At a session held on October 5, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions:
1. The Commission entered Advance Terrafund REIT as a public company. The Commission also entered an issue of the company’s shares for the purpose of trading these on a regulated market. The said issue amounts to 150,000 pieces of shares, having a nominal value of BGN 1 each. The issue’s initial public offering has been successfully completed.
2. The Commission issued a licence to BenchMark Asset Management AD Management Company to organise and manage a BenchMark Fund – 1 Contractual Fund. The Commission approved a prospectus for public offering of the Fund’s units. The Fund and the unit issue have been entered into the FSC’s Public Registry. The Contractual Fund is of the conservative type. Each unit’s nominal value is BGN 100.
3. The Commission issued a licence to DSK Asset Management Management Company to organise and manage a DSK Balanced Fund Contractual Fund. The Commission approved a prospectus for public offering of the Fund’s units. The Fund and the unit issue have been entered into the FSC’s Public Registry. Each unit’s nominal value is BGN 100.
4. The Commission imposed a final prohibition on a tender offer submitted by Bul-Vin EOOD, Petrich, for the purchase of shares of BRAVO JSCo, Kolarovo Village, from the company’s other shareholders through Zagora Finacorp JSCo Investment Intermediary, Stara Zagora.
5. The Commission passed Ordinance on Amendments to Ordinance No. 11 on authorizations to carry out activity as Stock Exchange, organiser of unofficial securities market, investment intermediary, investment company, management company and special investment purpose company. The publication of the said Ordinance in the State Gazette is forthcoming.
Under the above Ordinance, it is provided for amendments to the Ordinance valid until now with a view to its alignment with the amendments to the POSA (SG, Issue 39 of May 10, 2005). The term ‘permit’ has been substituted by ‘licence’. The requirements with regard to the documentation required for issuance of a licence to organise and manage a contractual fund; for issuance of an approval to amend the contractual fund’s rules and regulations, and/or the portfolio evaluation rules, and fixing the contractual fund’s assets’ net value, and for issuance of an approval to amend the depository services contract are established. Upon issuance of a licence to an investment intermediary and to a management company, the requirement to submit a document for initiation fee deposited with the Investors in Securities Compensation Fund, and a bank document certifying that each person of those subscribed units or shares has deposited the full amount of the installments due is introduced. A requirement is introduced with reference to the investment intermediaries to submit an activity plan and rules and regulations regarding the private transactions in securities of the members of the management and supervisory bodies of the investment intermediary, the investment intermediary’s employees, and the persons related to these. Similar requirement is also introduced with reference to the management companies.