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PIB A5.8.6

An Authorised Firm must calculate a net Underwriting position from the date of initial commitment until the Underwriting process ends, as the initial gross commitment adjusted for:

(a) Underwriting or sub-underwriting commitments obtained from others since the time of initial commitment;
(b) purchases or sales of the Securities since the time of initial commitment;
(c) any allocation of Securities granted or received, arising from the commitment to underwrite the Securities, since the time of initial commitment; and
(d) in the case of sales in the grey market, as defined in PIB Rule A5.8.5, any sales of the Securities as at the time of initial commitment or since the time of initial commitment is subject, in both cases, to the following conditions:
(i) any sales of the Securities as at the time of initial commitment must be confirmed in writing at the time of initial commitment;
(ii) sales must be net of any purchases in the grey market; and
(iii) any allocation of Securities granted or received, arising from the commitment to underwrite the Securities, since the time of initial commitment.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]