Series 53: Order Period And Order Priorities

Order Period and Order Priorities

The syndicate manager must provide a summary of the rules of order priority to each syndicate member. This must be submitted before any offer is made to a customer. These rules can be included in the syndicate letter or Agreement Among Underwriters and must include:

• A written statement of all terms and conditions required by the issuer

• The priority provisions and the procedure by which such priority provisions may be changed

• Whether the syndicate manager may allocate securities on a case-by-case basis, other than in accor