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Chapter 9 of the Capital Markets Law governs the placement memorandum of securities issued by companies. Pursuant to Article 370 of the CMA Bylaws, no person may offer securities for public offering or private placement unless a placement memorandum is submitted in accordance with the data and procedures set forth in the CMA Bylaws and as approved by the CMA. Therefore, the CMA will request the submission for review of a private placement memorandum (the “PPM”), which must contain the following:
If the securities are shares, the rights related to them shall be as follows:
In conclusion, the Capital Markets Law sets forth the requirements for obtaining approval from the CMA for a PPM. However, please note that the CMA may require other conditions and requirements given the relatively recent implementation of the CMA and its procedures.
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