15 more firms are in the SFC's watchlist.
Bloomberg reports that the Securities and Futures Commission is targeting other “extremely reckless” IPO sponsors following an order banning UBS from sponsoring a public offering for 18 months and fined $119m for work on an IPO it didn’t disclose.
The regulator is seeking a range of penalties and will announce more results of its investigation into 15 firms in the next six months, Tom Atkinson, the regulator’s head of enforcement, said at a forum on Wednesday.
SFC also reviewed the work of 31 sponsors from 2013 to 2017 and found deficiencies in their work, particularly in due diligence, Julia Leung, deputy chief executive officer, said.
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