1. The Commission issued a new licence to Argo-Invest AD, Sofia City, to perform activities as an investment intermediary.

 2. The Commission issued a new licence to Frontier Finances AD, Sofia City, to perform activities as an investment intermediary.

 3. The Commission issued a new licence to Fico Invest OOD, town of Varna, to perform activities as an investment intermediary.

 4. The Commission issued a new licence to Euroforum Ltd., Sofia City, to perform activities as an investment intermediary.

 5. The Commission issued a new licence to KD Securities AD, Sofia City, to perform activities as an investment intermediary.

 6. The Commission issued a licence to Alfa Asset Management EAD to set up and manage the following contractual fund: Alfa Index Imoti. The Commission confirmed a Prospectus for public offering of contractual fund’s units. The Commission entered the issue of units in the FSC’s Public Register and entered the contractual fund as an issuer into the said Register.

 7. The Commission issued a licence to KD Investments EAD to set up and manage the following contractual fund: KD Bonds Bulgaria. The Commission entered the contractual fund into the Register. The Commission confirmed a Prospectus for public offering of contractual fund’s units. The Commission entered the issue of units in the FSC’s Public Register and entered the contractual fund as an issuer.

 8. The Commission issued a licence to KD Investments EAD to set up and manage the following contractual fund: KD Equities Bulgaria. The Commission entered the contractual fund into the Register. The Commission confirmed a Prospectus for public offering of contractual fund’s units. The Commission entered the issue of units in the FSC’s Public Register and entered the contractual fund as an issuer.

 9. The Commission issued a licence to Premier Fund REIT to pursue the following activities as a special purpose vehicle: investment of funds raised through issuance of securities in real estates /securitization of real estates/.
The Commission confirmed a Prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 1 each, issued by Premier Fund REIT as a result of primary increase in the company’s capital.
 The Commission entered the issue of shares in the FSC’s Public Register.

 10. The Commission issued a licence to HypoCapital REIT to pursue the following activities as a special purpose vehicle: investment of funds raised through issuance of securities in receivables /securitization of receivables/.
The Commission confirmed a Prospectus for public offering of 15,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 10 each, issued by HypoCapital REIT as a result of primary increase in the company’s capital.
 The Commission entered the issue of shares in the FSC’s Public Companies Register.

 11. The Commission adopted amendments to Instructions on the application of Art. 12, paras. 3 and 4 of Ordinance No. 2 on the prospectuses in the case of public offering of securities and on the disclosure of information by the public companies and other issuers of securities.

 12. The Commission issued a licence to ING Insurance Joint Stock Company, Republic of Hungary, to undertake insurance activities to a foreign insurer through a branch in the Republic of Bulgaria on the following types of insurances:
 – Life and Rent Insurances;
 – Accident Additional Insurance.

 13. The Commission adopted at second reading Ordinance on the procedure for and methods of setting up the technical reserves of the insurers and of the health assurance reserves.
The said Ordinance transposes the European directives in the part related to the requirements set towards the technical reserves and is in conformity with the amendments introduced to the Insurance Code. The obligation to allocate at least 90 per cent of the yield upon investments realized into the accounts of the life insured persons is abolished. The yield allocation shall be based on the individual policies of the insurance companies on market principle. Certain restrictions connected with forming and disposing with the reserve fund are amended. Some approvals of parameters where forming the technical reserves are abolished, and at the same time greater responsibilities are entrusted to the companies with a view to the specifics of their portfolio.

 14. The Commission adopted a resolution on setting internationally acknowledged credit rating agencies and defined the criteria which the other credit rating agencies are to meet in order to acknowledge the credit ratings awarded by these to re-insurers where setting the percentage of allowable receivables for cover of the insurance reserves. /for the purposes of Art.75, para. 2 of the IC/
The internationally acknowledged credit rating agencies specified are as follows: Standard & Poor’s; Moody’s Investors Service; Fitch Ratings; AM Best Company.
The criteria which the other credit rating agencies are to meet in order to gain recognition by the Financial Supervision Commission are related to their experience and history; objectivity of the methodologies these apply; independence of the agencies and the availability of adequate resources required undertaking the activities on assessing the enterprises.
In order to gain recognition by the FSC to award a credit rating to the re-insurers, it is necessary for the other agencies to submit documents, proving that they meet the criteria established.