BGC Partners, L.P., a subsidiary of
BGC Partners, Inc. BGCP ("BGC Partners," or "BGC"), a leading global
brokerage company primarily servicing the financial and real estate markets,
today announced that following detailed discussions with the FCA, BGC has
resolved matters with the FCA regarding exceeding a 10% stake in GFI Group
Inc. GFIG ("GFI") without first informing and seeking the approval of
the FCA pursuant to the UK's controller requirements. This is a breach of UK
regulatory law.
BGC acknowledges the breach and is working with the FCA to ensure that changes
are made to its systems and controls to ensure that such a breach does not
occur again. In light of this, and the particular circumstances of this
breach, the FCA has taken the view that it is not appropriate in this specific
case for it to take any formal action. 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.
BGC also announces that it has received approval from the FCA to acquire
control of GFI and thereby take control of the UK regulated firms within GFI
Group.
The tender offer is currently scheduled to expire at 12:00, midnight New York
City time, at the end of the day today, November 19, 2014, unless extended.
The full terms and conditions of the tender offer are set forth in the
offering documents that BGC filed with the Securities and Exchange Commission
("SEC") on October 22, 2014, as have been and may be amended from time to
time.
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