Following receipt of a joint submission from 14 international investment banks, Hong Kong's Securities and Futures Commission (SFC) has relaxed its plans to make the sponsors of initial public offerings (IPOs) responsible for the actions of the companies that they are supporting.
According to reports in the regional media, under the new proposals, investment banks will no longer be obliged to sign public declarations on the accuracy of the information supplied by listing hopefuls in their IPO prospectuses.
Instead, they will be required to sign private declarations that they have performed due diligence checks stipulated by the regulatory body.
The banks will also be expected to undertake on-site audits of properties held by the companies that they are sponsoring.
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