Swiss banking group UBS and British peer Standard Chartered have agreed to resolve a case for alleged wrongdoings during a 2009 IPO in Hong Kong, reported Reuters.
The duo were said to be joint sponsors of the IPO in question.
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Terms of the settlement or misconduct details were not divulged.
Briefing the Securities and Futures Appeals Tribunal, Securities and Futures Commission lawyer Jat Sew-Tong said that the settlement details would be revealed later, though no precise timeline was given.
According to media reports, the case involved the IPO of timber company China Forestry.
The company was said to have raised $216m through its IPO.
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By GlobalDataHowever, the business was dissolved only 14 months following the listing after revelations of irregularities by its auditor KPMG.
UBS and Standard Chartered were slated to appeal against action taken over the charges.
Reuters said that the case was resolved before the appeals.
The latest move comes a year after the Hong Kong securities regulator suspended UBS as an IPO sponsor for 18 months and a fine of HK$119m ($15.2m).
UBS was looking to appeal against this decision as well.
In 2016, UBS and Standard Chartered first revealed that they are being probed for their role as sponsors of unnamed IPOs.
