Regulatory Alerts2017-04-01
Added · Updated
Regulation on Book Building Process
The Capital Market Authority of Rwanda issued Regulation No. 19 to establish the legal framework for the book building process used to determine security offer prices. The regulation mandates that issuers obtain Authority approval for an information memorandum prior to launching the process and requires the appointment of a qualified book runner to manage bids. It further stipulates that the final offer price must be uniform across all portions of the issue and prohibits any incentives for investor participation.
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