At a session held on April 14, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions
1. The Commission entered into the FSC’s Public Companies Registry a stock issue issued by ERG Capital – 1 SPV. The size of the issue is 1,000,000 pieces of ordinary voting shares, having a nominal value of BGN 1 each. The initial public offering (IPO) of this issue shares has been successfully completed and trading of the issue on the stock exchange is forthcoming.
2. The Commission approved a tender offer submitted by S&B Holding GmbH, Oberhausen, Germany, for the purchase of shares of Bentonit AD, Kardjali, from the company’s other shareholders through the Investment Intermediary Economic and Investment Bank PLC. The price offered is BGN 23.98 per share.
3. The Commission approved a tender offer submitted by LUKOIL EUROPE HOLDINGS B.V., Holland, for the purchase of shares of LUKOIL NEFTOCHIM BURGAS AD, Burgas, from the company’s other shareholders through the Investment Intermediary Raiffeisenbank (Bulgaria) EAD. The price offered is BGN 27.83 per share.
4. The Financial Supervision Commission (FSC) approved the persons who are to be admitted to examinations in order to acquire the right to undertake activities as a broker or an investment advisor, which examinations are to be held on May 28 and 29, 2005 respectively. The list of the said persons is to be published on the FSC’s website.
5. The Financial Supervision Commission (FSC) adopted at first reading a Draft Ordinance on amendment to Ordinance No. 1 on the requirements related to the activities of investment companies.
Generally, the aim of the amendments proposed is to secure a higher degree of investor protection. Part of the proposals pertains to the information which investment companies submit to their clients, including the information in advertisements and public utterances. It has to be truthful, accurate and not misleading; it may not emphasize the potential benefits of investing in securities, without also stating the risk related to the said investing. Different part of the proposals pertains to enhancing the internal control within investment companies.
The Draft Ordinance on amendment to Ordinance No. 1 on the requirements related to the activities of investment companies shall be coordinated with all persons concerned and published on the FSC’s website.