Minimum application value requirement: issuers must set application multiples and require minimum upfront payment or full payment for offers for sale. Regulation requires the issuer to state a minimum application size in the offer document so that the monetary value of the minimum falls within the prescribed range, and to invite applications only in multiples of that minimum application value; the minimum sum payable on application shall not be less than twenty five per cent of the issue price, except that in an offer for sale the issue price for each specified security must be brought in at application. 'Minimum application value' is determined by reference to the issue price and not the amount payable on application.