SFC raps global banking quartet for IPO work

Hong Kong island adobe stock 230x150
By Jonathan Breen
14 Mar 2019

Hong Kong’s securities regulator has fined Bank of America, Morgan Stanley, Standard Chartered and UBS after investigations into the banks’ sponsorship of a series of IPOs. The Swiss bank has also had its sponsor licence revoked for a year. Jonathan Breen reports.

The Hong Kong Securities and Futures Commission announced the fines after the market closed on Thursday. They come after an increased crackdown on regulatory failings from the SFC, driven by head of enforcement Thomas Atkinson, who joined the regulator in 2017.

The deals in question are Tianhe Chemicals Group’s ...

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