                                                77

3.10.1    

  ,  ,     
   .     
      
 ,          
.        (private placements) 
 .       -
  (,  25),    -
       (  
..)      ,    -
  ,   .   ,   -
   ,      -
           .
         -
.          
   .    ,  
    ,     
.

3.10.2    

        . 
       .  
   ,    
(syndicate) (   )     (selling group).   -
 - (underwriter),     --
 ,   ,     .  
          -
,    .

         -
 -      .
     (competitive bidding)  -
 ,      ,  -
   .     -
     ,    -
  .    
           
    .     -
        ,  
 ..,      .

       , 
           (registration
statement)       (preliminary prospectus)
,      . (
   red herring,      . -
    - ,       
 (red ink),   ,      -
  .)      ,    
    .     ,
         -