The Securities & Futures Commission has taken action against CSC Asia and its officers Andrew Chiu and Howard Tang for their failure to comply with its code of conduct.

The firm has voluntarily undertaken not to act as a sponsor for any new listing application on both the Main Board and the GEM Board for 13 months. Chiu and Tang have agreed to voluntarily undertake not to act as principal supervisors of CSC for any new listing application for eight months.

The commission inspected CSC's business operations last year and two listing applications of which CSC was the sponsor were reviewed. The body found that CSC had failed to act with due skill, care and diligence when performing due diligence into the two listing applications. The company also failed to ensure that the prospectuses and the submissions made to Hong Kong Exchanges & Clearing were prepared to the required standard.