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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
Laws
Rulebook Modules
Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
PIB App5 Market Risk
Sourcebook Modules
Consultation Papers
Policy Statements
DFSA Codes of Practice
Amendments to Legislation
Media Releases
Notices
Financial Markets Tribunal
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  • Time of Initial Commitment

    • PIB A5.8.8

      (1) Subject to (2), the time of initial commitment is the earlier of:
      (a) in the case of UnderwritingG , the time the Authorised FirmG agrees with the IssuerG of SecuritiesG to underwrite those SecuritiesG ;
      (b) in the case of UnderwritingG falling under PIB Rule A5.8.3(b), the time the Authorised FirmG agrees with the seller of SecuritiesG to underwrite those SecuritiesG ;
      (c) in the case of sub-underwriting, the time the Authorised FirmG agrees with the PersonG referred to PIB Rule A5.8.3(c) to sub-underwrite those SecuritiesG ;
      (d) in the case of PIB Rule A5.8.3(d), the time the GroupG or syndicate in question (or a member of that GroupG or syndicate on behalf of the others) agrees with the IssuerG or other PersonG to whom the commitment is given as referred to in PIB Rule A5.8.3(d) to underwrite or sub-underwrite the SecuritiesG in question; or
      (e) if the firm at that time has a commitment (whether legally or binding or not), the time the price and allocation of the issue or offer are set.
      (2) If an Authorised FirmG has an irrevocable and unfettered right to withdraw from an underwriting commitment, exercisable within a certain period, the commitment commences (and thus the time of initial commitment occurs) when that right expires.
      Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]