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Don’t act for ‘cold-shouldered’ individuals linked to MWB, UK FCA warns

( July 31, 2024, 08:30 GMT | Official Statement) -- MLex Summary: Financial services firms in the UK have been reminded that provisions in the Market Abuse Regulation prohibit them from acting in a takeover for a person who's been "cold-shouldered," after the Financial Conduct Authority's Takeover Panel sanctioned 10 men connected to MWB Group Holdings. The FCA said a breach of the regulation could lead to enforcement action. Yesterday, the panel said the 10 men — lawyers, company directors and advisers — had been involved in deceit and wrongdoing through a web of sham transactions. The panel said it had been lied to in relation to MWB, which at the time owned the department store Liberty and two hotel chains.Document attached. ...

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