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LEGAL UPDATES
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The Loan (Development) (Amendment) Law of 2012” and “The Loan (Development) (Amendment) Regulations of 2012
02.03.2012
Area(s) of Practice: Capital Markets, Constitutional, Public and Administrative Law

“The Loan (Development) (Amendment) Law of 2012” and “The Loan (Development) (Amendment) Regulations of 2012”
The purpose of the amending law is to grant the authority to the Minister of Finance to issue securities on behalf of the Republic, without this being necessarily connected with a loan, as was provided up to this point in Section 4 of the basic law. The Finance Minister may now issue securities (including bonds) irrespective of any loan taken, i.e., in case such an issuance may be used as a guarantee for the Republic or the credit institutions. Also, the said Minister may issue securities in order to exchange them with other transferable securities (financial products).
Furthermore, according to the amending Regulations, securities may now be provided by auction, syndicated or by private placement, and may be provided for selling, exchange with other financial products or as a guarantee. This is the provision of new Section 5 of the said regulations.

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