New Hong Kong regime on obligations of sponsors
The Hong Kong Securities and Futures Commission on 12 December 2012 published its consultation conclusions on the regulation of Hong Kong IPO sponsors. As a result, key obligations of sponsors will be consolidated and centralized in a new paragraph 17 of the Code of Conduct for Persons Licensed by or Registered with the SFC. This Commentary provides an overview of these key changes.
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For the past 10 months, the US Department of Justice and the Enforcement Division of the Securities and Exchange Commission have advised the public that they are in the process of drafting guidance for companies regarding the requirements of, and prohibitions within, the US Foreign Corrupt Practices Act.
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