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Hong Kong Stock Exchange. Photo by Sunnymok/VCG via Getty Images

Swiss bank UBS has been suspended from sponsoring Hong Kong IPOs for the next 18 months, likely due to its role in the 2009 IPO of China Forestry Holdings (which later collapsed). UBS disclosed the suspension and $15.2 million fine in its annual report — without identifying China Forestry — and said that it will appeal.

Why it matters: This could be a record year for Hong Kong IPOs, aided by plans to accept dual-class share listings.

Bottom line, per Bloomberg: "At first glance, UBS has lost little. It will still be able to act as an underwriter, which generates far more in fees than sponsoring IPOs. The sponsor is the advising bank that guarantees the contents of a prospectus and essentially signs off on the listing. But landing the role of sponsor is generally a path for banks to take the job of lead underwriter, also known as joint global coordinator, so the SFC ban will indirectly hurt."

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Updated 6 hours ago - Politics & Policy

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Illustration: Eniola Odetunde/Axios

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  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
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Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.

8 hours ago - Health

CDC extends interval between COVID vaccine doses for exceptional cases

Photo: Joseph Prezioso/AFP via Getty

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.