1. No company, other than the public joint stock company, may conduct a public offering of Securities. Under no circumstances may any company, entity, or natural or legal person incorporated or registered in the State, in a free zone, or outside the State, publish any advertisement in the State containing an invitation for a public offering of Securities prior to obtaining the approval of the Authority. 2. A private joint stock company may offer its securities for private subscription in one of the securities markets in the State, in accordance with the conditions and controls to be specified in a resolution issued by the Authority in coordination with the Ministry and the Competent Authority. 3. For the purposes of implementing the provision of Clause (2) of this Article, the offering of securities for private subscription means an invitation to any pre-determined class, or natural or legal person, to purchase any securities.
Interpretation and application must be checked against the official text and current version.