HK SFC plans overhaul of ECM, DCM syndicates

By Jonathan Breen, Morgan Davis
11 Feb 2021

Hong Kong’s Securities and Futures Commission (SFC) is planning to bring in sweeping changes to rules governing equity and bond deals, requiring syndicate teams to be fixed earlier and fee structures to be disclosed. The moves have divided bankers. Jonathan Breen and Morgan Davis report.

The proposed changes, announced by the regulator on Monday, are meant to clarify the role played by intermediaries in primary capital raisings and “set out the standards of conduct expected of them in bookbuilding, pricing, allocation and placing activities”.

The regulator has launched a three-month consultation for the ...

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