SFC promises more IPO sponsor probes

The head of enforcement at Hong Kong’s securities regulator gave a stern warning to investment banks on Thursday, promising to bring more cases against IPO sponsors — and criticising a lack of professionalism on some deals.
Thomas Atkinson addresses the crowd at <em>FinanceAsia's</em> fifth Compliance Summit North Asia
Thomas Atkinson addresses the crowd at <em>FinanceAsia's</em> fifth Compliance Summit North Asia

Thomas Atkinson, executive director of enforcement at the Securities and Futures Commission SFC, delivered the remarks at FinanceAsia’s fifth Compliance Summit North Asia in Hong Kong. He was speaking just weeks after UBS and Standard Chartered announced they were being investigated for their work as sponsors of Hong Kong IPOs.

“You can expect to see more cases coming from that area,” he said. “And we’ll look at these firms and the senior management accountable for these cases.”

The SFC’s push to encourage more thorough due diligence by IPO sponsors has gained momentum since Atkinson took over in May. But he made clear...

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