The Commission adopted Rules related to the option one person to combine the positions of  a broker, an investment consultant and/or director of investor’s relations. According to the Rules one person cannot combine the above mentioned positions because of possible conflict of interests.

The Commission refused to issue a license for operation to  Special Investment Purposes Company “Kolos – 1”.

The Commission approved the request of  Special Investment Purposes Company “TBI – BAK – Property” for a change of its  serving company. The new company is “TMF Services”.

The total sum of the net assets, accumulated by the all three types of pension funds – occupational, universal and voluntary – amounts to BGN 510 544 000, which is 53.55% more compared to the results of the previous year 2002. As of the end of the year 2003 the number of the social insured persons has increased with 27.18% compared to the year 2002 and  reached 2 294 966  persons.

FSC registered with its register of public companies and other issuers the following company and its issue of securities
Issuer: Bulgarski Bergman EAD, Gurchinovo
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue: 53 940 shares
Nominal value: BGN 1

The Commission approved the request for a change in the subject of activity  submitted by investment intermediary “Accept Invest” AD. According the approved change the investment intermediary shall carry out its activity  including transactions in securities, portfolio management and custodian services, only on the account of a third party.

The Commission approved an Ordinance on keeping and maintaining the FSC’s  registers

The Deputy Chairman of FSC, Head of  Social Insurance Supervision Division  Bisser Petkov determined the minimum return rate of 7.46% on annual basis  for  the management of the assets of universal pension funds for the preceding 24-months period (01/04/2002 – 31/03/2004). The minimum return rate for the management of the assets of occupational  pension funds for the same period is 6.88% on annual basis.

FSC has registered with its register of public companies and other issuers the following issues of securities :
Issuer: Industrial Holding Bulgaria, Sofia
Type of securities: convertible, dematerialized, interest-bearing, fully transferable bonds
Size of the issue: 5 250 808  mortgage bonds
Term to Maturity: 36 months
Annual interest rate: 6% on annual basis
Interest payments: every six months

FSC registered with its register of public companies and other issuers the following issue of securities:
Issuer: Special Investment Purposes Company “TBI BAC – Property“ 
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue: 150 000 shares
Nominal value: BGN 1 each

The initial public offering of the described issue has been successfully completed. The issue will be traded on the stock exchange.