Контекст такой:
A placing is the obtaining of subscriptions for or the sale of securities by an issuer
or intermediary primarily from or to persons selected or approved by the issuer or
intermediary

Не могу понят вот что: from or to persons
Док-т про методы листинга на бирже.

A placing is the obtaining of subscriptions for securities from persons selected or approved by the issuer or intermediary or the sale of securities to persons selected or approved by the issuer or intermediary primarily