Series 79: Restrictions On Retaining IPO Shares In A Member Account

Taken from our Series 79 Top-off Online Guide

Restrictions on Retaining IPO Shares in a Member Account

Underwriters and members of the selling group (and their agents) generally may not retain shares of the IPO for their own accounts to sell at a later time. However, underwriters may purchase unsold shares of an IPO under a standby agreement if the following conditions are met:

• It is disclosed in the prospectus.
• It is stated in a written agreement.
• A statement from the lead underwriter attests that it

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