PracticeAuditJail for Hong Kong directors over false accounting

Jail for Hong Kong directors over false accounting

Directors of Hong Kong-listed companies could face up to 10 years in jail and fines of up to £700,000 for publishing false accounting information in annual reports, under new proposals.

Link: SEC blocks Sarbox escape from US

The proposed rules would empower Hong Kong’s main securities regulator, the Securities and Futures Commission, to investigate and impose fines on those who have breached its rules following a demand from the body for greater responsibility over stock market listing rules.

They would also put false accounting disclosure on the same level as insider trading and price manipulation. Previously, such misconduct was only subject to a reprimand from the exchange, according to the Financial Times.

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