1. The Commission issued a new licence to Karoll Capital Management EAD to perform activity as a management company.

2. The Commission issued a licence to Alpha Asset Management EAD to perform activity as a management company.

3. The FSC issued a licence to Bulgarian Investment Group REIT to operate as a Real Estate Investment Trust (REIT), 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 has been issued by the company as a result of initial increase in its capital, in compliance with a resolution of the General Meeting of the Shareholders dated March 10, 2005.

4. The FSC issued a new licence to Intercapital Markets JSC, 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. 

5. The FSC issued a new licence to Capman JSC, 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, 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. 

6. The FSC issued a new licence to Status Invest JSC, 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, 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. 

7. The FSC issued a new licence to TBI Invest EAD, 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, 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. 

8. The Commission entered a subsequent shares issue of Alkomet AD, town of Shumen, into the Register kept by the FSC as a result of increase in the company’s capital stock and amounts to 13,464,477 ordinary shares, having a nominal value of BGN 1 each.

9. The Commission entered Quantum Developments Real Estate Investment Trust Plc-Sofia as a public company. The Commission entered an issue amounting to 650,000 pieces of ordinary shares, having a nominal value of BGN 1 each into the Public Register for the purpose of trading these on the stock exchange.

10. The Commission entered a subsequent shares issue, the purpose of which being trading these on a regulated securities market, issued by Park REIT as a result of increase in the company’s capital stock from BGN 650,000 to BGN 5,200,000 through issuance of new 4,550,000 shares having a nominal value of BGN 1 each and issue value of BGN 1.02 each.

11. The Commission entered Intercapital Property Development REIT as a public company into the Register maintained by the FSC. The Commission entered an issue amounting to 750,000 pieces of ordinary shares, having a nominal value of BGN 1 each. The issue results from a successful completion of shares’ initial public offering.

12. The Commission issued a licence to Raiffeisen Asset Management (Bulgaria) EAD Management Company to organise and manage, whilst also approving the prospectuses of, the following contractual funds:
– Raiffeisen (Bulgaria) Fund Money Market
– Raiffeisen (Bulgaria) Fund Bonds
– Raiffeisen (Bulgaria)  Fund Shares
– Raiffeisen (Bulgaria)  Fund Balanced Fund

13. The Commission entered the following persons as professional investors into the FSC’s Register: Ivan Georgiev, Miroslav Avdjiev, Irina Belcheva, and Vladimir Zhelev.

14. The Commission adopted at first reading a Draft Regulation on the Organization and the Activities of the Guarantee Fund. The Regulation’s co-ordination with all interested parties is forthcoming. The Draft shall be published on the FSC’s website.

1. The Commission issued an irrevocable repudiation to confirm a prospectus for secondary public offering of corporate bonds issued by COMMERCIAL LEAGUE NATIONAL PHARMA CENTRE, INC., Sofia City. Among other motives for the repudiation, non-conformity of the prospectus submitted with the FSC’s recommendations, as well as the company’s high indebtedness were cited.

2. The Commission withdrew the licence to perform activity as an investment intermediary of Accept Invest AD, Sofia City (current name: Accept Finance AD).
The licence withdrawal was at the request of the investment intermediary.

3. The Commission issued a new licence to First Financial Brokerage House 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 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 Bulbrokers 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 Dealing Financial Company Plc, 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 adopted Ordinance on the terms and conditions of and the procedure for customer assets’ valuation. The Ordinance’s promulgation in the State Gazette is forthcoming.
The customer assets’ valuation at the investment intermediaries is performed in order to calculate the amount of the annual installment which the investment intermediaries are to deposit with the Investors in Securities Compensation Fund. On the basis of the above valuation, the compensation amount shall be also determined, which compensation is to be paid by the Investors in Securities Compensation Fund to the customers of an investment intermediary in the cases where bankruptcy proceedings have been instituted for the investment intermediary or the competent supervisory authority has established that the investment intermediary is unable to perform its obligations toward its customers.

The Ordinance shall come into force within a one-month time period as of its promulgation in the State Gazette. Within the aforesaid time period, the investment intermediaries are to recalculate the amount of customers’ assets in compliance with the rules provided for under the Ordinance. On the day of the Ordinance’s entry into force, the investment intermediaries shall submit to the FSC and the Investors in Securities Compensation Fund reference information on the customers’ assets as of the last day of each month for the period from the month of October 2005 to the Ordinance’s entry into force.

7. The Commission adopted Amendment Ordinance of Ordinance No. 6 on the capital adequacy and liquidity of the Investment Intermediaries.
The Ordinance’s promulgation in the State Gazette is forthcoming.

8. The Commission established a procedure for holding the examination required for the acquisition of the right to perform activity as broker or investment advisor in 2006.

The examination dates are as follows:
Examination required for the acquisition of the right to perform activity as broker: May 27, 2006.
Examination required for the acquisition of the right to perform activity as investment advisor: May 28, 2006.

Applications for admission to the examinations shall be submitted from March 1, 2006 to March 31, 2006 at the FSC’s Records Section. Within a one-month time period, the FSC shall render its opinion with regard to the applications and shall notify in writhe applicants on the decision taken. The list of candidates admitted to the examinations shall be publicly announced. The candidates admitted to an examination are to declare their participation at the FSC’s Records Section at least one week prior to the examination, and shall submit a document proving fee deposit into a Commission’s account.

The procedure for holding the examination required for the acquisition of the right to perform activity as broker or investment advisor in 2006 shall be published on the FSC’s website under the Documents Section, Instructions and Requirements.

9. The Commission withdrew a decision on refusal to issue a licence to Transinvestment REIT to perform activities as a special purpose vehicle. The company’s application for licence issuance is to be heard de novo.

10. The Commission entered Petar Iliev Goranov as a professional investor into the FCS’s Register.

11. The Commission refused to acknowledge the qualifications acquired by Martin Hristozov to exercise activities as an investment advisor.

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.