86 NEWSLETTER 2021 the amendment draft must be approved in the general assembly of the partnership within six months. At the end of this period, the approval of the CMB on the draft becomes invalid. Following the amendment of the articles of association in accordance with the legislation, the stage of preparing the prospectus would start. At this stage, a prospectus prepared in accordance with the provisions of the Communiqué on Prospectus and the documents listed in Annex 2 (Documents Required for the Approval of the Prospectus for the Public Offering of the Existing Shares of the Partnerships) thereof are submitted to the CMB. It is stipulated under Article 17 (Validity Time of Prospectus) of the Communiqué on Prospectus that the prospectus shall be valid for all issues to be realized within twelve months following the date of first publication thereof. The mentioned period is subject to the condition of keeping the document up-to-date. As per Article 19 (Application Processes) of the Communiqué on Prospectus, in the first public offerings, the CMB must reach a decision within twenty business days from the application for approval of the prospectus. According to Article 22 (Approval and Delivery of Prospectus and Issue Document), if the application is rejected as a result of the examination made by the CMB, the relevant rejection decision is notified in writing, together with a justification. It is stated under Article 28 (Registration and Publication of Prospectus, and Publication of Issue Document) of the Communiqué on Prospectus that within five business days from the application made to the CMB, the applicant is announced on the website of the partnership, if there is a PDP membership than on the PDP and, if any, on the website of the authorized institution. If the CMB approves, then the prospectus received within twenty days is announced again in the subsequent fifteen days, as approved, through the above-mentioned channels. If it is announced on the PDP, the validity period of the approved prospectus starts from this date or, if it is not announced on the PDP, then from the date it is announced on the website of the applicant. Finally, as per Article 30 (Notification to the CMB) of the Communiqué on Prospectus information of the Turkish Trade Registry
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