The placing of financial instruments on the capital market or with a limited group of investors as part of an issue. – It follows from the definition that only those activities in which a placing agreement exists fall under placing. A placing agreement is an agreement by which the issuer instructs the placer(s) to place the financial instruments issued by it on the capital market or with a limited group of investors (takeover agreement). – The placement procedure is irrelevant for the facts of the issuing transaction. It is therefore irrelevant whether the placement is a public placement or a private placement. – It is also immaterial for the issue transaction whether the issue price is determined in accordance with the fixed price procedure or the bookbuilding procedure. The method of allocation of issues is also irrelevant to the issue transaction. – A company that purchases financial instruments from an issue exclusively on behalf of an acquirer, without there being a placement agreement between it and the issuer or an underwriting bank, does not thereby perform an issuing transaction. If applicable, however, this may constitute investment brokerage or closing brokerage or a financial commission transaction for the acquirer. – See Bond Agreement, Issue, Subscription Price, Bookbuilding, Bought Deal, Squeeze Through, Issue, Issue Yield, End Investor, Financial Services Institutions, KWG Intermediaries Regulation, Over-allotment Option, Placement Power, Placement Agreement, Roadshow, Securities Services.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
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