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.

The Social Insurance Supervision Division of the Financial Supervision Commission has announced the final results of the activities on supplementary pension insurance for year 2004. The net assets’ total amount as of December 31, 2004 accumulated by the three types of pension funds – voluntary, occupational and universal – amounts to BGN 787,414,000, which shows an increase of 54 % compared to the end of year 2003. As of the same period, the number of insured persons has reached 2,716,367.
Detailed information on the results of the activities on supplementary pension insurance for year 2004 may be found under the Statistics Rubric, Social Insurance Market Statistics and Analyses Section.

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.

 On April 13, 2005, the National Assembly elected Ms. Ralitsa Againe Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Division.
Ms. Ralitsa Againe was MP with the 39th National Assembly. In her capacity of MP, Ms. Againe was member of the Economic Policy Committee and Chair of the Subcommittee on Investments and Capital markets under the Parliamentary Economic Committee.
Ms. Againe is also member of the Standing Delegation to the NATO Parliamentary Assembly. Deputy Chairperson of the Bulgaria-US Inter-parliamentary Friendship Group. Founder and member of the Supervisory Board of the Investors Association.

Ms. Dimana Rankova, Deputy Chairperson of the FSC, Head of the Investment Supervision Division, has refused to delete ZSK LOZOVO PLC, Burgas, as a public company from the Public Companies and Other Issuers of Securities Register kept by the FSC.
The complete text of Resolution No. 224 may be found under the Documentation Section.

Ms. Dimana Rankova, Deputy Chairperson of the FSC, Head of the Investment Supervision Division, has overruled Resolution No. 86-ПД dated June 19, 2002 of the State Securities Commission (the SSC), under which deletion of Antikoroza AD, Knezha, as a public company from the Register kept by the SSC, was denied.
Ms. Rankova deleted Antikoroza AD, Knezha, from the Register kept by the FSC by virtue of Art. 30, Para. 1, Item 3 of the Financial Supervision Commission Act.
The complete text of Resolution No. 233 may be found under the Documentation Section.

The Commission imposed a final order of prohibition on a tender offer submitted by Terra Tour Service EOOD, for the purchase of shares of Eztour JSC, from the company’s other shareholders through the Investment Intermediary Karoll AD Financial House.