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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Recognised Jurisdictions and Funds
Declaration Notices
Financial Markets Tribunal
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER34/12-19]
PIB App5 Market Risk
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases

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  • Commitment to Underwrite Securities

    • PIB A5.8.3

      (1) For the purpose of PIB Rule A5.8.1, an Authorised FirmG underwrites or sub-underwrites an issue of SecuritiesG where:
      (a) it gives a commitment to an IssuerG of SecuritiesG to underwrite an issue of SecuritiesG ;
      (b) in the case of new SecuritiesG (as defined in PIB Rule A5.8.4) it gives a commitment to a seller of SecuritiesG to underwrite a sale of those SecuritiesG ;
      (c) it gives a commitment to a person, other than the IssuerG of SecuritiesG or, if (b) applies, the seller of the SecuritiesG , to sub-underwrite an issue of SecuritiesG ; or
      (d) it is a member of a syndicate or GroupG that gives a commitment of the type described in (a) to (c).
      (2) Unless a RuleG deals with an issue of SecuritiesG separately or the context otherwise requires, a provision of PIB section A5.8 that deals with UnderwritingG also applies to sub-underwriting.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

      • PIB A5.8.3 Guidance

        Block trades, including bought deals, and private placements are not within the scope of this chapter because they involve an outright purchase by an Authorised FirmG of the relevant SecuritiesG .

        Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]

    • PIB A5.8.4

      For the purposes of PIB Rule A5.8.3(b), an Authorised FirmG must treat SecuritiesG as being new if they are:

      (a) SecuritiesG that, prior to the allotment following the UnderwritingG , were not in issue; or
      (b) SecuritiesG that have not previously been offered for sale or subscription to the public and have not been admitted to trading on a market operated by an Authorised Market InstitutionG or an overseas investment exchange.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]