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Decisions from FSC’s meeting held on 24 February, 2011

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At its meeting on 24 February 2011, FSC took the following decisions:

1. Granted a license to Alaric Securities Ltd., city of Sofia (in process of incorporation) to pursue the business of an investment intermediary within the European Union and the European Economic Area. Alaric Securities Ltd., II, is with capital amounting to               BGN 100 000, divided in 100 shares with a nominal value of BGN 1000 each and the company satisfies the legal requirement of Art. 8, para 2 of the Markets in Financial Instruments Act about the minimum amount of the registered capital of an investment intermediary, which does not hold clients’ cash and financial instruments.
Founders of Alaric Securities Ltd., II, are the natural persons Andon Panayotov with 20 % and Magdalina Alexandrova with 80 % of the company’s capital. Managers of the company are Andon Panayotov and Radoslav Ivanov.

2. Approved a prospectus for public offering of an issue of shares, which will be issued by Evrohold Bulgaria AD, city of Sofia, as a result of increase in the capital of the company. The issue is to the amount of 62 497 636 common voting shares, with a right to dividend or liquidation quota, proportionate to the share’s par value, with a par and issue value of BGN 1 each. Entered the above issue of shares in the Register kept by FSC.

3. Approved corrected tender offer by Blyasak EOOD, city of Sofia, for the purchase through investment intermediary Central Cooperative Bank AD, city of Sofia, of shares of Velgraf Asset Management AD, city of Sofia, from the other shareholders of the company. The offered price per share is BGN 2,30.

4. I P S Services OOD, city of Varna, notified FSC of its intention to carry out activity as an insurance broker under freedom to provide services on the territory of Germany and Cyprus.

5. Adopted an Ordinance on amendment and supplement of Ordinance № 35 on the capital adequacy and liquidity of investment intermediaries. The Ordinance transposes provisions of Directive 2010/76/ЕС.
The main amendments are related to the introduction of requirements for the remunerations of top management staff, of officials whose work is connected with risk assumption and of officials, carrying out control functions. The Ordinance will be promulgated in State Gazette.