1. The Commission adopted at first reading a Draft Ordinance on the documents, on the procedure for their drawing up, and on advising in the case of occurrence of insurance events involving motor vehicles.

The necessity for adoption of the Ordinance is subject to a Resolution of the Council of Ministers dated December 1, 2005 on amending the methodology used to report the percentage of motor vehicles without Third Party Liability Insurance. In compliance with the shared competencies of the Ministry of Interior and the FSC provided for under the law, the Draft Ordinance shall be forwarded to the Minister of the Interior in order to be approved, and upon obtaining his approval; it shall be published on the FSC’s website for all interested parties’ information.

The Draft Ordinance provides for the exchange of information between the National Police Service Directorate – Ministry of Interior and the Financial Supervision Commission on the occasion of assessment of the coverage of the compulsory Third Party Liability Insurance. It is provided that the National Police Service Directorate – Ministry of Interior shall submit to the FSC monthly by the 20th of each month information on the total number of road accidents registered within the country’s territory and by regions and the number of road accidents registered involving guilty participation of a driver of a motor vehicle non-insured under the Third Party Liability Insurance. On its own part, the FSC shall submit to the National Police Service Directorate – Ministry of Interior monthly by the 20th of each month information on the vehicles having concluded the Third Party Liability Insurance and the number of damages paid by the Guarantee Fund through the fault of owners of motor vehicles without the Third Party Liability Insurance. The insurance coverage shall be calculated as a proportion of the total number of registered road accidents to the number of road accidents involving motor vehicles without the Third Party Liability Insurance.

According to the Draft, it is provided that upon attending a road accident the police authorities shall inspect the insurance policies under the Third Party Liability of the motor vehicles’ drivers participated into the event, and shall establish the insurers issued the policy. Within a ten-day period, the head of the Ministry of Interior’s unit that has investigated the accident shall forward a copy of the record drawn up to the insurer of the driver who has caused the accident.

2. The Commission adopted at first reading a Draft Ordinance on amending Ordinance No. 21 on the own funds and solvency margin of insurers and health insurance companies.
Under the Draft Ordinance, the European directives related to the requirements to the solvency margin of insurers are fully transposed into our legislation.

The Draft Ordinance shall be published on the FSC’s website and shall be forwarded to the Association of Bulgarian Insurers and to the Association of Licensed Voluntary Health Insurance Companies in order to be co-ordinated.

3. The Commission adopted at first reading a Draft Ordinance on the procedure and the methodology of forming the insurers’ technical reserves and of the health insurance reserves.
Under the Draft Ordinance proposed, the Ordinance on the procedure and the methodology of forming the insurance and health insurance reserves (adopted by the Council of Ministers by Decree No. 13 dated January 24, 2003 and promulgated, SG, Issue No. 10 of February 4, 2003) shall be invalidated, where at the same time the Draft Ordinance aligns the requirements set to the technical reserves in compliance with the spirit and concept provided for under the Insurance Code, and namely:
 – part of the various approvals of parameters upon setting up the technical reserves are abolished;
 – specific limitations related to the setting up of and disposal with the reserve fund are amended,
 – the obligation to distribute at least 90 per cent of the income realized from investments into the accounts of the life-insured persons is abolished. The income’s distribution shall be based on the individual policies of the insurers and health insurance companies on a market principle.

The Draft Ordinance shall be published on the FSC’s website and shall be forwarded to the Association of Bulgarian Insurers and to the Association of Licensed Voluntary Health Insurance Companies and to the Bulgarian Actuarial Society in order to be co-ordinated.

4. The Commission adopted an Amendment Ordinance to Ordinance No. 3 dated 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 amendments introduced into the Ordinance result from the Tax Insurance Procedure Code’s entry into force and the transfer of the functions on collecting and distributing the installments on additional compulsory pension insurance from the National Social Insurance Institute (NSSI) to the National Revenue Agency.
Under the Ordinance, the texts related to obligations of the NSSI on accepting the statements of switching participation from one obligatory pension fund to another respective fund and subsequent depositing of the insurance installments in connection with the participation amended, which are to be undertaken by the National Revenue Agency are amended.
The Ordinance is to be published in the State Gazette.

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 Commission approved a tender offer submitted by K. V. K Invest AD, Haskovo, on purchase of shares of Balkancar Zarya PLC, town of Pavlikeni, from the company’s other shareholders through Karoll JSC Investment Intermediary, Sofia City.
The price per share offered is BGN 11.27.

 2. The Commission approved a tender offer submitted by Duropack AG, Vienna, on purchase of shares of Duropack – Trakia Papir AD, town of Pazardjik, from the company’s other shareholders through First Financial Brokerage House OOD Investment Intermediary, Sofia City.
The price per share offered is BGN 64.48.

 3. The Commission included Hristina Ivanova Stamova on the list of persons who may be assignees in bankruptcy of an insurer approved by the FSC.

 4. The Commission recognised full legal capacity of a responsible actuary acquired in a Member State to Albena Mladenova Petrova, Iskra Ognyanova Metodieva, Raya Petkova Grozeva, Aneta Ivanova Velikova and Yasen Dimov Mateev.

5. The Commission admitted three candidates who had additionally submitted their documents to the FSC to the examination for attainment of the right to perform the activities of a broker, which examination is to be held on February 17, 2007, and namely:

Stoyan Manchorov
Hristofor Minev
Antoaneta Yanakieva

6. The Commission admitted Antoaneta Yanakieva and denied admission to Krum Dimitrov to the examination for acquisition of the right to perform activities as an investment adviser, which examination is to be held on February 18, 2007.

7. The Commission admitted Boris Petrunov to an examination for acquisition of legal capacity of a responsible actuary, which is to be held on the following dates: February 18 and 25, 2007, and March 3 and 4, 2007.

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 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.

1. The FSC confirmed a prospectus for secondary public offering of shares issued by Euro Ins Insurance Company JSC, Sofia City. The issue is to the amount of BGN 5,000,000, distributed into 5,000,000 pieces of ordinary shares, having a nominal value of BGN 1 each, and representing the company’s authorized capital registered with the court.

2. The FSC approved two specimens of Application for Issuance of a Licence to Perform Activities and Provide Services under Art. 54, Paras. 2 and 3 of the POSA, and namely: Application for Issuance of a Licence to Perform Activities and Provide Services under Art. 54, Paras. 2 and 3 of the POSA as an investment intermediary; and Application for Issuance of a Licence to Perform Activities and Provide Services under Art. 54, Paras. 2 and 3 of the POSA within the territory of Bulgaria through a branch of a foreign legal entity.
The above specimens shall be published on the FSC’s website under the Documents Section, Documents’ Forms and Specimens.

3. The FSC approved two specimens of Application for Approval of Actions under Art. 74а, Para. 1, Item 1 of the POSA, and namely: Application for Issuance of an Approval to Effect Transformation of the Company of an Investment Intermediary under Art. 74а, Para.1, Item 1 of the POSA; and Application for Issuance of an Approval to Effect Transformation of a Management Company under Art.210, Para.5 in connection with Art. 74а, Para. 1, Item 1 of the POSA.
The above specimens shall be published on the FSC’s website under the Documents Section, Documents’ Forms and Specimens.

4. The FSC registered as professional investors Rumen Pelovski, Lilia Tsvetkova, Plamen Valchev.

5. The FSC recognized the qualifications acquired by Georgi Ivanov Milev to perform activity as an investment consultant.

6. The FSC adopted a Programme for Normative Activity of the FSC for the period January 1 – June 30, 2006.

7. The FSC refused to issue a licence to perform activity as a special purpose vehicle to Transinvestment REIT.

1. The Commission supplemented the licence issued to Capital Markets AD with the right to effect transactions in securities for a third party account as an investment intermediary abroad, and intermediation for entering into such transactions, to render individual portfolio management services and to perform custodian activity.

2. The FSC issued a licence to ERG Capital-2 REIT to perform activity as a special purpose vehicle: investment in funds raised through issuance of securities, in real estates. The Commission approved a prospectus for public offering of 1,150,000 pieces of ordinary shares having a par value of BGN 1 each. The issue of shares has been issued by the company as a result of initial increase of its capital, in compliance with a resolution of the General Meeting of the Shareholders dated May 25, 2005.
Promoters of the company are the Bulgarian-American Investment Fund, holding 70% of the capital, and 29 individuals.

3. The Commission issued a permit to Standard Asset Management AD Management Company to organise and manage the following contractual fund: Standard Investment High-Yield Fund. The FSC approved the prospectus for public offering of the Fund’s units and entered the issue of units into the FSC’s Public Registry.
The main purpose of the Fund’s investment policy is increasing the investments’ value through making a profit while undertaking from moderate to high risk. The Fund’s investment strategy shall be directed toward making capital profits from securities, proceeds from dividends/income from unit securities, and current income from debt securities.
The main groups of securities subject to investment, and the maximum limits of an investment shall be as follows:
– Shares issued by Bulgarian issuers and traded on a regulated market – up to 90%; shares issued by foreign issuers and traded on an internationally recognized regulated markets – up to 70%; shares of investment companies and units of other contractual funds – up to 30%; demand bank deposits and deposits having a maturity of up to 12 months – up to 50%; debt securities issued or guaranteed by the Bulgarian government or by the Bulgarian National Bank; qualified foreign debt securities – up to 90%; mortgage bonds and other debt securities issued by Bulgarian banks, as well as qualified debt securities issued by foreign banks – up to 50%; liquid assets – up to 10%.

4. The Commission issued a permit to Standard Asset Management AD Management Company to organise and manage the following contractual fund: Standard Investment Balanced Fund. The FSC approved the prospectus for public offering of the Fund’s units and entered the issue of units into the FSC’s Public Registry.
The main purpose of the Fund’s investment policy is increasing the investments’ value through making a profit while undertaking moderate risk. The Fund’s investment strategy shall be directed toward making capital profits from securities, proceeds from dividends/income from unit securities, and current income from debt securities.
The main groups of securities subject to investment, and the maximum limits of an investment shall be as follows:
– Shares issued by Bulgarian issuers and traded on a regulated market – up to 90%; shares issued by foreign issuers and traded on an internationally recognized regulated markets – up to 70%; shares of investment companies and units of other contractual funds – up to 30%; demand bank deposits and deposits having a maturity of up to 12 months – up to 50%; debt securities issued or guaranteed by the Bulgarian government or by the Bulgarian National Bank; qualified foreign debt securities – up to 90%; mortgage bonds and other debt securities issued by Bulgarian banks, as well as qualified debt securities issued by foreign banks – up to 50%; liquid assets – up to 10%.

5. The Commission approved the issuance of a licence to perform activity as a management company to Yug Market Fund Management AD, Plovdiv. The company is to prove within a 14-day time period that the capital exigible in compliance with Art.203, Para.1 of the POSA has been deposited.
Promoters of the company are the Television and Radio Services AD, Sofia, holding 91% of the votes in the General Meeting of the Shareholders, and Yug Market AD, Plovdiv, holding 9% of the votes in the General Meeting of the Shareholders.
 
6. The FSC entered into the FSC’s Public Registry a subsequent issue of securities issued by Elana Agricultural Land Fund REIT resulting from increase in the company’s capital from BGN 2,496,068 to BGN 19,931,843 through issuance of new 17,435,775 pieces of shares having a par value of BGN 1, and an issue price of BGN 1.20 each.

7. The Commission adopted a practice on the implementation of Art. 178, Para. 8 of the Social Insurance Code.
The said practice was adopted for the purpose of prevention of violations of the investment restriction under the above-cited regulation, in the cases of gaining rights within the meaning of § 1, Item 3 of the Public Offering of Securities Act (POSA) by a supplementary pension insurance fund.

8. The Commission recognized the qualifications attained to perform activities as an investment advisor of Vera Georgieva Sotirova.
 
9. The Commission issued an actuarial licence of pension insurance companies and of the supplementary pension insurance fund managed by these to Yanitsa Yaneva.

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 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 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.