Bankers’ counsel
have dismissed Hong Kong’s Securities and Futures
Commission’s (SFC) latest call for better due
diligence as half-hearted and ineffective.
Last week’s SFC
criticism of investment banks’ auditing procedures
was likely to be ignored unless the regulator made a bold
statement by naming and shaming those banks submitting
sub-standard applications.
"If those banks falling short on due diligence were actually
listed in a document it would have much more of an impact on
the...