Regulatory Alerts2018-01-01
Decision No. 173 of 2018 Regarding the Rules and Procedures for Issuing and Offering Short-Term Bonds
The Financial Regulatory Authority (FRA) issued Decision No. 173 of 2018 to establish the regulatory framework and procedures for the issuance and offering of short-term bonds and debt instruments with maturities not exceeding two years. The regulation defines eligible issuers, including joint stock companies, licensed financial entities, and SMEs, while mandating specific financial reporting, governance approvals, and minimum credit rating requirements for market entry. It further restricts private subscriptions to qualified financial institutions and financially sound investors, sets strict timelines for independent and program-based issuances, and enforces continuous disclosure and exchange listing obligations.
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