1. General

1.1 Subject to Article (143) of the Commercial Companies Law, all publicity material released in the Kingdom of Bahrain relating to an issue of Debt Securities must be reviewed by the Agency before release and must not be released until the Agency has confirmed to the issuer that it has no further comments thereon.
1.2 In addition, such publicity material must comply with all applicable statutory requirements. For these purposes, publicity material does not relate to an issue of Debt Securities if its purpose is the promotion of the issuer or its products or business and not the promotion of the Debt Securities to be issued.
1.3 Moreover, circulation is permitted of documents of a marketing nature, such as the invitation or offering fax or electronic form and documents which consist of, or are drafts of, or relate to, agreements to be entered into in connection with the issue of the Debt Securities, provided that any obligations created thereunder to issue, subscribe, purchase or underwrite the Debt Securities are conditional on the offering approval being granted. Such documents will not be considered as falling within the scope of these Guidelines and need not be submitted for prior review.
1.4 Any publicity material or announcement referring to a proposed offering by an applicant which is issued prior to the Agency's approval, such application shall state that the application has been or will be made to the Agency for the issuing and offering of and for permission to deal in the Debt Securities concerned. If no such statement is made, the application may be rejected by the Agency.
1.5 The issuers must comply with the obligation to maintain confidentiality prior to the announcement of an issue.
1.6 Issuers are also reminded that these requirements are not exhaustive and that an applicant for offering must also supply any further documents and information which the Agency may require in a particular case.
1.7 No offering document may be issued until the Agency has confirmed to the issuer that it has no further comments thereon.