Commercial Surveys

Commercial Surveys

Legal Nature of the Underwriting

Document Type : Original Article

Authors
yaghoob norouzi
Mohsen Shamsollahi
Contact Expert
10.22034/bs.2021.246805
Abstract
Underwriting plays an important role in the initial public offering of securities. In fact, the issuers of securities employ the underwriters for two main purposes: their first goal is to get a guarantee for the sale of securities, so that they can be assured of future sales of their shares; their other purpose is also facilitating the finding of a buyer for the securities. In this sense, the underwriters also play the role of mediator between the issuer and the investor. This dual function of the Underwriting makes it difficult to identify its legal nature. For this reason, the main issue to be considered in this article is the legal nature of the underwriting. Also, from commercial law point of view, it is necessary to determine what is the relation of Underwriting with institutions such as factoring and brokerage, and generally whether it is a commercial act or not. In short, the Underwriting contract appears to be a contract, but not in the form of any specific contract, and it is a special legal format in which the issuer's discretion is only limited to choosing the underwriter. From a business perspective, the act of Underwriting does not seem to be an original commercial practice, but rather a Subordinate commercial practice.
 
Keywords
Securities / Stock Offering / Primary Market / buying / Underwriting
 
 
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Commercial Surveys
Volume 19, Issue 107 - Serial Number 107
May and June 2021
Pages 125-141

  • Receive Date 01 December 2019
  • Revise Date 28 April 2020
  • Accept Date 10 May 2020