NEWSLETTER-2017

224 NEWSLETTER 2017 The Board Fee The Board fee is reduced from 0.2% to 0.15% of the issuance value for maturities greater than 730 days in a way to support the issu- ers’ long-term debt issuance. No change, however, has been made for other maturities. As for the cross-border issuance of the debt securities, the fee shall be deposited to record as income on the Board’s budget, prior to the sale of each tranche following the delivery of the tenor issue docu- ment to the issuer. If the issue is to be made in foreign currency, the amount that is the calculation basis of the Board fee shall be calculated according to its equivalent of Turkish currency, calculated over the relevant indicative exchange selling rate or informative exchange rates of selected currencies that are not subject to transactions announced by the CBRT on the previous business day before the date of applica- tion to the Board. This provision shall also apply in cases where the cross-border issuance is to be made over a currency other than the currency of the issue limit. Principles on Bonds It is essential to not make amendments on principles regarding payment conditions and interest rate to be paid for bonds; however, the legal obligations and de facto impossibilities are reserved. Making amendments on the interest rate and maturity of the debt securities issued domestically to be sold without public offering is only possible when the investors grant written consent to such amendments. The Board is entitled to determine the principles regarding the amendment requests on the conditions of debt securities issued domestically to be sold through public offering. All issuers may repurchase issued bonds. It is possible to sell and hold these repurchased bonds to maturity, or cancel them prior to ma- turity, by making necessary transactions before the CRA. The Board may determine different principles for these transactions depending on the type of the issuer. In this regard, the repurchase and resale prices applicable to over-the-counter transactions shall be disclosed on the issuer’s website. The issuer is responsible for the inequality of