Regulatory Alerts2011-04-28
Added · Updated
Circular Issued by the Securities and Futures Commission Regarding Report on Sponsor Theme Inspection Findings
The Securities and Futures Commission issued a circular reminding licensed sponsors of their regulatory obligations following a theme inspection that identified significant deficiencies in due diligence and internal controls. The document highlights specific failures, including inadequate verification of applicant business stakeholders, questionable disclosures to the Exchange, and insufficient documentation of inquiries. Sponsors are explicitly warned that failure to conduct reasonable due diligence may result in substantial disciplinary sanctions or criminal liability for providing false information.
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