NEWSLETTER-2017

221 CAPITAL MARKETS LAW body resolution, the Board assumes that the application is made for issuance of bonds and financing bills, only. Application to the Board and Required Documents Annexes to the Communiqué regulating the documents required for approval of the prospectus on debt securities to be sold domesti- cally, through or without public offering, or internationally, are up- dated, as well. In addition, the obligation to apply to the Board for the approval of issue documents before each tranche of cross-border issuances has been abolished, the issuers should apply to the Board by using secure electronic signatures within the framework of the procedures and principles of the Board, following the granting of the issuance certificate approved by the Board, prior to the sale of each tranche of cross-border issuances. Registration of Debt Securities and Notification to the Central Registry Agency Previously, domestic and cross-border issuances of debt securi- ties must have been registered electronically with the Central Registry Agency (“CRA”), and the respective rights relating to those securities must have been tracked. However, upon the issuer’s request, the Board might have given exemption to the registration requirement for cross- border issuances. The recent regulation has abolished this requirement; thereby, the issuer must only submit the issuance amount, issuance date, ISIN code, the commencement date of the term, maturity date, interest rate, custodian, information regarding the currency and coun- try where the issuance is conducted, to the CRA, within three business days following the issuance date. Any changes to such information, including early redemption of debt securities, should be reported to the CRA within three business days following the date of change. Issuance Limit The date of application to the Board for approval of a prospectus or issue document shall be taken into consideration in the calculation