UBS, Other Banks Pay $100 Million to Settle Hong Kong IPO Cases

International banks including UBS Group AG and Morgan Stanley agreed to pay a combined HK$787 million ($100 million) to settle cases brought by Hong Kong authorities relating to their work on initial public offerings in the city.

Bank of America Corp. and Standard Chartered Plc were also fined, the Securities and Futures Commission said in a statement on March 14. UBS, which faced the largest penalty, HK$375 million, will also be banned from sponsoring IPOs for 12 months, the SFC said. Managing Director Cen Tian, also known as Tim Cen, had his Hong Kong license suspended for two years.

The ...