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On 1 August 2016, a notification of the Capital Market Supervisory Board (CMSB) governing securities underwriting activities (the New Regulation) came into effect, overhauling another regulation of the CMSB implemented in 2009. The New Regulation governs securities underwriting in a number of ways, including allotment procedures, the operations of a securities underwriter (e.g. dealing with subscription amounts, dissemination of information, and dealing in securities while acting as a securities underwriter) and characteristics that prevent an operator from acting as a securities underwriter. The scope of the New Regulation covers debt instruments, shares, share warrants, derivatives warrants, units in specified types of trusts (i.e. real estate investment and infrastructure trusts). This client alert discusses new regulatory requirements on the underwriting of debt instruments, and is the first half in our series on the New Regulation.

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