Series 24: 4.1.4.1. Agreement Among Underwriters (AAU)

Taken from our Series 24 Online Guide

4.1.4.1. Agreement Among Underwriters (AAU)

All syndicate members sign an Agreement Among Underwriters (AAU). The AAU describes the rights and liabilities of the syndicate members with respect to the syndicate manager and among each other. This agreement is also called the syndicate agreement and the purchase group agreement. Some of the most important characteristics of the syndicate agreement are that it:

• Identifies the lead underwriter and any co-managers and grants authority to the lead underwriter to act on behalf of the syndicate and to execute the final underwriting agreement with the issuer

• Spells out

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