Minimum subscription requirement: public offers proceed only after requisite subscriptions; applicants refunded if shortfall or listing refused. The regulation requires disclosure of the minimum subscription in the offer document and conditions allotment on receipt of subscriptions meeting that minimum; if the minimum is not met or a recognised stock exchange refuses listing, all application monies must be refunded. 'Minimum subscription' is defined as the amount which, in the opinion of the originator's directors and the trustees of the special purpose distinct entity, must be raised by issuance of securitised debt instruments.