1.  The Commission issued a temporary 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.
 
   2. The Commission approved a prospectus for initial public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable shares, having nominal value of BGN 10 each and issuance value of BGN 30 each, issued by Sturgeon AquaFarms Bulgaria, LLC., Sofia City, as a result of increase in the company’s capital.
The Commission entered into the FSC’s Public Registry the company as an issuer and the aforesaid issue of shares (undergoing an issuance procedure).

 3. The Commission issued a licence to BenchMark Asset Management PLC to undertake the following activities as a management company:
• management of the activities of collective investment schemes and of closed-end investment companies, including:
• investment management;
• units or shares administration, including legal advisory services and accounting services in connection with asset management, investors’ requests for information, asset valuation and units or shares’ price calculation, control over the observation of the legal requirements, keeping the book of the unit holders or the shareholders, distribution of dividends and other payments, issuance, sale and repurchase of units or shares, contract execution, reporting;
• marketing services.

The company also has the right to perform the following extra services:
• management (in compliance with a contract concluded with the customer) of individual portfolio, such of an institutional investor inclusive, comprising securities, at one’s own discretion, without receiving special orders by the customer;
• provision of investment consultation with regard to securities.

4. The Commission issued a licence to Park SPV to undertake activities as a special purpose vehicle, and namely: investment of pecuniary means raised through issuance of securities in real estates (real estate securitization).
The Commission approved a prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having nominal value of BGN 1 each, issued by Park SPV, as a result of increase in the company’s capital.
The Commission entered the aforesaid issue of shares (undergoing an issuance procedure) issued by Park SPV into the Public Companies and Other Issuers of Securities Registry, kept by the Commission.

 1. The Financial Supervision Commission approved a prospectus for secondary public offering of shares and entry of TRANSCARD AD, Sofia City, as a public company in the Public Companies Registry, kept by the FSC. The issue amounts to BGN 5 mln., allocated in 5 mln. pieces of ordinary, registered, dematerialized, freely transferable shares, having nominal value of BGN 1 each, and representing the court registered capital of TRANSCARD AD. The Commission entered the issue into the Registry for the purpose of trading on the regulated market.

 2. The Commission adopted an Ordinance on Amendments 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.
Under the amendments introduced to the above Ordinance, it is provided for the implementation of a mechanism, through which it shall be guaranteed that the insured person has personally expressed its own volition to switch participation or to transfer amounts accrued from one pension fund to another fund of the same type. For the said purpose, a requirement is introduced for notarised attestation of the insured person’s signature on the first copy of the Application for Switch of Participation or for Transfer of Amounts Accrued, as submitted by them. This has respectively led to abolition of the hitherto prevailing procedure for submission of the Application in person by the insured at an office of the new pension insurance company of the same type. The Application samples are also amended.

 3. The Financial Supervision Commission approved an Application for Issuance of Approval for Performing Transformation of an Investment Intermediary under Art. 74а, Para. 1, Item 1 of the POSA Form.

1. The Financial Supervision Commission approved a prospectus for initial public offering of 710,000 pieces of ordinary, registered shares, having nominal value of BGN 1 each, issued by Web Media Group AD as a result of increase in the company’s capital from BGN 710,000 to BGN 1,420,000 in compliance with a resolution of the company’s General meeting of shareholders. The Commission entered Web Media Group AD in the Public Register as an issuer.

Web Media Group AD owns the following websites: www.finance.news, www.news.bg, www.topsport.bg. Main shareholder in the company is Hiron – 91.

2. The Financial Supervision Commission approved a prospectus for initial public offering of dematerialized, privileged voting shares, entitling their owners to a dividend, right to liquidation proceeds and buy-back right, issued by Elana High Yield Fund AD Open-End Investment Company. The Commission entered the issue and the company in the Public Register.

Elana High Yield Fund AD Investment Company is managed by Elana Fund Management AD Management Company. It is envisaged that the new company shall mainly invest in shares of Bulgarian companies traded on the stock exchange.

3. The Financial Supervision Commission issued a licence to Elana Farm Land Fund SPV to perform activities as a special purpose vehicle for real estate securitization. The Financial Supervision Commission approved a prospectus for public offering of 2,000,000 pieces of ordinary shares, having a nominal value of BGN 1 each, issued by the company as a result of initial increase in capital.

Company’s founders are Elana Holding with 70% of the company’s capital, Dobrudja – М- Life Mutual-Insurance Co-operative Association with 20 %, and Planeta AD Health Insurance Company with 10 %.

Ms. Ralitsa Againe, Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Division, has issued two permits, under which Mr. Rumen Galabinov has been confirmed as a member of the Managing Board and Executive Director of BULGARIAN REAL ESTATES AD Insurance Company and of BULGARIAN REAL ESTATES AD Life Insurance Company.

Ms. Ralitsa Againe, Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Division, has issued a licence to perform activities as an insurance broker to ANVEL-2005 EOOD.

Ms. Ralitsa Againe, Deputy Chairperson of the Financial Supervision Commission in charge of the Insurance Supervision Division, has issued a licence to perform activities as an insurance broker to NIS-COMMERCE OOD, HVB LEASING INSURANCE BROKER BULGARIA OOD, INS DELIVERY OOD, VARNA INSURANCE PARTNERS OOD, CONSULT INS INTERNATIONAL EOOD, INS CONSULTING OOD, KM & D EOOD, PRESILA BROKERAGE EOOD, and to ТТ INS EOOD.
The licence to perform activities as an insurance broker issued to AL INS OOD (in liquidation), Burgas, has been revoked at their request.

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.