• Tue
  • Oct 21, 2014
  • Updated: 2:29am

SFC lists shortcomings of IPO sponsors

PUBLISHED : Wednesday, 30 March, 2011, 12:00am
UPDATED : Wednesday, 30 March, 2011, 12:00am
 

The Securities and Futures Commission said it found some listing sponsors had 'shortcomings'. The SFC conducted an inspection on 17 initial public offering sponsors to assess the level of compliance with regulatory requirements. Among the deficiencies found were unsatisfactory due diligence on listing applicants' businesses and questionable disclosures to the stock exchange during the IPO application. Sponsors were also found to have often failed to maintain proper documentation of due diligence.

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