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.