Hong Kong: SFC removes IPO ban for Swiss bank UBS

Hong Kong: SFC removes IPO ban for Swiss bank UBS

       Swiss bank Hong Kong regulatory authority prematurely lifted IPO ban for UBS The SFC had prohibited the major bank from organizing IPOs for a year – and is now lifting the ban again after only ten months. Share article by: Share article by: The major Swiss bank UBS is once again allowed to play a leading role in IPOs in Hong Kong. Hong Kong’s Securities and Futures Commission (SFC) said it lifted the ban on Tuesday after a ten-month review of the institution’s internal processes, two months earlier than originally planned. The SFC had decided in mid-March 2019 that the bank and its local subsidiary were no longer allowed to organize IPOs for a year, and also imposed a fine of 48 million francs. In November 2019, UBS had to pay another fine of 50, 8 million francs. The legal dispute concerned the role of UBS in several IPOs. One of the companies that went public was liquidated only 14 months after the listing. The SFC then took a close look at the banks that supported a stock exchange listing as a so-called sponsor. In this lead role, a bank typically receives higher fees than other institutions involved, but it also vouches for the accuracy of information about a company. UBS did not want to comment on the lifting of the ban. Share article by: Share article by: © Handelsblatt GmbH – All rights reserved. Acquire usage rights?          Services offered by our partners       
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