Regulatory Alerts2007-03-26
Added · Updated
Preventive measure against multiple applications in initial public offerings (IPOs)
The Hong Kong Monetary Authority issued this circular to require authorized institutions to implement new controls preventing multiple IPO applications. It mandates that share registrars randomly mask identity number positions on refund cheques and instructs banks to strictly verify payee identities against account holder details. Additionally, authorized institutions must automate checks across all application channels to identify and reject duplicate submissions when acting as nominees.
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