HK bankers must ‘own’ their disclosure

Author: | Published: 16 Nov 2010
Email a friend

Please enter a maximum of 5 recipients. Use ; to separate more than one email address.

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 IFLR’s 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, it’s pretty difficult,” said Tang.

Kit Wilson of JP Morgan said that bankers should have more involvement in the process. “Even if they haven’t drafted disclosure, they need to own it. And it’s critical for us lawyers to make sure they know the documentation,” he said.

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.”