BGC Says It Resolves U.K. Inquiry Into Acquisition of GFI StakePeter Eichenbaum
BGC Partners Inc., the interdealer broker seeking to buy GFI Group Inc., said it has resolved a U.K. inquiry into its purchase of 10 percent of GFI’s stock without first informing the Financial Conduct Authority.
“The FCA has taken the view that it is not appropriate in this specific case for it to take any formal action,” New York-based BGC said today in a statement. “However, the FCA has expressed its disappointment at the breach and has reiterated the seriousness with which it views such breaches and its willingness to take action in appropriate circumstances.”
The FCA has approved BGC’s proposed acquisition of GFI, which has a U.K.-regulated unit, according to the statement. BGC’s tender offer for GFI’s shares expires at midnight in New York, unless the deadline is extended, BGC said.