Financial news
Written by: Wen Haozong
2020-01-14 17:20
Last updated: 2020-01-14 17:21The Securities and Futures Commission last year issued a total of 786 million yuan in fines to four investment banks for three cases of missing sponsors including China Forestry, among which UBS was temporarily suspended for one year. The meeting announced today that after the assessment, CSI was clear on the rules and procedures and decided to withdraw the relevant sanctions.
A 10-month review of the governance process
The SFC issued an announcement stating that UBS has engaged an independent review agency in accordance with the agreement to review its sponsors' policies, procedures and practices. The review agency has conducted a 10-month review of the relevant strengthened governance procedures and believes that the relevant procedures are generally well-designed and that a number of major monitoring measures have been considered. In addition, the review agency also reviewed UBS's sponsorship work in the two most recent listing applications (completed in 2017 and 2018, respectively), and considered that the bank had implemented the above monitoring measures in the two applications, and Adequate and effective due diligence has been performed in performing its sponsor duties.
The SFC continued to point out that based on the evaluation results of the review agency's review of UBS and the evaluation conducted by the conference itself, it is satisfied that UBS has set clear rules and procedures for staff to understand and properly perform their duties. And have adequate and effective systems, monitoring measures, policies and procedures.
UBS did not comment on the SFC's actions.
In March last year, the Securities and Futures Commission announced that it had issued huge fines to UBS, Standard Chartered, Morgan Stanley Asia and Merrill Lynch Far East for three sponsor missing cases involving China Forestry and Tianhe Chemical (1619). All of the listing applications were related to UBS Hong Kong. UBS was fined by the authorities for 375 million yuan and its license was suspended.
4 securities firms were fined by the Securities Regulatory Commission for lack of sponsors for a total of nearly 790 million UBS licenses revoked for 1 year
[CSRC heavily punished investment bank] has participated in sponsoring China Forestry listed company accused of fraud
[CSRC heavily punished investment bank] Tianhe Chemical was ordered to suspend trading, accused to clarify that the announcement contained false information
UBS Securities Regulatory Commission