In accordance with the CMB policy to encourage fundraising from capital markets, provisions of the Communiqué of Principles on Conditions of Exemption and Delisting of Issuers (Serial: IV No. 39) regarding exemption conditions was amended on 16 March 2011. The amendment seeks to decrease the costs of issuers and make capital markets a viable alternative for fundraising especially for small and medium enterprises (“SMEs”). The amendment includes an exemption from the obligation to distribute first dividends for companies that will be traded on the ISE Emerging Companies Market for a maximum of three accounting periods after their registration by the CMB. Furthermore, SMEs that issue securities will not be required to publish a prospectus for issuances under a certain limit. As an another amendment, issuers exempt from the requirement to publish a prospectus due to bond issuances to qualified investors have also been exempted from the obligation to submit annual and interim financial statements to the CMB and the exchange, as well as from the statutory audit obligation for mentioned financial reports.