Minimum subscription: issuers must secure the prescribed proportion of the offer; failing which application monies must be refunded promptly. The regulation requires a minimum subscription of at least ninety per cent of the offer through the offer document, except for offers for sale of specified securities; if this threshold is not met, all application monies received must be refunded to applicants forthwith, and the statute prescribes a short time limit for making such refunds after the closure of the issue.