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  • PIB A5.8.3 PIB A5.8.3

    (1) For the purpose of PIB Rule A5.8.1, an Authorised Firm underwrites or sub-underwrites an issue of Securities where:
    (a) it gives a commitment to an Issuer of Securities to underwrite an issue of Securities;
    (b) in the case of new Securities (as defined in PIB Rule A5.8.4) it gives a commitment to a seller of Securities to underwrite a sale of those Securities;
    (c) it gives a commitment to a person, other than the Issuer of Securities or, if (b) applies, the seller of the Securities, to sub-underwrite an issue of Securities; or
    (d) it is a member of a syndicate or Group that gives a commitment of the type described in (a) to (c).
    (2) Unless a Rule deals with an issue of Securities separately or the context otherwise requires, a provision of PIB section A5.8 that deals with Underwriting also applies to sub-underwriting.
    Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB A5.8.3 Guidance

      Block trades, including bought deals, and private placements are not within the scope of this chapter because they involve an outright purchase by an Authorised Firm of the relevant Securities.

      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]