HONG KONG, March 11 (Reuters) - All parties have agreed to settle a case of alleged misconduct during a 2009 initial public offering (IPO), which Standard Chartered PLC and UBS Group AG sponsored, a counsel for the regulator said at a tribunal hearing on Monday.
Swiss banking giant UBS was set to appeal against an unprecedented 18-month ban on leading IPOs in Hong Kong, imposed, sources had said, for its role in the listing of a firm which subsequently collapsed.
The case was widely seen as a test of the Securities and Futures Commission’s (SFC) increased scrutiny of IPO practices in a city where helping firms list is particularly big business for banks.
The lawyer for the SFC told the three-member Securities and Futures Appeals Tribunal that details of the settlement would be released at a later date.
Reporting by Alun John; Writing by Sumeet Chatterjee; Editing by Christopher Cushing