BofA censured by Hong Kong regulator

The SFC publicly rebukes the US bank for breaching the takeover code.

Hong Kong’s securities regulator, the Securities and Future Commission, has publicly censured Bank of America Merrill Lynch for breaching the takeover code while advising on two MA transactions last year.

In a statement on Wednesday, the SFC said the rebukes were made to BofA Merrill Lynch following its role in the partial offer for China Resources Enterprises and in the privatisation of Power Assets.

The regulator said BofA Merrill Lynch and its subsidiaries failed to made requisite disclosures of the cash-settled equity swaps in respect of shares in China Resources Enterprises, Power Assets, and Cheung Kong Infrastructure after the US bank was mandated...

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