Depository receipt allotment timelines require issuers and lead managers to complete allotments, payments and refunds within the prescribed period. Regulation 65 requires the issuer and lead manager(s) to ensure that depository receipt allotment, payments and refunds are completed within eight working ... Summary
Depository receipt allotment timelines require issuers and lead managers to complete allotments, payments and refunds within the prescribed period.
Regulation 65 requires the issuer and lead manager(s) to ensure that depository receipt allotment, payments and refunds are completed within eight working days from closure of the issue. The obligation applies to public offers of depository receipts and places responsibility on both the issuer and lead manager(s) for completing these post-closure processes. The eight-working-day period replaced the earlier five-working-day requirement.
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