# **Table of Contents**

|**1.**|**Intr**|**oduction ........................................................................................................................... 4**|
|---|---|---|
|**2.**|**Sett**|**ing the Stage .................................................................................................................... 5**|
|**3.**|**Defi**|**nition of a Hybrid Offer Regime ................................................................................... 8**|
|**4.**|**Hyb**|**rid Offer Regimes—Select Country Practices ........................................................... 12**|
||4.1|Existence, nature, and time of adoption ....................................................................... 12|
||4.2|Key conditions and eligibility criteria .......................................................................... 13|
||4.3|Requirements for submission and approval of documentation .................................... 15|
||4.4|Listing ........................................................................................................................... 17|
||4.5|Conditions for Secondary Market Trading ................................................................... 18|
||4.6|Continuous Disclosure Requirements .......................................................................... 19|
||4.7|Antifraud Provisions ................................................................................................... 20|
|**5.**|**Rela**|**tive Importance and Impact of Hybrid Offer Regimes in Select Countries ........... 21**|
||5.1|The United States ......................................................................................................... 22|
||5.2|Brazil ............................................................................................................................ 24|
||5.3|Thailand ........................................................................................................................ 26|
|**6.**|**Less**|**ons and Recommendations .......................................................................................... 28**|
||6.1|Notification to the regulator ......................................................................................... 28|
||6.2|Requirements in case of listing .................................................................................... 28|
||6.3|Trading conditions and holding period ........................................................................ 29|
||6.4|Regulator’s role in antifraud provisions ....................................................................... 30|
||6.5|Public versus private offering framework for HBOR .................................................. 31|
||6.6|Conducive intermediary and investment regulations ................................................... 31|
||6.7|Areas for further research ............................................................................................. 32|
|**7.**|**Con**|**clusion ............................................................................................................................ 33**|
|App|endi|x 1: U.S. Qualified Institutional Buyer Definition .......................................................... 35|
|App|endi|x 2: Hybrid Issuance Regime—Select Country Cases .................................................... 36|
|App|endi|x 3. Antifraud Provisions Related to Hybrid Offer Regimes: Select Country|
|Exp|erien|ces ................................................................................................................................... 57|
|Sou|rces|and References ................................................................................................................ 72|