The SFC complained yesterday about deteriorating standards of sponsors' work in listing applications. Some of the blame lies with the SFC for abandoning in 2006 proposals to reform the law on prospectus liability. Until investors can effectively sue for a fraudulent prospectus, creating a stronger deterrent, the situation is unlikely to improve.
Deloitte & Touche Corporate Finance Ltd voluntarily refrains from acting as Sponsors for GEM and Main Board Listings and Lawrence Chia Kee Loong, voluntarily refrains from acting as Supervisor to sponsorship mandates