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CAPITAL MARKETS LAW
219
The Board Fee
The fee to be paid to the Board is calculated from the issuance value
in accordance with the rates below:
a) maturity up to 179 days, 0,05%,
b) maturity between 180 and 364 days, 0,07%,
c) maturity between 365 and 730 days, 0,1%
d) maturity longer than 730 days, 0,2%
The fee for debt securities issued abroad shall be paid before the
serial issuance certificate (which is prepared before each issuance
within the issuance limit) is approved and given to the issuer. Where the
serial issuance certificate is prepared in a foreign currency, the amount
constituting the basis for the calculation of the Board fee shall be
determined in the Turkish Lira equivalent, which will be calculated by
taking into account the CBT selling exchange rate on the business day
prior to the application to the Board for approval of the related serial
issuance certificate.
Conclusion
Although the Communiqué does not fully change the Communiqué
(Serial: II, No: 22), certain points have been modified pursuant to
provisions of the TCC and Capital Markets Law No. 6362. The issuance
limits have been changed with the new Communiqué. Further, the
registration requirement with the CRA for issuances abroad has been
introduced.