Following the introduction of “call warrants” to the capital markets in January 2009 through the enactment of Communiqué Serial No III/36, in the third quarter the CMB enacted a second, the   Communiqué on the Registration and Purchase & Sale of Intermediary Institution Warrants (Serial No III/37)”. This Communiqué allows the issuance of warrants by intermediary institutions (intermediary firms and banks) and indicates the prerequisites for issuers, provisions pertaining to warrants, cover pools, public disclosures, sale and purchase transactions, and registration with and mandatory notifications to the CMB.

For further clarifications on this matter, please refer to our memorandum, entitled “Memorandum on Intermediary Institution Warrants”, which is available through our website.