Sponsors are already included in the broad category of persons
who "authorised the issue of the prospectus" under the
existing Companies (Winding Up and Miscellaneous Provisions)
Ordinance (Cap 32 of the Laws of Hong Kong)1
Accordingly, sponsors have potential statutory criminal and
civil liability under the CWUMPO for untrue statements (including
material omissions) in prospectuses. SFC will rely on the relevant
CWUMPO provisions to take action as appropriate.
No further legislative amendment is required to clarify
sponsors' civil and criminal prospectus liability.
Originally published 1 September 2014
1. Please refer to sections 40(1)(d), 40A(1) and 342F(1)
of the CWUMPO
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