual clauses, league tables and IPO allocations may have a negative impact on competition, particularly for smaller corporate clients. The FCA will therefore take action in these areas. The Study, which confirms the findings of the interim report published by the FCA in April 2016 (the "Interim Report"), sets out a package of remedies, designed to address the FCA’s main competition concerns.

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