Bankers in Hong Kong should be closer to their prospectuses,
and take more ownership of their disclosure as sponsors. That
was the conclusion from in-house panellists at IFLRs Asia
Capital Markets Forum today.
Session chair Ashley Alder, partner at Herbert Smith, asked
bankers counsel whether their business colleagues should
draft the prospectuses instead of lawyers. All agreed that
lawyers must continue to draft the documents, but that bankers
needed to be more involved in the process.
Have you seen the drafting of some bankers? said
Brian Tang of Credit Suisse. Although I do agree they add
value to the process, especially with respect to drafting the
summary box, lawyers tend to have a better turn of
phrase, he added.
There is also the language aspect. Many bankers in
Hong Kong are not native English speakers. Unless we start
drafting in Mandarin and then translate them, its pretty
difficult, said Tang.
Kit Wilson of JP Morgan said that bankers should have more
involvement in the process. Even if they havent
drafted disclosure, they need to own it. And its critical
for us lawyers to make sure they know the documentation,
Peter Siembab of Nomura agreed: Some lawyers tend to be
lazy too. We have to remind them that this is their diligence,
not ours. They need to know it.