for misleading IPO material... but this means all the bankers end up in jail?
Now they need to do something, anything, about the vast majority of the Chinese companies listed on the HKex which are blatant frauds.
"Bankers and brokers may be jailed if they fail to ensure the accuracy of listing prospectuses produced by companies they are sponsoring to join the stock market.
Allocating criminal liability for such misdeeds is part of the Securities and Futures Commission's plan to improve market quality in light of recent scandals that have tarnished the image of the local bourse.
Two sources acquainted with details told the South China Morning Post (SEHK: 0583, announcements, news) that the SFC is expected to propose in a consultation paper that sponsors follow tougher due diligence requirements and should face harsher penalties if they fail to check misleading information in listing prospectuses."
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