Regulatory Alerts2012-06-11
Guidance on Appointment by Issuers of Independent Agencies (IPO)
The Securities Commission issued this Market Guidance Note requiring issuers to appoint independent Lead Managers and Receiving Banks for Initial Public Offers and other public invitations. Affiliated issuers must secure an additional independent Lead Manager, while affiliated banks are barred from serving as the escrow account's receiving bank. These mandatory appointments safeguard investor interests and take immediate effect across all qualifying securities offerings.
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