1. The FSC confirmed a prospectus for secondary public offering of an issue of municipal bonds, issued by Stara Zagora Municipality. The issue is to the amount of BGN 5,000,000; distributed into 5,000 pieces of bonds, having a nominal and issue value of BGN 1,000 each.
The issue has a 120-month maturity, fixed coupon of 6% on annual basis, a six-month period of interest payment, issuance date: May 31, 2005, and a maturity: May 31, 2015.
Stara Zagora Municipality was entered into the FSC’s Public Registry as an issuer.

2. The Commission confirmed a prospectus for secondary public offering of corporate bonds, issued by TBI Credit EAD, Sofia City. The issuer and the issue were entered into the FSC’s Public Registry.
The issue is to the amount of BGN 20,000,000, distributed into 20,000 pieces of bonds, having a nominal and issue value of BGN 1,000 each, a 36-month maturity, fixed coupon of 7.5% on annual basis, a six-month period of interest payment, issuance date: July 6, 2005, and a maturity: July 6, 2008.

3. The FSC approved an application submitted by Real Finance AD Investment Intermediary, Varna, for abandonment of effecting transactions in securities for own account, underwriting securities issues and borrowing securities.

4. The Commission adopted Practice on Liquid and Exigible Liabilities of an Insurer.
The said Practice shall be published on the FSC’s website, Documents Section, Instructions and Requirements.

5. The FSC acknowledged the qualifications to perform activity as an investment advisor acquired by Georgi Georgiev Koynov.

The Commission entered Web Media Group JSC, Sofia City, as a public company into the FSC’s Registry. The Commission also entered an issue of the company’s shares for the purpose of trading these on a regulated market. The issue is a result of increase in the company’s capital from BGN 710,000 to BGN 1,420,000 through issuance of new 710,000 pieces of shares, each having a nominal value of BGN 1.

1. The Commission imposed a temporary 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 JSC Financial House.

2. The Commission entered Sturgeon AquaFarms Bulgaria, LLC. as a public company into the FSC’s Registry. The Commission also entered an issue of shares, which issue is a result of increase in the company’s capital from BGN 1,000,000 to BGN 1,716,330 through issuance of new 71,633 pieces of shares, each having a nominal value of BGN 10.

3. The Commission entered into the Public Registry an issue of shares with the purpose of trading these in a regulated securities market, issued by Elana Agricultural Land Opportunity Fund REIT. The issue, whose initial public offering was successfully completed, amounts to 1,996,068 pieces of shares, each having a nominal value of BGN 1.
 
4. The Commission adopted Practice on the Application of Art. 31, Para. 1, Item 4 of the Insurance Act in connection with Art. 252, Para. 1, Item5 of the Commerce Act.
The above Practice clarifies the procedure for divestment of a licence of an insurance joint-stock company in the presence of inadequacy in the net asset value in relation to the registered capital and inaction by the insurer’s General Meeting of Shareholders. The concept of ‘net asset value’ is clarified, and the possible measures are specified, which may be undertaken by the insurers in order to rectify the discrepancy between the net value and the registered capital.
The said Practice shall be published on the FSC’s website, Documents Section – Instructions and Requirements.
 
5. The Commission adopted Instructions with regard to the interpretation and application of Art. 5, Para. 3 and Art. 7 of Ordinance No. 19 of the FSC of December 8, 2004 on the terms of establishing pension reserves in the pension insurance companies managing a universal pension fund and/or supplementary voluntary pension insurance fund.
Under the above Instructions, the moment of establishing a pension reserve by the pension insurance company for the respective fund managed by it and paying life pensions is specified.
The said Instructions shall be published on the FSC’s website, Documents Section – Instructions and Requirements.