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.

1. The Commission approved an amended tender offer submitted by Yaitsa i Ptici AD (Eggs & Birds JSC), the village of Donchevo, for the purchase of shares of Yaitsa i Ptici – Zora AD, the village of Donchevo, from the company’s other shareholders through Bulbrokers AD Investment Intermediary. The price offered per one share is BGN 29.32.
2. The FSC adopted Regulations on the Structure and Activities of the Investors in Securities Compensation Fund.
The publication of the said Regulations in the State Gazette is forthcoming.
3. The FSC adopted at second reading a Final Draft of the Insurance Code.

1. The Commission entered into the FSC’s Registry an issue of shares to the amount of 2,262,267 pieces of ordinary, dematerialized, registered, freely transferable voting shares, having a nominal and issue value of BGN 1 each, and issued by Bulgarian Rose Sevtopolis JSC, Kazanlak.

2. The Commission did not issue a temporary prohibition on the publication of a tender offer submitted by Tourist Trust Single Person LLC, Sofia City, for the purchase of shares of Intertravelservice JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Capman Inc., Sofia City. The price per share is BGN 22.31.

3. The Commission denied issuance of an approval for an amended prospectus for secondary public offering of an issue of shares issued by Hygia JSC Multi-Profile Hospital for Active Treatment /MPHAT/, Pazardjik, and entering the company as a public one.

 4. The Commission divested Aval IN JSC Investment Intermediary, Sofia City, of the right to effect transactions in securities for its own account and to underwrite issues of securities.

 5. The Commission issued a licence to DSK Asset Management AD to perform the following activities in its capacity of a management company:
– Managing the activities of collective investment schemes and of close-ended investment companies, including:
• investment management;
• administration of units or shares, including legal and accounting services in connection with the asset management, investors’ information requests, assets evaluation and calculation of the units or shares’ price, control on the observance of the legal requirements, keeping of the unit holders or shareholders’ book, allocation of dividends and other payments, issuance, sale and repurchase of units or shares, fulfillment of contracts, book-keeping;
• marketing services.

DSK Asset Management AD Management Company may also provide the following extra services:
• management, pursuant to a contract concluded with the customer, of an individual portfolio, including such of an institutional investor, including securities, at the company’s own discretion, without special orders submitted by the customer;
• provision of investment consultancy with regard to securities.

 6. The Commission adopted at first reading a Draft Ordinance on Amendments to Ordinance No. 18 of November 10, 2004 on the compulsory insurance. The said Draft shall be published on the FSC’s website.

7. The Commission issued a permit to TBI ASSET MANAGEMENT EAD Management Company to organise and manage TBI DYNAMIC Contractual Fund.
The Commission entered the Fund into the Registry kept by the FSC.
The Commission approved a prospectus for public offering of units of TBI DYNAMIC Contractual Fund and entered the issue of units into the Public Registry kept by the FSC.
The Commission entered the Fund as an issuer into the Registry kept by the FSC.

8. The Commission issued a permit to DSK ASSET MANAGEMENT Management Company to organise and manage DSK STANDARD Contractual Fund.
The Commission entered the Fund into the Registry kept by the FSC.
The Commission approved a prospectus for public offering of units of DSK STANDARD Contractual Fund and entered the issue of units into the Public Registry kept by the FSC.
The Commission entered the Fund as an issuer into the Registry kept by the FSC.

9. The Commission issued a permit to SENTINEL ASSET MANAGEMENT AD Management Company to organise and manage SENTINEL – PRINCIPAL Contractual Fund.
The Commission entered the Fund into the Registry kept by the FSC.
The Commission approved a prospectus for public offering of units of SENTINEL – PRINCIPAL Contractual Fund and entered the issue of units into the Public Registry kept by the FSC.
The Commission entered the Fund as an issuer into the Registry kept by the FSC.

1. The Commission approved the prospectus for secondary public offering of an issue of corporate naked debentures issued by the Bulgarian-American Credit Bank Plc. The said issue amounts to EUR 8 mln. allocated in 8 thousand pieces of ordinary, interest-bearing, registered, dematerialized, freely-transferable, naked corporate debentures, having nominal and issue value of EUR 1,000 each. The maturity set is 36 months, with a 6-month period of interest payments. The Commission entered the above issue into the Registry.

 2. The Commission divested the investment intermediary Capital Finance LLC, Sofia City, of the right to effect transactions in securities for its own account, to underwrite issues of securities and the right to borrow securities.

 3. The Commission approved a recovery programme of the investment intermediary MacCup Brokers JSC, Sofia City, with regard to the sale of shares of the company’s own securities portfolio. The programme’s implementation timeframe is until September 26, 2005.

 4. The Commission issued a licence to Advance Terrafund SPV to perform activities as a special purpose vehicle, and namely: investment of funds raised through issuance of securities into real estates (real estate securitisation). The Commission approved a prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely-transferable voting shares, having nominal and issue value of BGN 1 each, as a result of increase in the company’s capital. The Commission entered the above issue into the Public Companies and Issuers of Securities Registry.

 5. The Commission issued a final prohibition on the publication of a tender offer submitted by Tourist Trust SPLTD., Sofia City, for the purchase of shares of Intertravelservice JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Capman Inc., Sofia City.

6. The Commission issued an actuarial licence of pension assurance companies and of the funds for supplementary pension insurance managed by these to three persons: Hristina Miteva, Dochko Boyadjiev and Valentina Ivanova.

1. The Commission approved a prospectus related to a secondary public offering of shares issued by Euroterra Bulgaria JSC, Sofia City. The said issue is to the amount of BGN 2 million, allocated in 2 million pieces of ordinary, registered, dematerialized, freely transferable shares, having a nominal value and issue price of BGN 1 each. The Commission entered the aforesaid issue into the Registry for the purpose of trading these on the regulated market, and entered Euroterra Bulgaria JSC as a public company.

 2. The Commission approved a prospectus related to a secondary public offering of an asset-backed security, corporate bonds issued by TECHNOLOGICAL CENTRE – INSTITUTE OF MICROELECTRONICS (TC-IME) Single Person Joint-Stock Company, Sofia City. The said issue is to the amount of EUR 12 million, allocated in 12,000 pieces of ordinary, interest-bearing, registered, dematerialized, freely transferable, asset-backed corporate bonds, having a nominal value and issue price of EUR 1,000 each. These have a 36-month maturity, fixed coupon of 8 % on annual basis, and a 3-month period of interest payment and a maturity on April 26, 2008. The Commission entered the aforesaid issue into the Registry and TECHNOLOGICAL CENTRE – INSTITUTE OF MICROELECTRONICS (TC-IME) Single Person Joint-Stock Company as an issuer.

 3. The Commission divested the investment intermediary MAKLER – 2002 JSC, Plovdiv, of the right to effect transactions in securities for its own account, to underwrite issues of securities and the right to borrow securities.

 4. The Commission issued a supplemental licence to Armeetz JSC Insurance Company, Sofia City, to perform activities in the field of active re-insurance.

 5. The Commission adopted Directions for the interpretation and implementation of Ordinance No. 3 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 said Directions shall be published on the website of the Financial Supervision Commission.

1. The Commission issued a temporary prohibition on the publication of a tender offer submitted by Radino PLC, Sofia City, for the purchase of shares of Kramex JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Financial House Ever Inc., Sofia City.
2. Sofia Invest Brokerage JSC, Sofia City, was divested of the right to effect transactions in securities for its own account and to underwrite issues of securities.
3. The Commission adopted at first reading Draft Regulation on the organization and operation of the Investors in Securities Compensation Fund. The Draft shall be published on the website of the Financial Supervision Commission.
4. The Commission adopted at first reading Draft Ordinance on the internal information and the internal persons, and on the unfair trade and securities market manipulation. The Draft shall be published on the website of the Financial Supervision Commission.
5. The Commission adopted at first reading Draft Insurance Code. The Draft shall be forwarded to all parties interested and shall be published on the website of the Financial Supervision Commission.

1.The Commission issued a voluntary health insurance licence to Health Insurance Institute PLC(undergoing a process of incorporation), Sofia City.The said licence shall authorize the offering of three  health insurance packages :“hospital medical aid“,“extra-hospital medical aid“, „health improvement and illness prevention“
2.The Commission did not issue a final prohibition on the publication of a 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.

The Commission adopted Ordinance on the amendment to Ordinance No 9 on the terms and procedures for valuation of assets and liabilities of supplementary pension funds and pension insurance companies, the value of the funds net assets, on calculation and announcement of the value of a unit , as well as on the requirements for maintaining individual accounts.The Ordinance shall be published in the State Gazete.