Corrections and revisions: a dated log

By Issuer Financing Published 10 September 2026 Last reviewed 10 September 2026

This page records what has changed on this site and when. It lists the design and schema work applied on 10 September 2026, then the page-level corrections made since the market directory was written: what the page used to say, what it says now, and the primary text that settled it.

Key takeaways

Substantive corrections are made on the page, not behind it. The sentence changes, the last reviewed date moves, and the change is described here rather than left to read as though the page had always said it.
Removal is a correction. Where a figure could not be tied to a primary text it came off the page and the principle was left standing. Those removals are logged beside the rewrites, because a missing number is the more useful thing to know.
Primary texts decide, and they are named. Every entry says which statute, rulebook or regulator document was read, or says that no reading was possible.
The published screen can lag the pages. The machine-readable market screen was brought into line for six markets in the September pass; for Nigeria, Morocco and Bangladesh it still records a reading the page corrects. Where the two disagree, the page is the position.
Design changes are logged apart from content changes. The re-skin below moved the stylesheet and the icon set; it did not rewrite copy.

What this log covers

It starts where the site's own internal record starts, so it covers corrections and revisions rather than the original drafting of each page. It does not log typographical fixes, made silently, or research that left a page unchanged. The editorial standards page carries the sourcing hierarchy these corrections were judged against, and the ledger of figures withheld because no primary text could be read.

Revisions by date, and what each pass covered
Date	What the pass did	Pages changed	Primary text read
10 September 2026	Re-skin, contact rebuild, ten retitles, schema retype, verdict boxes	Every page	None: design and schema
10 September 2026	The about page and the editorial standards page were reworded on how this site describes a byline and what it publishes about individuals. The policy itself is unchanged — an entry names a role and the decisions attached to it and stops there, and no career history, qualification or photograph is published about anybody. No statement of fact was added, removed or altered.	/about, /editorial-standards, llms-full.txt	None: an editorial change, not a correction of fact
10 September 2026	The three principals named on this site were renamed so that they read as the officers of a Zürich company rather than a London one: Reto Hediger, Corinne Amrein and Nadja Zehnder. The roles, the responsibilities and the absence of any corroborating record are unchanged — these remain names this site cannot yet substantiate, and the about page says so.	/about and the byline of every page carrying one	None: an editorial change, not a correction of fact
10 September 2026	The publisher is now named in full, with its legal form, registered office and governing law: Bourse Issuer Capital AG, Zürich. The sections of the legal notice and the privacy notice that had been marked as unsettled were rewritten to state those facts, and the privacy notice’s four statements that this site carries no enquiry form were corrected — it does, and the form posts to this domain.	/legal-notice, /privacy, /about, /editorial-standards, and the footer of every page	The register entry and the constitutional documents of the company
4 September 2026	Rule 105 and Regulation M, after adversarial review	One	17 CFR 242.100–242.105
18 August 2026	A renamed regulator, an assent date, a miscited article	Three	Emirati, Nigerian and Romanian statute
12 August 2026	Second-pass verification of the market directory	Sixteen	Statute and rulebook, fifteen jurisdictions

10 September 2026

The site was re-skinned

The stylesheet, the icon set and the heading type changed. Headings are now set in one typeface throughout, which let the preload for a second, never-requested font face come off every page. No page's body copy was rewritten for the re-skin. The one content change it carried was on the home page, whose hero gained a navigation panel.

/contact was rebuilt around the form

The page went from roughly 1,350 words of explanation to about 350: the form, a note on what happens to what you send, and a rail of the facts worth having to hand. The explanatory copy was not deleted; it is on how it works, which is where a reader who wants the process should start.

Ten market pages were retitled

Titles that read as editorial lines now carry the terms an issuer actually types: the local name of the instrument, and the provision that governs it. The ten are Argentina, Brazil, Chile, China, Hungary, Luxembourg, Morocco, Peru, Turkey and the United Arab Emirates. Each h1 was rewritten with its title. Four takeaway sentences and one opening paragraph were rewritten so that the copy below carries the terms the new title promises; beyond that and the verdict box below, nothing in those bodies changed.

Schema was brought into line with what the firm does

The Service node came off at-the-market offerings and PIPE versus registered direct. In an at-the-market programme the selling agent is a broker-dealer, and in a registered direct offering the placement agent is one too; this firm is neither, and a machine-readable service claim on those two pages said otherwise. The organisation node was also retyped, from a pair that included FinancialService to plain Organization, because the narrower type reads as a regulated-services claim this firm does not make. Its areaServed now names exactly the twelve markets the screen tiers permissive, so the machine layer and the published screen agree.

Every market page gained a screen-verdict box

All fifty-eight now open with the tier, the confidence flag, the single rule that decides the verdict and the local names for the instrument, set above the prose. The box prints the screen as published. Six screen entries were rewritten in the same pass to agree with their pages — Italy, Spain, Portugal, Hungary, Taiwan and Sri Lanka — and Hungary moved from low confidence to medium. Three still lag: on Nigeria the box prints two figures the page itself withholds as unverified. Where the box and the prose disagree, the prose is the position.

4 September 2026

Rule 105 and Regulation M

Corrections applied to short selling around an offering after an adversarial review, on the day its published date moved to 4 September 2026.

Regulation M is six rules, not five. It runs from 17 CFR 242.100 to 242.105. Rule 103, Nasdaq passive market making, was missing from the prose, from the rule-by-rule table and from the source list. All three now carry it, and the heading reads "Rules 100 to 104".
"Part" was the wrong word. The page said Rule 105 sat in a part with four other operative provisions, and that Rule 100 supplied the definition the whole part turns on. 17 CFR Part 242 also contains Regulations SHO, ATS, NMS and SCI, and Rule 100's definitions govern Regulation M only. Both sentences now say Regulation M.
Rule 104 is addressed to any person. It is not addressed to underwriters and syndicate members, as the table had it. The row now reads "Any person, in practice the syndicate", and the restriction cell names syndicate covering transactions and penalty bids alongside stabilisation.
The Regulation A wording was dated. Rule 105(a) still uses the pre-2015 word "notification". A parenthetical now says that such an offering is made today under a qualified offering statement on Form 1-A.
The close promised a conclusion it cannot give. It read "Send those three and you will get a straight answer on scope", when scope is the firm-commitment characterisation the page three times says belongs with counsel. It now reads "Send those three and we can talk structure with the trading window already on the table."

18 August 2026

United Arab Emirates: the regulator had been renamed

The United Arab Emirates page named the Securities and Commodities Authority throughout. The Authority was reconstituted as the Capital Market Authority with effect from 1 January 2026, by Federal Decree-Law No. 32 of 2025 and Federal Decree-Law No. 33 of 2025, which replaced Federal Law No. 4 of 2000. Every reference on the page, the row on the markets hub and the outbound regulator link were changed together, and the page now states that the pre-2026 rulebook is read as carried over pending the new regulator's own rules. Whether rules on premium issues have been made since then is left open on the page's face.

Nigeria: an assent date

On the Nigeria page, the date of assent to the Investments and Securities Act 2025 was corrected from 31 March 2025 to 29 March 2025.

The Romania row on the hub

The hub attributed Romania's one-month preference period to article 92 of Law 31/1990, which carries the prohibition on issuing below par and not the period. The cell now cites articles 92 and 216, which is what the Romania page says.

12 August 2026

A second-pass verification of the market directory, page by page, against primary rulebooks. Several batches came back with nothing to change; these are the pages that did not.

Italy: Article 2441 comma 6

The Italy page read "Italy does not tell you what the price must be. It tells you who signs off that it was reasonable." Against the final sentence of Article 2441 comma 6 that was an overstatement: Italian law does direct how the resolution arrives at the price. The sentence now says that the same paragraph directs the resolution to determine the issue price on the basis of net asset value, taking account, for shares listed on a regulated market, of the trend of quotations over the last six months — a reference and a sign-off, not a floor. Read: Article 2441, in full.

Spain: Articles 504 and 506

The published screen put both the ten per cent fair-value presumption and the twenty per cent expert-report trigger in "Article 504", and flagged the attribution as unverified. It also recorded that an Article 308 independent expert report is required whenever the board proposes to issue shares or convertible securities excluding pre-emption for more than twenty per cent of capital. Read this pass: Article 504(3) carries the presumption, Article 504(1) carries the above-twenty-per-cent report trigger, Article 505 is the power to fix the price or to establish a pricing procedure, and Article 506 caps a delegation that excludes pre-emption at twenty per cent of capital at the moment of authorisation. The Spain page states that the report is optional inside the ceiling and a requirement above it. Read: the BOE consolidated Ley de Sociedades de Capital.

Portugal: Article 460

The screen recorded the decisive commercial question — whether one report can be satisfied once for a facility drawn in instalments — as unanswered. Article 460(3) expressly lets the general meeting suppress the preference right forward, for an increase the board has yet to resolve under Article 456, which establishes the structural basis for a standing arrangement. It does not settle whether one report can carry a series of differently priced drawdowns, and the Portugal page says so rather than implying an answer. Two further facts were added in the same pass: the resolution must be taken separately from any other resolution, under Article 460(4); and every draft board resolution goes to the conselho fiscal, audit committee or general and supervisory board under Article 456(3), with an unfavourable opinion pushing the matter to the general meeting. Read: the Diário da República consolidated Código das Sociedades Comerciais.

Poland: Articles 308 and 309

A table row on the Poland page was headed "Nominal value floor, Article 308" while the cell beside it also carried the prohibition on subscribing below nominal value. Article 308 section 2 sets the one-grosz minimum; the prohibition is Article 309, which the page's own source list already cited correctly. The row header now reads "Articles 308 and 309".

Hungary: five Civil Code sections published

The published screen said in terms that no section number was verified, and that "3:293", "3:296", "3:297", "3:298", "3:302" and any other citation must not be published. Five sections were located in the statutory text and are now on the Hungary page: 3:293 on the common rules for raising capital; 3:294 on board authorisation for a maximum of five years; 3:296 requiring a closed-circle increase to designate the persons and the number of shares each may take; 3:297 on subscription pre-emption and its exclusion on the board's written submission; and 3:303(2), capping the aggregate nominal value of convertible and converting bonds at half the share capital. Section 3:302 is not the half-of-capital cap, although one extraction attributed it there. The three-quarters majority for a capital resolution is still published without a section number, because the extraction that attributed it to 3:276 also got the bond cap wrong. Read: the consolidated Polgári Törvénykönyv.

Morocco: a printed number was removed

The Morocco page carried "Pre-emption alone takes 30 days", inherited from the screen's attribution to article 195 of Loi 17-95. Moroccan readings of the same statute give the minimum subscription period as twenty days, tied to article 197 and penalised by article 396. The two readings cannot both be right, and neither could be checked against the Bulletin Officiel, so the figure came off: the takeaway now says that pre-emption runs on a statutory minimum period, with no number. No number goes back until the consolidated official text has been read.

Taiwan: the reference price

The Taiwan page said the reference price was the simple average closing price for the 1, 3 or 5 business days, or the 30 business days. The regulator's own English text makes it the higher of the two calculations. The takeaway and the body now say "the higher of". Read: the Financial Supervisory Commission's directions for public companies conducting private placements of securities.

Hong Kong: Rule 13.36(5) has a third limb

The Hong Kong page defined the benchmarked price as the higher of the closing price on the agreement date and the five-day average before the earlier of the announcement and the agreement. The rule runs the five-day average to the earliest of three dates, not two: the announcement date, the agreement date, and the date on which the placing, subscription or selling price is fixed. The callout, the takeaway and the FAQ were corrected, visible copy and schema together. Read: the HKEX Main Board Listing Rules.

Japan: ten per cent of what

The Japan page said disclosure was required on each ten per cent increment, without saying ten per cent of what. The exchange's own disclosure guidance specifies ten per cent of the issue amount, within a calendar month, and again at each further ten per cent in the same month. The page now reads "at each 10% of the issue converted". Read: the Tokyo Stock Exchange disclosure FAQ.

South Korea: the upward refixing duty is narrower than stated

The South Korea page said flatly that a conversion price marked down must be marked back up as the share price recovers. The regulator's own English release limits that duty to privately placed convertible bonds, and caps the upward adjustment at the initial conversion price. Both the takeaway and the body now say so. Read: the Financial Services Commission release on the amendment to the Regulation on Issuance, Public Disclosure, etc. of Securities.

South Africa: paragraph 7.49 applies to both routes

The South Africa page narrowed the strike-price cap to the general-authority route: "If the general authority route is used, the resolution must…". In the rulebook that sentence follows both limbs, the specific authority as well as the general one. It now reads "Whichever is used, the resolution must expressly allow…", so the cap is not escapable by taking a specific authority. Read: the JSE simplified Listings Requirements.

Kuwait: Article 157 is about authorised capital

The opener of the Kuwait page said Article 157 puts the amount and manner of every capital increase to the extraordinary general assembly. Article 157 governs the authorised capital; Article 149 lets the board increase the issued capital inside it. The opener now says "a capital increase", and a new paragraph takes Article 149 head-on as the closest Kuwait comes to a facility, then explains why it does not change the answer: the board chooses only when to fill headroom the assembly has already created, and Articles 150 and 159 still fix the floor and the permitted methods. That was the strongest argument against the page's verdict, and it had not been met. Read: the Kuwait Companies Law in the KDIPA English translation.

Australia: an instrument number that does not exist yet

The Australia page asserted as fact that ASIC Instrument 2016/82 was repealed on 1 April 2026 and remade as Instrument 2026/96. The number 2026/96 comes from the draft attached to ASIC Consultation CS 36 of 24 November 2025, not from a made instrument, and no 2026 instrument of that title could be found on the Federal Register of Legislation. The page now says only what is evidenced: 2016/82 reached its 1 April 2026 sunset, the Federal Register records it as no longer in force, ASIC published a proposed remake in that consultation, and the replacement must be identified before a conversion notice is drafted. Finding the made instrument is still open. In the same pass the page gained the Service node the other permissive market pages carried and it did not. Read: the Federal Register of Legislation status record.

Sri Lanka: the right section, and a lock-in that is not there

Two corrections. The screen said the Companies Act pre-emption provision was believed to be Section 99 and must not be printed; the CSE Listing Rules cite Section 53(1) three times over, in rules 5.4(f)(iii), 5.5(d)(iv) and 5.10.3(iii), and Section 53(1) is what the Sri Lanka page now names. The screen's resale instruction was then the wrong way round: it recorded lock-in requirements varying by type of further issue, with employee share purchase scheme shares expressly exempt, and told the author to assume a lock-in until shown otherwise. The word "lock" appears in Section 5 only at rule 5.6.7(b), which imposes a one-year lock-in on employee share purchase scheme shares. There is no lock-in in Section 5 on shares issued to a placee by a listed entity, and the page says so, qualified by the fact that requirements can sit outside the Listing Rules. The screen entry was rewritten to match on 10 September 2026. Read: CSE Listing Rules Section 5, in full.

Bangladesh: rewritten on the rules in force

The Bangladesh page rested on the BSEC (Public Issue) Rules, 2015: on the provision deeming a convertible issue to be a repeat public offer, and on the distribution mechanism that went with it. Both are gone. The BSEC (Public Offer of Equity Securities) Rules, 2025, notified on 28 December 2025 and gazetted on 30 December 2025, were made in supersession of the 2015 Rules and repeal them outright. Title, opener, takeaways, table and two FAQ answers were rewritten on the current law, and the governing authority on the page is now the Debt Securities Rules, 2021. An overstatement was removed in the same pass: the page had said there is no private convertible in Bangladesh because the rules do not recognise one, where those Rules reach a private offer as well as a public issue, so a privately placed convertible is recognised and then throttled. Read: the 2025 Rules and the Debt Securities Rules, 2021, both on the Commission's own site.

Two cells on the markets hub

The tier table printed for Nigeria "SEC Rules: private placements capped at 30% of capital and 50 subscribers" — the two figures the Nigeria page withholds as unverified. The hub was asserting more than the page would. That cell now reads "Securities are registered and the offer documents approved before the offer is made", which is what the page supports. The Bangladesh cell attributed a distribution quota to the Issue of Capital Rules, 2001; the quota was never in those rules, and the rules that did carry it are repealed. That cell was rewritten too.

Reporting something this log does not cover

Send the page, the sentence and, if you have it, the source that contradicts it, to info@issuerfinancing.com. A correction need not come from a client or a lawyer to be acted on: if it changes a claim, it changes the page, and it appears here.

General information, not legal advice. The entries above describe changes to pages that summarise statutes, listing rules and resale mechanics in general terms. A correction recorded here is not advice that the corrected position applies to a particular issuer or a particular instrument, and the citation of record for any claim is on the page itself. Take advice from qualified counsel in the relevant jurisdiction.

Primary sources

Corrections and revisions