Australian regulator raps banks over tiny mining IPOs

HONG KONG: The Australian securities regulator has rapped banks for how they conduct initial public offerings of small mining companies, pointing to possible conflicts of interest and “substandard” compliance controls for promotional material.

The Australian Securities and Investments Commission published a report yesterday that looked into the sourcing, execution and trading of mining IPOs that raised less than US$20mil between October 2016 and September 2018.