UBS Hong Kong sponsor ban settles misconduct case

After years of investigation, the Hong Kong SFC has come up with its verdict against UBS and three other banks for errant past IPOs. The fines are inconsequential; the disclosure of embarrassing due diligence lapses more significant.

In mid March, the statements appeared in a sequence on the Hong Kong Securities and Futures Commission’s website. “SFC reprimands and fines Merrill Lynch Far East Limited $128 million for sponsor failures.” “SFC reprimands and fines Morgan Stanley Asia Limited $224 million for sponsor failures.” Standard Chartered Securities: $59.7 million. UBS: $375 million. Not a significant sum, you think, but enough to send a message. And then you realize they’re talking in Hong Kong dollars.

Thanks for your interest in Euromoney!
To unlock this article: