Underwriting obligations: issuers must secure agreements with managers or brokers to cover subscription shortfalls and disclose them. Issuers must enter into an underwriting agreement with registered underwriters or with lead managers and syndicate members before filing the prospectus or red herring prospectus, specifying the securities they will subscribe to or procure at a price not less than the issue price to cover rejection of applications or under-subscription, disclose the agreement in the prospectus, have lead managers assume defaulting syndicate obligations, limit subscriptions to fulfilment of underwriting commitments, and ensure lead managers meet minimum underwriting obligations and underwriting at least to the extent of minimum subscription.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Underwriting obligations: issuers must secure agreements with managers or brokers to cover subscription shortfalls and disclose them.
Issuers must enter into an underwriting agreement with registered underwriters or with lead managers and syndicate members before filing the prospectus or red herring prospectus, specifying the securities they will subscribe to or procure at a price not less than the issue price to cover rejection of applications or under-subscription, disclose the agreement in the prospectus, have lead managers assume defaulting syndicate obligations, limit subscriptions to fulfilment of underwriting commitments, and ensure lead managers meet minimum underwriting obligations and underwriting at least to the extent of minimum subscription.
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