NEWSLETTER-2017

225 CAPITAL MARKETS LAW transactions among investors. These matters may be determined freely between the issuer and the investor; however, the legislation of the country where the issuance takes place is reserved. Conclusion Recent amendments to the Communiqué allow more flexibility for issuers and investors, and provide improvements on the issue and sale process of the debt instruments, issue limits and the Board fee. Along with the above, the authority of the Board has been expanded, and the issuer-based approach of the Board is emphasized, instead of setting the boundaries sharply within the legislation