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SFC To Regulate Listing Sponsors Alone

by Mary Swire, for LawAndTax-News.com, Hong Kong

26 March 2004

The Hong Kong Securities and Futures Commission is to be the sole regulator for listing sponsors, it emerged this week.

In a consultation paper issued last May, it had been suggested that the SFC should share this role with the jurisdiction's stock exchange, Hong Kong Exchanges and Clearing (HKEx).

However, speaking to the regional media, SFC chairman, Andrew Sheng explained that:

"In line with the wishes of the market, there will be a single regulatory regime for sponsors, and both the HKEx and Commission agree that we will enforce that regime."

He went on to add that that although investment banks sponsoring companies hoping to list on the stock exchange would not be expected to assume issuer liability:

"They have to be liable for their own standards of conduct and their role in due diligence."

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