At a session held on April 14, 2005, the Financial Supervision Commission (FSC) adopted the following Resolutions


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.


 

As of 19th of June 2017 a new register application has been introduced on FSC’s website

As of 19th of June 2017 a new register application has been introduced on FSC’s website.

The instalment of the application expresses the efforts of FSC to help and facilitate a quicker and much easier access for the persons falling under the scope of para. 1d of the Supplementary provisions of the Public Offering of Securities Act (POSA). Since 2016 the amendment of POSA introduced the legal obligation for certain persons to disclose information.Through the new application the information is to be disclosed not in person, but through electronic means. This way it will be considerably more time-saving for the persons to comply with the law requirements.The application is available on the electronic module E-Register 1d (Е-РЕГИСТЪР 1Д), at https://register1d.fsc.bg/eRegister1d
According to para. 1d of the Supplementary provisions of POSA, the provisionsofChapterSix "a" of POSA ondisclosureofinformationshallapplyalsotopersonswhoseactivityisregulatedbythe EnergyActandtheActonregulationofwatersupplyandsewageservicesbytheCommissionof Energy andWaterRegulation, thestate-ownedenterprisesunderArt. 62, para. 3 oftheActofCommerceandthebusinesscompanieswithmorethan 50 percentofstateormunicipalparticipationintheequity.
The abovementioned obligation for information disclosure does not apply to undertakings which meet two of the following criteria:

1. Average number of staff for the year – up to 10 people;
2. Balance sheet value of the assets as of December 31 – up to BGN 700 000;
3. Net revenues from sales for the year – BGN 300 000.
 
The access and usage of the E-Register 1d application will be granted after a duly registration of the referred persons, who only need to apply for it through an electronic request to FSC. The registration will be concluded after the request for access to the system is approved. Once a request for access is filed, it will be processed by FSC and the requesting person is to receive an electronic notification. The notification is to consist either of announcement of the successfully granted access or motivated denial for access.
The full capacity of the Register is to be activated after 17th of July 2017 and it will be available at FSC’s website at https://register1d.fsc.bg/eRegister1d
Public access to disclosed information through the E-Register 1d is to be provided via FSC’s website and a specific hyperlink. An electronic manual on interacting with the application is available at FSC’s website.

As of 19th of June 2017 a new register application has been introduced on FSC’s website

As of 19th of June 2017 a new register application has been introduced on FSC’s website.

The instalment of the application expresses the efforts of FSC to help and facilitate a quicker and much easier access for the persons falling under the scope of para. 1d of the Supplementary provisions of the Public Offering of Securities Act (POSA). Since 2016 the amendment of POSA introduced the legal obligation for certain persons to disclose information.Through the new application the information is to be disclosed not in person, but through electronic means. This way it will be considerably more time-saving for the persons to comply with the law requirements.The application is available on the electronic module E-Register 1d (Е-РЕГИСТЪР 1Д), at https://register1d.fsc.bg/eRegister1d
According to para. 1d of the Supplementary provisions of POSA, the provisionsofChapterSix "a" of POSA ondisclosureofinformationshallapplyalsotopersonswhoseactivityisregulatedbythe EnergyActandtheActonregulationofwatersupplyandsewageservicesbytheCommissionof Energy andWaterRegulation, thestate-ownedenterprisesunderArt. 62, para. 3 oftheActofCommerceandthebusinesscompanieswithmorethan 50 percentofstateormunicipalparticipationintheequity.
The abovementioned obligation for information disclosure does not apply to undertakings which meet two of the following criteria:

1. Average number of staff for the year – up to 10 people;
2. Balance sheet value of the assets as of December 31 – up to BGN 700 000;
3. Net revenues from sales for the year – BGN 300 000.
 
The access and usage of the E-Register 1d application will be granted after a duly registration of the referred persons, who only need to apply for it through an electronic request to FSC. The registration will be concluded after the request for access to the system is approved. Once a request for access is filed, it will be processed by FSC and the requesting person is to receive an electronic notification. The notification is to consist either of announcement of the successfully granted access or motivated denial for access.
The full capacity of the Register is to be activated after 17th of July 2017 and it will be available at FSC’s website at https://register1d.fsc.bg/eRegister1d
Public access to disclosed information through the E-Register 1d is to be provided via FSC’s website and a specific hyperlink. An electronic manual on interacting with the application is available at FSC’s website.

Approved Instructions for implementation of art. 5, par. 2, and art. 15, par. 2, items 2, related to art.3, par.3, and of art.3, par.4 of Ordinance N 3

FSC approved Instructions for implementation of art. 5, par. 2, and art. 15, par. 2, items 2, related to art.3, par.3, and of art.3, par.4 of Ordinance N 3 from Sep 24, 2003.
The instructions provide guidance in the following cases :

-when in the applications for transfer from one pension fund to another fund there are  deficiencies, corrections, erasing, additions, as well as missing information;
– what documents are required in case of  changes of the name or the personal identification number of the person applying for transfer from one pension fund to another one. 

Approval of reports according to a template to the financial statements and to public notifications of public companies, other issuers of securities, financial vehicle corporations and persons under § 1e of the POSA

Pursuant to Art. 15, para. 1 item 9 of the Financial Supervision Commission Act, in connection with § 3 of the Transitional and Final Provisions of Ordinance No. 2 of 09.11.2021 for initial and subsequent disclosure of information in public offering of securities and admission of securities to trade on a regulated market (promulgated in the State Gazette, 97/19.11.2021, effective from 01.01.2022) the Deputy Chairperson of the FSC, head of the Investment Supervision Department, approved the templates of reports to the financial statements and notifications provided for in this ordinance.

A report on commercial real estate owned by special purpose investment companies securitizing real estate has been prepared on a quarterly and annual basis on an individual basis in connection with the implementation of Recommendations C and D of the European Systemic Risk Board Recommendation of 21 March 2019. (ESRB/2019/3) (https://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation190819_ESRB_2019-3~6690e1fbd3.bg.pdf), which the FSC should apply.

Appointment of provisional liquidator of „Olympic Insurance Company Ltd“

In accordance with Article 624, Para. 3 in relation to Para. 2 of the Code on Insurance the Financial Supervision Commission informs all interested parties about the following:

Based on the provisions of Article 320 (1) of the Insurance and Reinsurance Business and Other Related Issues Laws of 2016 and 2017 the competent authority of Cyprus with a Decision from 10 August 2018 appointed Mr. Pavlos Nacouzi, of Mazars Ltd as provisional liquidator of "Olympic Insurance Company Ltd".

The address of the liquidator is: Tlais Tower, 2 Romanos Street, 1 Floor, 1070 Nicosia, Cyprus.
 

The liquidator is appointed with the following terms:

  • To take the necessary steps to protect the assets and maintain the status of the company.
  • To take under his control or custody all ownership and conductive rights the company is entitled to or appears to be entitled to.
  • To represent and bind the company.
  • To take all necessary actions in relation with the termination of all non-life insurance contracts of the company.
  • To carry out all other actions provided by the laws of the Republic of Cyprus for the provisional liquidator.
The appointment period of Mr. Pavlos Nacouzi as provisional liquidator expires simultaneously with the appointment of the liquidator of the company by the Court.
In accordance with the provisions of Article 323 of the Insurance and Reinsurance Business and Other Related Issues Laws of 2016 and 2017, with the publication of the above appointment of the provisional liquidator in the Official Gazette of the Republic of Cyprus, the insurance contracts of the company are terminated.

In relation to the abovementioned measures a communication in English language was published on the website of the Cyprus competent authority. The communication can be accessed on the following link:

http://mof.gov.cy/assets/modules/wnp/articles/201808/430/editor/olympic_liquidator_eng_translation.pdf.      

Antikoroza AD, Knezha, Has Been Deleted from the Public Companies Register Kept by the FSC


Ms. Dimana Rankova, Deputy Chairperson of the FSC, Head of the Investment Supervision Division, has overruled Resolution No. 86-ПД dated June 19, 2002 of the State Securities Commission (the SSC), under which deletion of Antikoroza AD, Knezha, as a public company from the Register kept by the SSC, was denied.
Ms. Rankova deleted Antikoroza AD, Knezha, from the Register kept by the FSC by virtue of Art. 30, Para. 1, Item 3 of the Financial Supervision Commission Act.
The complete text of Resolution No. 233 may be found under the Documentation Section.