At a session held on April 20, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions:
1. The Commission imposed a final order of prohibition on a rectified tender offer submitted by I. S. Mihailov EOOD, Bourgas, for the purchase of shares of Monolit – Stil AD, Bourgas, from the company’s other shareholders through the Investment Intermediary BenchMark Finance AD, Sofia City.
2. The Commission issued a licence to Active Properties SPV to undertake the following activities as a special purpose vehicle: investment of pecuniary means accumulated through issuance of securities in real estate properties. The company’s prospectus for public offering of 150,000 ordinary shares, issued as a result of initial increase of company’s capital, has been confirmed.
The company has its seat in the town of Plovdiv, at 37 Nestor Abadjiev Street. Its principal founders are PT-Holding Plc, holding 65.5 % of the company’s capital, and Advance Invest Investment Company, holding 30 % of the capital.
3. The Financial Supervision Commission issued a permit to DSK Garancia AD Insurance Company /undergoing a process of incorporation/ to undertake insurance activities in the field of the general insurance. OTP - Garancia Insurance company LTD /a Hungarian insurance company, having its seat in Budapest/ is a majority shareholder, owning 74 % of the capital of DSK Garancia AD Insurance Company and DSK Bank AD, Sofia, holding 26 %. OTP Bank PLC, Budapest, is the principal shareholder of DSK Garancia AD Insurance Company and DSK Bank AD.
The following types of insurance may be taken out under the aforesaid permit:
1. Fire and natural disasters.
2. Other damages to property.
3. “Travel Assistance” Insurance.
4. The Financial Supervision Commission revoked the licence to undertake insurance-related activities of Bulgarian Mutual Insurance Cooperative Society (BVZK).
This is a voluntary liquidation where the liquidation proceedings are undertaken of the free will of the BVZK’s member-cooperators. At a general meeting held on October 26, 2004 a resolution was adopted on the termination of the activities of BVZK and to carry out liquidation of the Cooperative Society. A person who is to be appointed a liquidator has also been proposed. A liquidation plan for BVZK has also been enclosed with the letter, containing the above resolution, submitted to the Commission.
5. The Financial Supervision Commission adopted at first reading a Draft Ordinance on amendment to Ordinance No. 3 of September 24, 2003 on the terms and procedures for switching participation and transferring the amounts accrued in an insured person’s individual account from one supplementary pension fund to another fund of the same type, managed by another pension insurance company.
The Draft Ordinance shall be coordinated with all persons concerned and published on the FSC’s website.
Through the amendments proposed, it is aimed: firstly, a mechanism to be introduced which shall guarantee that the person insured has voluntarily expressed their own will for switching participation and transferring the amounts accrued in an insured person’s individual account from one supplementary pension fund to another fund of the same type; secondly, the procedures under the Ordinance to be conformed to the requirements under the Personal Data Protection Act /PDPA/ with regard to the procedure for performing update and introducing amendments into the insured person’s data that the pension assurance company processes; and thirdly, to specify or supplement some of the existing texts, in order to attain greater clarity of expression and unambiguousness when implementing these.