initial purchaser

initial purchaser
In the context of securities and capital markets, initial purchasers are entities (typically broker-dealers) that purchase unregistered securities directly from an issuer under a valid private placement exemption under the Securities Act. The securities are sold under the terms of a purchase agreement. In the purchase agreement, the initial purchasers agree to purchase the unregistered securities from the issuer and to only resell them to suitable investors under another applicable registration exemption. Initial purchasers typically act as placement agentswho immediately resell such securities under a registration exemption such as Rule 144A and Regulation S.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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