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PIB A5.8.8

(1) Subject to (2), the time of initial commitment is the earlier of:
(a) in the case of Underwriting, the time the Authorised Firm agrees with the Issuer of Securities to underwrite those Securities;
(b) in the case of Underwriting falling under PIB Rule A5.8.3(b), the time the Authorised Firm agrees with the seller of Securities to underwrite those Securities;
(c) in the case of sub-underwriting, the time the Authorised Firm agrees with the Person referred to PIB Rule A5.8.3(c) to sub-underwrite those Securities;
(d) in the case of PIB Rule A5.8.3(d), the time the Group or syndicate in question (or a member of that Group or syndicate on behalf of the others) agrees with the Issuer or other Person to whom the commitment is given as referred to in PIB Rule A5.8.3(d) to underwrite or sub-underwrite the Securities in question; or
(e) if the firm at that time has a commitment (whether legally or binding or not), the time the price and allocation of the issue or offer are set.
(2) If an Authorised Firm has an irrevocable and unfettered right to withdraw from an underwriting commitment, exercisable within a certain period, the commitment commences (and thus the time of initial commitment occurs) when that right expires.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]