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Article 71
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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.<br/>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.<br/>The qualifications required for an underwriter to perform firm commitment underwriting shall be prescribed by the Competent Authority.
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