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IPO sponsor rules
Source: Agencies |
December 24, 2010, Friday
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Print Edition
Print Edition
CHINA plans to tighten up rules governing sponsors of initial public offerings after a surge of new issues this year sparked concerns about the quality of disclosure in IPO prospectuses, sources said yesterday.
Under the new rules, IPO sponsors will be interviewed by the securities regulator regarding the due diligence process of a new issue, said the sources who had direct knowledge of the rules but spoke on condition of anonymity because the details have not been publicly released.
IPO sponsors will also be required to complete a due diligence check-list and sign off a declaration that they are aware of the legal consequences of negligent acts, they said.
Investment banks have draft rules issued by the China Securities Regulatory Commission seeking feedback from the industry, they added.
A spokesman for the CSRC was not available for comment yesterday.
Under the new rules, IPO sponsors will be interviewed by the securities regulator regarding the due diligence process of a new issue, said the sources who had direct knowledge of the rules but spoke on condition of anonymity because the details have not been publicly released.
IPO sponsors will also be required to complete a due diligence check-list and sign off a declaration that they are aware of the legal consequences of negligent acts, they said.
Investment banks have draft rules issued by the China Securities Regulatory Commission seeking feedback from the industry, they added.
A spokesman for the CSRC was not available for comment yesterday.
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