(Firm Commitment Underwriting of Securities)
A securities underwriter which underwrites securities on a firm commitment basis shall, at the end of the period of underwriting specified in the underwriting agreement, subscribe the unsold portion of securities for its own account.
The securities underwriter which underwrites securities on a firm commitment basis may subscribe to such securities before placing them for sale or it may specify in the underwriting agreement that a portion of the securities covered in the agreement shall be reserved for subscription by the underwriter for his own account.
The qualifications required for an underwriter to undertake firm commitment underwriting shall be prescribed by the Competent Authority.

(Best Efforts Underwriting of Securities)
A securities underwriter which underwrites securities on a best efforts basis may, at the end of the underwriting period specified in the underwriting agreement, return the unsold portion of securities to the issuer.

(Deleted)

(Prohibition Against Underwriter Acquiring Shares Underwritten by It)
Unless acting pursuant to Article 71, an underwriter shall not during the underwriting period acquire for its own account securities which it has underwritten either on a firm commitment or a best efforts basis.

(Regulations Governing Sale of Shares Subscribed by Underwriter)
The regulations for sale of securities acquired by a securities underwriter in accordance with Article 71 shall be prescribed by the Competent Authority.

(Deleted)

(Deleted)

(Deleted)

(Delivery of the Prospectus by the Underwriter)
An underwriter shall be required to deliver on the behalf of the issuer a prospectus in compliance with paragraph 1 of Article 31 when selling the securities it underwrites.

(Deleted)

(Restrictions on the Total Amount of Firm Commitment Underwriting of Underwriters)
An underwriter's total amount of a firm commitment underwriting shall not exceed a certain multiple of the balance of its current assets less its current liabilities; standards for such multiple shall be prescribed by the Competent Authority.
The preceding paragraph shall apply to the calculation of the amount of firm commitment underwriting by each participating underwriter in the underwriting syndicate.

(Standards for Compensation for Firm Commitment Underwriting and Commission for Best Efforts Underwriting)
The standards governing the maximum compensation for firm commitment underwriting or the maximum commission for best efforts underwriting shall be prescribed by the Competent Authority.