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placement without resorting to a public offering option, must be resolved
in the related authorized body decision.
Registration of Debt Securities and Notification to the Central
Registry Agency (“CRA”)
Debt securities issued domestically must be registered electronically
with the CRA and the rights arising from such securities must be tracked
in the name of the right holder. Likewise, debt securities to be issued
abroad must be registered electronically with the CRA.
The Board may, upon request from the issuer, give exemption to the
requirement of the securities to be registered in the CRA so that the debt
securities can be issued abroad. In such a case, the issuer must submit the
following information to the CRA within 3 business days from the date
of issuance of the securities abroad: amount of the issuance, date of the
issuance, ISIN No., the commencement date of the term, maturity date,
interest rate, clearing agent, currency and a list of countries where the
issuance is conducted.
For issuances made before the Communiqué came into force and if
the debt securities are still and currently in circulation, the issuers shall
inform the CRA within one month following the effective date of the
Communiqué of any debt securities issued abroad.
Issuance Limit
The issuance limit is calculated based on the annual financial
statements for the fiscal year that are prepared in accordance with Board
regulations regarding financial statements and reporting for companies
traded on the exchange, and that are subject to independent auditing.
The issuance limit for public companies cannot exceed five times
that of the equity amount provided in their annual financial statement,
whereas for non-public companies the maximum issuance limit can be
three times that of the equity amount provided in the financial statement.
If the company is preparing consolidated financials then the equity of the
parent company shall be taken into consideration.