In the Securities Offering and Continuing Obligations Rules, it refers to a person who makes an offer, or invites a person to make an offer which, if accepted, leads to the issuance or sale of securities, either by him or by another person with whom arrangements have been made for the issuance or sale of securities. In the Mergers and Acquisitions Regulations, it refers to any person who makes or intends to make an acquisition offer subject to the Mergers and Acquisitions Regulations.