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UBS, Others Fined $100M By Hong Kong For Lax IPO Scrutiny

Law360 (March 14, 2019, 7:40 PM EDT) -- Hong Kong’s securities watchdog has suspended UBS' initial public offering sponsorship license for one year and handed down HK$786.7 million ($100.1 million) in fines against the bank and other financial institutions for failing to carry out their duties in relation to several IPOs.

UBS AG, which received the largest fine at HK$375 million, is being penalized by Hong Kong’s Securities and Futures Commission alongside Morgan Stanley Asia Ltd., Merrill Lynch Far East Ltd., and Standard Chartered Securities (Hong Kong) Ltd., the agency said in a statement Thursday. The penalties against the four companies follow the SFC’s announcement in October that it...

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