The Securities & Futures Commission has expressed concern as to whether a few sponsor firms that filed a relatively large number of listing applications have sufficient resources to fulfill the required professional and regulatory obligations.

The commission will raise the matter with the relevant firms and take appropriate follow-up actions.

Releasing its update on the operation of the Dual Filing arrangements under the Securities & Futures Ordinance today, the commission said these firms did not proceed with the listings following the commission's comments.

The highest number of applications made by a firm, which has 11 licensed professional staff, during the 13-month period ending March 31 this year was 12, including two re-submissions after the initial applications lapsed.

One case under consideration for disciplinary action 

Among the submissions, two have been listed, three did not proceed following the commission's comments, and five remain outstanding.

One sponsor firm that made four applications and another that made three had no success with any of them.

During the quarter from January to March 2004, the commission inspected and required documents from three licensed corporate finance advisers in relation to their activities as sponsors. One case is being considered for possible disciplinary action.