Section II Securities Underwriting |
| Article 71 | A securities underwriter that underwrites securities on a firm commitment basis shall, after the expiration of the period of underwriting specified in the underwriting agreement, subscribe for its own account the unsold portion, if any, of the securities it agreed to underwrite on a firm commitment basis.
A securities underwriter that underwrites securities on a firm commitment basis may subscribe to such securities before placing them for sale or specify in the underwriting agreement that a portion of the securities covered in the agreement shall be reserved for subscription by the underwriter for its own account.
The qualifications required for an underwriter to perform firm commitment underwriting shall be prescribed by the Competent Authority. |
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| Article 72 | A securities underwriter that underwrites securities on a best-efforts basis may, after the expiration of the underwriting period specified in the underwriting agreement, return the unsold portion, if any, of the securities to the issuer. |
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| Article 73 | (Deleted) |
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| Article 74 | Except as provided in Article 71, a securities underwriter shall not, during the underwriting period, acquire for its own account the securities that it has underwritten on a firm commitment or a best efforts basis. |
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| Article 75 | (Regulations Governing Sale of Shares Subscribed by Underwriter)
The regulations governing the sale of securities acquired by a securities underwriter in accordance with Article 71 shall be prescribed by the Competent Authority. |
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| Article 76 | (Deleted) |
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| Article 77 | (Deleted) |
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| Article 78 | (Deleted) |
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| Article 79 | A securities underwriter shall be required to deliver on behalf of the issuer a prospectus in compliance with paragraph 1 of Article 31 when selling the securities it underwrites. |
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| Article 80 | (Deleted) |
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| Article 81 | A securities underwriter's total amount of firm commitment underwriting shall not exceed a certain multiple of the balance of its current assets less its current liabilities. The standards with respect thereto shall be prescribed by an order of the Competent Authority.
If there is joint underwriting, the preceding paragraph shall apply to the calculation of the total amount of firm commitment underwriting by each securities underwriter. |
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| Article 82 | The standards governing the maximum compensation for firm commitment underwriting or the maximum commission for best efforts underwriting shall be prescribed by an order of the Competent Authority. |
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