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On 1 August 2016, a new regulation 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 New Regulation covers debt instruments, shares, share warrants, derivatives warrants, units in real estate investment trusts (REITS) and infrastructure trusts (IFTs). In this second half of our series of client alerts on the New Regulation, we cover regulatory developments in the underwriting of shares and units in REITs and IFTs.

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