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  • Firm Commitment Underwriting

    • OFS-3.6.12

      A firm commitment underwriting arrangement is required for all public offerings. However, the CBB may accept other underwriting arrangements other than firm commitment underwriting, in the following cases:

      (a) Offering of securities below the average market price during the last six months; or
      (b) Offering of securities at the flat par value.
      January 2014

    • OFS-3.6.13

      A firm commitment underwriting arrangement may also be done through a bought-out deal wherein the underwritten issue is bought entirely by the underwriter to resell to investors.

      January 2014

    • OFS-3.6.14

      In case of issues which are exempted from firm commitment underwriting arrangements (non-public offers), the CBB may accept partial underwriting commitment arrangements, or best-efforts underwriting.

      January 2014