FAQS FOR COMMERCIAL PAPERS
- Definitions
- What are Commercial Papers?
- When and why were CPs introduced?
- Who can issue a CP?
- Who are the typical parties to a CP?
- Who can act as an Issuing and Placing Agent (“IPA”)?
- Who can act as a CPA?
- Who can act as an Issuing, Placing, Paying and Collecting Agent (“IPCA”)?
- Who can Invest in a CP?
- Can CPs be traded in the secondary market?
- Who can Sponsor the Registration and Quotation of a CP on the Exchange?
- What are the relevant fees required for the Registration and Quotation of CPs on the Exchange?
- What is the difference between a CP Programme and a Discreet Issuance?
- What is the difference between the Registration and Quotation of CPs on the Exchange?
- What is the standard timeframe for the Registration of a Programme or Discreet Issuance?
- What is the minimum size of a CP?
- What are the minimum and maximum tenors of a CP issue?
- What terms under a registered CP Programme can be revised?
- What is the rating requirement for the issuance of CPs?
- Is there a minimum level of subscription for a CP issue?
- Are CPs interest bearing or discount instruments?
- Can CPs be held in dematerialised form?
- How do investors redeem monies invested in CPs?
- Are there specific requirements for Special Purpose Vehicles/Entities (“SPVs/SPEs”)?
- Can CPs be accompanied with Liquidity and Credit Enhancement Structures?
- Does FMDQ conduct pre – issuance reviews prior to the opening of a CP?
- What is the standard timeframe for the Quotation of a CP?
- Are there specific timelines for fulfilment of all requirements relevant for Quotation of a CP?
- What type of post-quotation compliance obligations are required by the Exchange?
- Does the Exchange impose sanctions for non-compliance with the Rules?