Начало / News / At a session held on February 1, 2006, the Financial Supervision Commission (FSC)...

At a session held on February 1, 2006, the Financial Supervision Commission (FSC) adopted the following resolutions:


1. The FSC issued a licence to FairPlay Properties REIT to perform activities as a special purpose vehicle, and namely: investment of funds raised through issuance of securities into real estates. The Commission confirmed a prospectus for public offering of 150,000 pieces of ordinary shares having a nominal value of BGN 1 each. The shares issue was issued by the company as a result of initial increase in its capital stock in compliance with a resolution of the General Meeting of the Shareholders dated July 15, 2005.
The company’s founders are FairPlay International JSC, holding 51% of the capital stock, ИД Capman Capital JSC, holding 30%, Mario Zahariev, holding 12%, and Anna Zaharieva, holding 7%.

2. The Commission confirmed a prospectus for secondary public offering of mortgage bonds issued by Bulgarian Post Bank AD, Sofia City. The bonds issue, having ISIN Code BG210003052, amounts to BGN 30,000,000, distributed in 30,000 pieces of mortgage, interest-bearing, secured, non-convertible mortgages, having a nominal value of BGN 1,000 each, a maturity of 36 months, fixed interest percentage rate amounting to 5% simple interest on annual basis, a 6-month period of interest payment, issuance date: November 16, 2005, and maturity date: November 16, 2008.

3. The Commission issued a new licence to Euro Finance AD, Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under the POSA, including underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 1,500,000.

4. The Commission issued a new licence to Beta Corp AD, Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under the POSA, including underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 1,500,000.

5. The Commission issued a new licence to Capital Finance LTD., Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000.

6. The Commission approved amendments in the following samples of Applications for Issuance of Licences/Permits to perform activities and services under Art. 164, para. 1, Art. 164а, para. 1, Art. 202, paras. 1 and 2 of the POSA, and Art. 4, para. 1 of the Special Purpose Vehicles Act, as well as of permission for transformation and winding-up of special purpose vehicles under the procedure established by Art. 27, paras. 2 and 3, and Art. 28 of the Special Purpose Vehicles Act:
• Application for issuance of a licence to perform activities as an investment company
• Application for issuance of a licence to a management company to set up and manage a contractual fund
• Application for issuance of a licence to perform activities as a management company
• Application for issuance of a licence to perform activities as a management company within the territory of the Republic of Bulgaria through a branch of a foreign legal entity
• Application for issuance of a licence to perform activities as a special purpose vehicle
• Application for issuance of a transformation permit to a special purpose vehicle under Art.27, paras.2 and 3 of the Special Purpose Vehicles Act
• Application for issuance of a winding-up permit to a special purpose vehicle under Art.28 of the Special Purpose Vehicles Act

The application samples shall be published on the FSC’s website, Documents Section, Forms and Samples of Documents.