NEWSLETTER-2017

220 NEWSLETTER 2017 by a bank or a third party legal entity, or that the sale was to be made only to qualified investors. The Board may also determine the qualifi- cations of the persons to whom the sale is directed, and/or conditions of sale, and may shorten the validity period of the issuance certificate. Thus, the Board’s authority to intervene in the sale and determine the conditions of sale has been expanded. The issuer, who has an effective issuance limit approved by the Board, may also apply to the Board for the approval of a new issuance limit. In this case, all or part of the debt securities that have not yet been sold within the previous issuance limit, may be cancelled upon the request of the issuer and approval by the Board. In accordance with the new obligation placed upon the issuer through the amendment, if the debt securities are issued to be sold without public offering, and are planned to be traded at the exchange, the latest financial statements of the issuer that have undergone an independent audit/examination shall be announced in the Public Dis- closure Platform (“PDP”) together with the application form and the issuance certificate. Repeating the announcement is unnecessary if the financial statements have already been announced in the PDP. Authorized Body Decision The general assembly, or the board of directors authorized by the general assembly or through the articles of association, may take a resolution for the issuance of debt securities. The maximum amount of debt securities intended to be issued, and whether the sale will be held domestically through or without public offering, or internationally, must be resolved in the respective authorized body resolution. If the debt instruments are intended to be issued as convertible bonds, exchangeable bonds, or according to the provisions of Article 34 of the Communiqué (this Article contains pro- visions on debt instruments which are acknowledged by the Board as debt securities due to its nature), the type of the debt security must also be clearly stated in the respective authorized body resolution. If only the wording of “debt instrument” is used in the respective authorized