Regulatory Alerts2016-10-11
Added · Updated
PS17/13: Investment and corporate banking: prohibition of restrictive contractual clauses
The Financial Conduct Authority bans firms providing primary market services from entering into written agreements containing restrictive clauses that limit a client's choice of future providers for debt capital market, equity capital market, and merger and acquisition services. The prohibition applies to 'right to act' and 'right of first refusal' clauses but excludes bridging loans and 'right to match' provisions. The rule comes into effect for agreements entered into after 3 January 2018.
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