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After UBS Ban, Hong Kong to Punish Other ‘Reckless’ IPO Sponsors

  • SFC seeks to hold individuals involved accountable: regulator
  • More guidance on IPO sponsor rules to come out this month
Updated on

The enforcement chief of Hong Kong’s securities regulator said some sponsors of initial public offerings in the city have been “extremely reckless,” signaling more penalties to come after the regulator slapped a ban on UBS Group AG’s local unit this month.

The Securities and Futures Commission is seeking a range of penalties, including large monetary fines, 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. The SFC wants to hold individuals as well as the firms accountable, Atkinson said.