March 11, 2019 / 2:02 AM / 6 months ago

HK regulator says parties in 2009 IPO misconduct case agree to settle

HONG KONG, March 11 (Reuters) - All parties have agreed to settle a case of alleged misconduct during a 2009 initial public offering (IPO), which Standard Chartered PLC and UBS Group AG sponsored, a counsel for the regulator said at a tribunal hearing on Monday.

Swiss banking giant UBS was set to appeal against an unprecedented 18-month ban on leading IPOs in Hong Kong, imposed, sources had said, for its role in the listing of a firm which subsequently collapsed.

The case was widely seen as a test of the Securities and Futures Commission’s (SFC) increased scrutiny of IPO practices in a city where helping firms list is particularly big business for banks.

The lawyer for the SFC told the three-member Securities and Futures Appeals Tribunal that details of the settlement would be released at a later date.

Reporting by Alun John; Writing by Sumeet Chatterjee; Editing by Christopher Cushing

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