The Financial Supervision Commission is pleased to inform all interested parties that in order to assist and facilitate foreign investors in performing their obligation under Art. 145 of POSA, the NOTIFICATION ON DISCLOSURE OF SHARE PARTICIPATION IN A PUBLIC OR INVESTMENT COMPANY FORM endorsed by the FSC has been translated into the English language and published on the FSC’s website.

The obligation of the said persons is to submit the Notification simultaneously in Bulgarian and in English.

The NOTIFICATION ON DISCLOSURE OF SHARE PARTICIPATION IN A PUBLIC OR INVESTMENT COMPANY FORM drafted into the English language may be found under the Documents Section, Documents’ Forms and Samples heading – English version.

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 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 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 new licence to Varna Investment Intermediary /VIP-7/ AD, Varna, 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. 

2. The FSC issued a new licence to Eurodealing PLC, Burgas, 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. 

3. The Commission entered a subsequent shares issue, the purpose of which being trading these on a regulated securities market, issued by Active Properties 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 1.10 each.

4. The Commission acknowledged the qualifications acquired by Stanislav Ivanov Voynovski to exercise activities as an investment advisor.

5. The Commission adopted an Amendment Ordinance to Ordinance No. 21 of March 16, 2005 on the own funds and solvency margin of insurers and health insurance companies.
Under the said Ordinance, the European directives with regard to the requirements for the solvency margin of the insurers are fully transposed in our legislation. New elements are introduced where calculating the insurer’s own funds. In compliance with the new provisions, the insurer’s shareholding and equity participations in the capital of other financial institutions are to be deducted from the insurer’s own funds. An opportunity is also provided for to report the data on the health insurance companies’ financial standing where calculating the adjusted solvency of the insurers.
The aforesaid Ordinance’s publication in the State Gazette is forthcoming.

6. The Commission adopted at first reading a Draft Amendment Ordinance to Ordinance No. 9 of November 19, 2003 on the terms and procedures for valuation of assets and liabilities of supplementary pension funds and pension insurance companies, the value of the fund’s net assets, on calculation and announcement of the value of a unit, as well as on the requirements for maintaining individual accounts.

The amendments introduced in the Ordinance result mainly from the Amendment Act to the Social Insurance Code’s entry into force, promulgated, State Gazette, Issue No. 17 of February 24, 2006, in connection with the regulation of new types of instruments, in which the funds of pension funds may be invested. Several stylistic adjustments in order to specify separate texts for the purpose of avoiding their contradictory interpretation and practical implementation are also proposed.
The Draft Ordinance shall be forwarded to the interested parties in order to be co-ordinated with the latter and shall be published on the FSC’s website.

1. The Commission adopted an Ordinance on compulsory insurance under Art. 249, paras. 1 and 2 of the Insurance Code and on the methodology of claims settlement of damage indemnities caused by motor vehicles. The Ordinance’s publication in the State Gazette is forthcoming.

The Ordinance regulates the terms of and the conditions for performing compulsory insurance under the Third Party Liability of the Motorists Insurance and Accident of the Passengers Insurance by conforming these to the new requirements set under the Insurance Code. The insurers may also apply terms and conditions different to those specified under the Ordinance only in the case where these are more favourable to the customers.

The Ordinance specifies the minimum requirements towards the contents of the policies on these insurances, such as data on the insurer, data on the insured person and car, premium due, etc. The documentation that is to be submitted by the injured persons in order to consider their claim and specify the insurance indemnity is also listed. The requirement stating that the insurer is to compulsorily provide a sticker to the insured is preserved. The said sticker is to be placed on the automobile’s windscreen. The requirement stating that the driver is always to also carry with him/her the counterfoil (control sheet) along with the sticker, which is to be submitted along with the insurance policy in the case of inspection by the controlling authorities is newly introduced.

The minimum amount of the indemnity against damages caused to automobiles shall be specified by utilizing the methodology which is an addendum to the Ordinance. The said methodology establishes a procedure for specifying the actual value of the different automobiles and the factors that are to be considered when calculating the indemnity’s amount. The methodology shall be applied by insurers and by the Guarantee Fund; where the insurers may also utilize a different methodology at their own discretion should such methodology be more favourable to the customers and provide for forming higher indemnities in terms of amount.

2. The FSC issued a new licence to Elana Trading 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. 

3. The FSC issued a new licence to Balkan Advisory Company 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. 

4. The FSC issued a new licence to Aval In 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 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 Sentinel Asset Management JSC to perform activities as a management company.

6. The Commission confirmed a prospectus for secondary public offering of an issue of ordinary dematerialized voting shares issued by Bulgarian-American Credit Bank PLC, Sofia City. The issue amounts to BGN 12,624,725, distributed in 12,624,725 pieces of ordinary shares having nominal value of BGN 1 each, having ISIN Code: BG1100098059. The issue represents the company’s authorised capital stock. Bulgarian-American Credit Bank PLC shall be entered as a public company into the FSC’s Registry, and the issue of shares shall be traded on the stock exchange.
Bulgarian-American Credit Bank PLC is part of the economic group of its main shareholder – The Bulgarian-American Enterprise Fund (BAEF), which directly holds 99.08% of the bank’s stock.

7. The Commission confirmed a prospectus for secondary public offering of an issue of secured corporate bonds issued by BM Leasing JSC, having ISIN Code: BG2100023055. The issue amounts to EUR 3,500,000, distributed in 3,500 pieces of ordinary, registered, dematerialized, interest-bearing, secured bonds having a nominal and issue value of EUR 1,000 each one, 36-month maturity, a fixed interest percentage rate amounting to 6.40% simple interest on an annual basis, a three-month interest payment period, date of issuance: September 20, 2005, and maturity: September 20, 2008. BM Leasing JSC shall be entered as an issuer into the FSC’s Public Registry.
The BM Leasing JSC’s subject of activity is mainly connected with leasing assets: machines, production equipment, cars and lorries, specialized transport equipment, real estates. The issuer’s majority owner, holding 67.55% of its capital stock, is The Bulgarian-American Enterprise Fund (BAEF).

8. The Commission confirmed a prospectus for secondary public offering of an issue of non-secured corporate bonds issued by SV. SV. KONSTANTIN I ELENA HOLDING PLC, Varna, having ISIN Code: BG2100041057. The issue amounts to EUR 5,000,000, distributed in 5,000 pieces of ordinary, registered, dematerialized, interest-bearing, secured bonds having a nominal and issue value of EUR 1,000 each one, 72-month maturity, with floating interest percentage rate to the amount of 6-month EUROBOR plus a margin of 5 points simple interest rate on an annual basis, a six-month interest payment period, date of issuance: December 20, 2005, and maturity: December 20, 2011.
The funds raised through the issue shall be used for construction development and sales of houses, tourism development and shares acquisition, related to the company’s direct activity.
The company’s main shareholders are Andezit Ltd., Ital Commerce 75 Single Person LLC, Rent-a-Park Single Person LLC, each one holding 28.17% of the issuer’s stock capital.

9. The Commission registered Pravin Benker as a professional investor.

The electronic hotline – hotline@fsc.bg – is a service, which the FSC shall provide to the general public in order to maximally facilitate consumers when searching the information they need. At the following address: hotline@fsc.bg, citizens may forward queries with regard to the Commission’s activities, on the capital, insurance and assurance markets. A team of experts shall be entrusted with the task to provide the information requested within short time periods.
The FSC’s wish is to facilitate to a maximum degree the access to the information regarding non-banking financial sector, where consumers may pick the method that is most suitable and convenient for them – via electronic means – by forwarding a query to address: hotline@fsc.bg, via telephone (0900 32 300), or by visiting the information centre on the FSC’s premises.

Meanwhile, as of today, the citizens may acquaint themselves with the updated version of Questions and Answers Section on the FSC’s website: www.fsc.bg. The new Section contains interesting and useful information on the work principles and mechanisms of the capital, insurance and assurance markets, on the supervisory institution’s role, on the main products and services. Under the Practice Issues Sections, answers have been provided to the most frequently asked and most interesting questions of citizens.

The Commission entered Bulland Investments REIT into the Public Companies and Other Issuers of Securities Register.
The Commission entered an issue of securities issued by Bulland Investments REIT as a result of increase in the company’s capital stock from BGN 500,000 to BGN 1,000,000 through issuance of new 500,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 1 each, into the Public Companies Register for the purpose of trading these on a regulated securities market.

1. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by United Milk Company AD, town of Plovdiv. The issue, having ISIN code: BG2100004063, amounts to EUR 5,000,000, distributed in 5,000 pieces of ordinary, naked, interest-bearing debentures having a nominal value of EUR 1,000 each, and a fixed interest rate to the amount of 8% on annual basis, having interest payments at every six-month period where the time period of the debenture loan is 5 years as of February 03, 2006, the maturity being February 03, 2011. The Commission entered the issue and the issuer into the FSC’s Public Register.
The issue is being issued with a buy-back option on the part of the issuer. The issuer has and shall retain the right to buy-back the whole issue of bonds two years after the issue date.
United Milk Holdings Limited, a subsidiary of the Black Sea Fund managed by Global Finance, and International Real Estate Investors Holding S.A., a subsidiary of Doverie Capital AD are major shareholders in United Milk Company AD.

2. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by Agrileasing EAD, Sofia City. The issue, having ISIN code: BG2100006068, amounts to EUR 2,000,000, distributed in 2,000 pieces of ordinary, secured, interest-bearing debentures having a nominal value of EUR 1,000 each, having a floating interest percentage rate amounting to a three-month Euribor + 4.15 % on annual basis, where the principal is to be paid in 16 equal three-month repayment installments to the amount of EUR 125,000, due along with coupon payments, a period of the debenture loan of 48 months as of February 07, 2006, the maturity being as of February 07, 2010. The Commission entered the issue and the issuer into the FSC’s Public Register.
The main sphere of activity of Agrileasing EAD is extending a financial lease mainly to farmers. Sole owner of Agrileasing EAD’s capital is Varex Ltd., Sofia City.

3. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by Transleasing EAD, Sofia City. The issue, having ISIN code: BG2100005060, amounts to EUR 2,000,000, distributed in 2,000 pieces of ordinary, secured, interest-bearing debentures having a nominal value of EUR 1,000 each, having a floating coupon amount to a three-month Euribor + 4.15 % on annual basis, where the interest payments are made every three-months, the period of the debenture loan is 48 months as of February 07, 2006, and the maturity being as of February 07, 2010. The Commission entered the issue and the issuer into the FSC’s Public Register.
The main sphere of activity of Transleasing EAD is extending a financial lease of machinery and equipment for the agricultural sector, as well as of new and used automobiles. Sole owner of Transleasing EAD’s capital is Varex Ltd., Sofia City.

4. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by Zarneni Hrani Bulgaria EAD, Sofia City. The issue, having ISIN code: BG2100035059, amounts to EUR 7,000,000, distributed in 7,000 pieces of ordinary, naked, interest-bearing debentures having a nominal value of EUR 1,000 each, having a floating coupon amount to a six-month Euribor + an extra of six points, a period of the debenture loan of six years as of November 11, 2005, a maturity – as of November 11, 2011. The Commission entered the issue and the issuer into the FSC’s Public Register.
The company’s main activity is related to the purchase, sale, storage and processing of grain crops. Sole owner of Zarneni Hrani Bulgaria EAD’s capital is Notap Company Limited, Cyprus. Zarneni Hrani Bulgaria EAD is part of the economic group formed with its subsidiary Port of Balchik AD.

5. The Commission entered into the public register an issue of shares issued by Transcard AD as a result of increase in the company’s capital from BGN 5,000,000 to BGN 7,000,002. The issue is to the amount of 2,000,002 pieces of ordinary shares having a nominal value of BGN 1 each.

6. The Commission denied issuing a licence to Eurofond Realties REIT to perform activities as a special purpose vehicle. The lack of institutional investor and the bad financial standing of the company – co-founder are among the main motives for the denial.

7. The Commission issued a licence to perform activity as a management company to Titan Asset Management JSCo. Within a 14-days’ period as of receipt of the notification, Titan Asset Management JSCo is to certify that the requisite capital of BGN 250,000 has been fully paid-in.
Vickvision EOOD is the founder of Titan Asset Management JSCo, holding 100 % of its capital.

8. The Commission adopted a Practice on application of Art. 123c, para. 1, item 9 of the Social Insurance Code.
Pursuant to the Practice adopted, it is allowed that transactions in shares and/or units issued by collective investment schemes which are not performed on a regulated market to be carried out directly by the pension insurance companies through sale or repurchase of securities by the management company.
The aforesaid Practice has been published on our website under Documents Section, Instructions and Requirements.

1. The Commission confirmed a prospectus for initial public offering of shares issued by Bulstrad PLC Insurance and Reinsurance Company, Sofia City. The issue is a result of an increase in the company’s stock capital and amounts to 564,000 pieces of ordinary dematerialized shares, having nominal and issue value of BGN 10 each.

2. The Commission entered into the Public Register a subsequent shares issue issued by BenchMark Fund Estates REIT, the purpose of which issue being trade on a regulated securities market. The issue results from an increase in the company’s stock capital from BGN 7,800,000 to BGN 23,394,706 through new issuance of 15,594,706 pieces of ordinary shares having a nominal value of BGN 1 each and issuance value of BGN 1.50 each.

3. The Commission confirmed a prospectus for secondary public offering of bonds issued by FairPlay International JSC. The issue, having ISIN Code: BG2100025050, amounts to EUR 5,600,000, distributed in 5,600 pieces of ordinary, secured, non-convertible bonds having a nominal value of EUR 1,000 each, having a floating interest percentage rate amounting to a six-month Euribor + 4% per year, and with interest payments at every six-month period, where the time period of the debenture loan is 5 years as of September 30, 2005, the maturity being September 30, 2010.
The Commission entered the issue and the issuer into the FSC’s Public Register.

4. The FSC issued a new licence to Ever Inc. Financial House, 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. 

5. The FSC issued a new licence to Zlaten Lev Brokers 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.