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Article 4
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In the underwriting of securities, a securities underwriter shall determine the offering price of the securities according to the following methods:
- By competitive auction;
- By book building;
- As resolved by negotiations between the underwriter and the issuing company, issuing institution, or holder of the securities.
The offering price referred to in the preceding paragraph shall refer to the unit price, stock price discount (premium) rate (applicable only where no bid deposit has been collected), coupon rate, conversion (exchange) premium ratio, and yield to put.
"Issuing institution" as used in these Rules refers to an institution that issues beneficial interest securities or asset-backed securities under one of the following circumstances:
- where a trustee institution or a special-purpose company accepts financial assets in trust or in transfer from the originator, and issues beneficial interest securities or asset-backed securities based on those assets;
- where a trustee institution accepts transfer from a principal of real estate or real estate-related rights, and offers real estate asset trust beneficial interest securities to unspecified parties.
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