BEIJING (XFN-ASIA) - UBS Securities, the Swiss bank's joint venture with Beijing Securities, said it has been granted sponsor qualification by the China Securities Regulatory Commission, enabling the venture to market initial public offerings in China.

'Together with the basic securities license granted on Dec 11, 2006, UBS Securities can now start marketing domestic IPO and secondary capital raising services as well as investment banking advisory services to domestic clients,' UBS said in a statement.

'This license represents an important acceleration in the expansion of the UBS Securities service offering,' the statement added.

Currently only local brokerages and joint ventures can underwrite local currency listings on the mainland.