The Investment Supervision Division at the Financial Supervision Commission issued a permit to KD PELIKAN AD Investment Company to invest up to ten per cent of its assets in shares of INDUSTRIAL HOLDING BULGARIA AD, DOVERIE UNITED HOLDING AD and ALBENA AD, while observing the restriction stating that the total value of the investments up to 10 per cent shall not exceed 20 per cent of the investment company’s assets.

1. The Commission approved a prospectus for secondary public offering of a corporate bonds issue to the amount of EUR 1,000,000 (say: one million euro), allocated in one thousand (1,000) pieces of the following type: ordinary, registered, dematerialized, interest – bearing, fully transferable, secured corporate bonds, having a nominal and issue value of EUR 1,000 (say: one thousand euro) each, and original maturity of thirty-six (36) months, having floating interest rate to the amount of the six-month EURIBOR plus 5.5 % on an annual basis, and interest payments every six (6) months, issued by HypoCredit AD, Sofia.
The Commission entered HypoCredit AD as an issuer and the issue specified above into the Public Companies and Other Issuers of Securities Register.
2. The Commission issued a temporary prohibition on the publication of a tender offer submitted by Chimimport AD, Sofia, for the purchase of shares of Prospecting and Extraction of Crude Oil and Gas AD, Sofia, from the company’s other shareholders through the Investment Intermediary Real Finance AD, Varna.
3. The Commission approved amendments to the Articles of Association of BenchMark Fund Estates REIT. 
4. The Commission issued a licence to Elana High Yield Fund AD to perform the following activities as an open-end investment company: investment in securities of funds raised through public offering of shares where observing the risk allocation principle.
5. The Commission adopted at first reading a Draft Ordinance on Introducing Amendments to Ordinance No. 12 on the method and procedure for establishing the minimum yield when managing the assets of supplementary compulsory pension insurance funds in order to cover the difference up to the minimum yield and on formation and utilization of the reserves allocated to guarantee the minimum yield.
The draft shall be forwarded in order to be coordinated with the interested persons and organizations and shall be published on the Commission’s website.

The Financial Supervision Commission adopted the following resolutions at a meeting held on February 15, 2005:
1. The Commission imposed a temporary prohibition on a tender offer submitted by ET Zaara – Yancho Ivanov, Stara Zagora, for the purchase of shares of Parvomai BT AD, Parvomai, from the company’s other shareholders through the Investment Intermediary Aval In AD, Sofia.
2. The Commission imposed a temporary prohibition on a tender offer submitted by Bulgaria – Tex AD, Svilrengrad, and Bulgaria 2000 AD, Kazanlak, for the purchase of shares of Bulgaria – K AD, Kazanlak, from the company’s other shareholders through the Investment Intermediary Bulbrokers AD, Sofia.
3. The Commission imposed a temporary prohibition on 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, Sofia.
4. The Commission approved a prospectus for public offering of 7,150,000 pieces of shares, having a nominal value of BGN 1 each, issued by BenchMark Fund Estates REIT as a result of increase in the company’s share capital to the amount of BGN 7,800,000. The capital increase shall be performed through issuance of 650,000 rights, each one entitling the shareholders to the right to subscribe for 11 shares of the capital increase.
5. The Commission adopted a Procedure for holding examinations to gain the right to perform activities as a broker or an investment consultant in year 2005. The Procedure for holding the examinations, as well as the topical synopsis for the examinations, shall be published on the Commission’s website.
The Commission fixed dates for holding the examinations as follows:
May 28, 2005 – Examination to gain the right to perform activities as a broker
May 29, 2005 – Examination to gain the right to perform activities as an investment consultant
6. The Commission adopted Regulations on Introducing Amendments to the Rules Governing the Organization and the Activities of the Guarantee Fund.
By adopting the Law on Introducing Amendments to the Insurance Act in October last year, the status of the Guarantee Fund /GF/ was also amended. The adoption of Rules Governing the Organization and the Activities of the Guarantee Fund, as well as the current supervision on conformity with the law, which is exercised by the Commission over the fund, fall within the scope of the Financial Supervision Commission’s prerogatives. The said fund is managed by a managing board comprising a chairperson and four members, elected by the Management Board of the Association of Bulgarian Insurers /ABI/ among representatives of the insurers who conduct activities on the conclusion of the compulsory Civil Liability insurances with the owners, users, holders and drivers of vehicles, as well as Accident insurance. The new points introduced under the Rules are as follows:
– The GF’s funds, decreased by the reserve for forthcoming payments, may not be less than BGN 3 mln.; when the Fund’s funds drop below this minimum amount for more than a month, the deficit shall be made up for with funds of the insurers who conclude compulsory insurances;
– The timeframe for delivering a judgment on a claim may not be longer than 30 days, where in the case of expiration of the said timeframe, default interest shall be due to the damaged person from the date, on which the timeframe for delivering the judgment on the claim expired.
The new Draft Rules were submitted by the ABI, amended by the experts with the FSC, adopted on today’s session of the Commission, and is to be promulgated in the State Gazette.

The Commission issued  to Mrs. Antoaneta Gancheva a license for actuary of pension funds

The Commission approved an Ordinance on the form and the content of the annual financial report of the insurance and health insurance companies.

The Commission approved prospectus for secondary public offering of bonds issued by Commercial Bank “Allianz Bulgaria”. The bonds issue has the following characteristics :

Issuer : Commercial Bank “Allianz Bulgaria”
Type of securities: ordinary, dematerialized, fully transferable, interest – bearing,  mortgage bonds
Size of the issue: 15 000 bonds
Nominal value:  Euro 1000  per bond
Annual interest rate : 5.75%
Term to maturity : 60 months
Payments : every 6 months

The Commission registered with its public register share issue of “BenchMark Fund Property”. The initial public offering of shares of this issue has been successfully completed, and the share issue is to be traded on the stock exchange.

The share issue has the following characteristics :

Issuer : Special Investment Purposes Company “BenchMark Fund Property”
Type of securities: ordinary, dematerialized, fully transferable, voting shares
Size of the issue: 150 000 shares
Nominal value:  BGN 1  per bond