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.