A new applicant must appoint a sponsor under a written engagement agreement to assist it with its initial application for listing.

Note: In the case of a new applicant effecting a placing involving bookbuilding activities (as defined under the Code of Conduct) in connection with a New Listing, a sponsor should, before accepting an appointment by the new applicant as a sponsor, either:
(a) be independent of the new applicant and must ensure that it (or one of the companies within its group of companies) is appointed at the same time as an overall coordinator in accordance with rule 3A.43; or
(b) obtain a written confirmation from the new applicant that at least one sponsor-overall coordinator has been appointed in accordance with rule 3A.43.