Exclusive: HK banks will ignore SFC warning

Author: | Published: 31 Jan 2011

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...