HONG KONG - UBS Group AG and Standard Chartered PLC have agreed to settle a case of alleged misconduct related to a 2009 initial public offering in Hong Kong, a counsel for the market regulator said at a tribunal hearing on Monday.
Swiss banking giant UBS was set to appeal on Monday 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 lawyer for the SFC, Jat Sew-Tong, told the three-member Securities and Futures Appeals Tribunal at a brief hearing on Monday that details of the settlement would be released at a later date.
While UBS has not identified the IPO in question and the SFC has not publicly confirmed it, people with direct knowledge of the matter have said it was that of China Forestry.
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