191. {1) Where-

{a}

securities have been offered for subscription or purchase; and 1376

fb) a holder of a capital markets services licence has subscribed to purchase or has purchased, or is or will or may be required to subscribe to purchase, any of the offered securities in an underwriting or sub-underwriting agreement by reason that some or all of the securities have not been subscribed for or purchased, the holder of a capital markets services licence shall not, during the period of 90 days after the close of the offer referred to in paragraph fa)

(iJ make an offer to sell those securities otherwise than in the ordinary course of trading on a securities exchange or any other market operator; or ·