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Hong Kong Seeks 'Criminal Liability' For IPO Sponsors
Source: http://www.bbc.co.uk/news/business-20707367
Source Date: Thursday, December 13, 2012
Country: China
Created: Dec 12, 2012

A Hong Kong watchdog has proposed that sponsors of initial share sales be held criminally liable for false information presented by firms they help to list on the stock exchange.

The Securities and Futures Commission said this would improve due diligence by sponsors, which prepare listing documents, and cut investor risk.

The move comes as accounting scandals at some firms have hurt investors.

The new rules still need to be approved by the Hong Kong legislature.

Ashley Alder, chief executive of the Securities and Futures Commission, said the new rules "will incentivise sponsors to raise standards, pick the right deals and manage them well, which should in turn reduce risks for investors and all those involved in the initial public offerings".
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