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Monday, September 17, 2018 / 12:45 PM / IOSCO
The Board of the International Organization of Securities Commissions (IOSCO) today published guidance to help its members address conflicts of interest and associated misconduct risks that may arise and undermine the equity capital raising process.
Conflicts
of interest and associated conduct risks stemming from the role of
intermediaries can harm the integrity and efficiency of the equity capital
raising process, damage investor confidence and weaken capital markets as an
effective vehicle for issuers to raise funding. To help regulators identify and
address these risks, IOSCO today published the final report on Conflicts
of interest and associated conduct risks during the equity capital
raising process,
which sets out guidance
for regulators to address conflicts of interests that may occur when
intermediaries manage an equity securities offering.
The report details the key stages of equity capital raising where the role of intermediaries might give rise to conflicts of interest that compromise the integrity and efficiency of the process. The guidance comprises eight measures that address:
conflicts of interest and pressure on analysts during the formation of their views on an issuer in the pre-offering phase of a capital raising;
Implementation of the guidance is expected to materially improve the equity raising process, which includes enhancing:
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