Series 51: Time Of Formal Award And Time Of First Execution

Taken from our Series 51 Online Guide

Time of Formal Award and Time of First Execution

The Time of Formal Award means:

  • For competitive bid underwritings, either the time the issuer publicly announces its selection of an underwriter or the time the issuer notifies the underwriter of the award, whichever comes later.
  • For negotiated issues, either the time the issuer signs a purchase agreement or the time the issuer notifies the und

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