1. The Commission approved a prospectus related to a secondary public offering of shares issued by Euroterra Bulgaria JSC, Sofia City. The said issue is to the amount of BGN 2 million, allocated in 2 million pieces of ordinary, registered, dematerialized, freely transferable shares, having a nominal value and issue price of BGN 1 each. The Commission entered the aforesaid issue into the Registry for the purpose of trading these on the regulated market, and entered Euroterra Bulgaria JSC as a public company.

 2. The Commission approved a prospectus related to a secondary public offering of an asset-backed security, corporate bonds issued by TECHNOLOGICAL CENTRE – INSTITUTE OF MICROELECTRONICS (TC-IME) Single Person Joint-Stock Company, Sofia City. The said issue is to the amount of EUR 12 million, allocated in 12,000 pieces of ordinary, interest-bearing, registered, dematerialized, freely transferable, asset-backed corporate bonds, having a nominal value and issue price of EUR 1,000 each. These have a 36-month maturity, fixed coupon of 8 % on annual basis, and a 3-month period of interest payment and a maturity on April 26, 2008. The Commission entered the aforesaid issue into the Registry and TECHNOLOGICAL CENTRE – INSTITUTE OF MICROELECTRONICS (TC-IME) Single Person Joint-Stock Company as an issuer.

 3. The Commission divested the investment intermediary MAKLER – 2002 JSC, Plovdiv, of the right to effect transactions in securities for its own account, to underwrite issues of securities and the right to borrow securities.

 4. The Commission issued a supplemental licence to Armeetz JSC Insurance Company, Sofia City, to perform activities in the field of active re-insurance.

 5. The Commission adopted Directions for the interpretation and implementation of Ordinance No. 3 on the terms and procedures for switching participation and transferring the amounts accrued in an insured person’s individual account from one supplementary pension fund to another fund of the same type, managed by another pension insurance company. The said Directions shall be published on the website of the Financial Supervision Commission.

1. The Commission approved the prospectus for secondary public offering of an issue of corporate naked debentures issued by the Bulgarian-American Credit Bank Plc. The said issue amounts to EUR 8 mln. allocated in 8 thousand pieces of ordinary, interest-bearing, registered, dematerialized, freely-transferable, naked corporate debentures, having nominal and issue value of EUR 1,000 each. The maturity set is 36 months, with a 6-month period of interest payments. The Commission entered the above issue into the Registry.

 2. The Commission divested the investment intermediary Capital Finance LLC, Sofia City, of the right to effect transactions in securities for its own account, to underwrite issues of securities and the right to borrow securities.

 3. The Commission approved a recovery programme of the investment intermediary MacCup Brokers JSC, Sofia City, with regard to the sale of shares of the company’s own securities portfolio. The programme’s implementation timeframe is until September 26, 2005.

 4. The Commission issued a licence to Advance Terrafund SPV to perform activities as a special purpose vehicle, and namely: investment of funds raised through issuance of securities into real estates (real estate securitisation). The Commission approved a prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely-transferable voting shares, having nominal and issue value of BGN 1 each, as a result of increase in the company’s capital. The Commission entered the above issue into the Public Companies and Issuers of Securities Registry.

 5. The Commission issued a final prohibition on the publication of a tender offer submitted by Tourist Trust SPLTD., Sofia City, for the purchase of shares of Intertravelservice JSC, Sofia City, from the company’s other shareholders through the Investment Intermediary Capman Inc., Sofia City.

6. The Commission issued an actuarial licence of pension assurance companies and of the funds for supplementary pension insurance managed by these to three persons: Hristina Miteva, Dochko Boyadjiev and Valentina Ivanova.

The FSC determined the installments’ amount deposited with the Guarantee Fund under Art. 287, Para. 2, Item 1 of the Insurance Code, as well as the time frame for their effecting:

1. The FSC fixed the amount of the installment for insurers offering the compulsory Third Party Liability Insurance of the Motorists in the Republic of Bulgaria under Art. 249, Item 1 of the Insurance Code at BGN 2.30 for each separate motor vehicle for the liability in connection with which a compulsory insurance has been concluded.
2. The FSC fixed the amount of the installment for insurers offering the compulsory Accident Insurance of the Passengers in the Republic of Bulgaria under Art. 249, Item 2 of the Insurance Code at BGN 0.20 for each seat without the seat of the driver for which a compulsory insurance has been concluded.
3. 3. The Commission specified the following timeframes for depositing the installments into an account with the Guarantee Fund:
а)   by April 30, 2006 – for insurances concluded from January 1, 2006 to March 31, 2006 (inc.)
b)   by July 31, 2006 – for insurances concluded from April 1, 2006 to June 30, 2006 (inc.)
c)   by 31.10.2006 – for insurances concluded from July 1, 2006 to September 30, 2006 (inc.)
d)   by 31.01.2007 – for insurances concluded from October 1, 2006 to December 31, 2006 (inc.)

4. Insurers shall deposit the total amount of the installment under Item 1 or Item 2 within the timeframes set under Item 3, notwithstanding any deferred payment of the premium, where such is provided for as per the insurance contract.

The FSC’s Resolution shall be published in the State Gazette.

1. The Commission approved the issuance of a licence to Balkan Capital Management AD to perform activities as a management company. The company is to certify within a 14-day time period that it has deposited the capital required in compliance with Art. 203, Para. 1 of the POSA.
The company’s founders are Logos – TM Financial House AD, holding 51% of the voting shares in the General Meeting of the Shareholders, and Sofia International Securities Investment Intermediary AD, holding 49% of the said shares.

2. The FSC issued a licence to Capital Management SPV to perform activities as a special purpose vehicle, and namely: investment of funds raised through issuance of securities into receivables. 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 October 24, 2005.
The company’s founders are CCB Group Assets Management EAD, holding 70% of the capital stock, and Armeec Insurance Company JSC, holding 30% of the said capital.

3. The FSC issued a licence to CCB Real Estate Fund 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 May 25, 2005.
The company’s founders are CCB Group Assets Management EAD, holding 70% of the capital stock, and Armeec Insurance Company JSC, holding 30% of the said capital.

4. The Commission confirmed a prospectus for secondary public offering of bonds issued by St. St. Konstantin and Elena Holding AD. The issue amounts to EUR 5,000,000, distributed into 5,000 pieces of ordinary, naked, interest-bearing debentures having a nominal and issuance value of EUR 1,000 each, a maturity of 60 months, fixed interest rate to the amount of 7.50% simple interest on annual basis, a six-month interest payment period, issuance date: November 18, 2005, and maturity date: November 18, 2010.

5. The Commission entered into the Public Registry a subsequent shares issue issued by Advance Terrafund REIT as a result of increase in the company’s capital stock from BGN 6,500,000 to BGN 11,050,000 through issuance of 10,400,000 pieces of ordinary shares having a nominal and issuance value of BGN 1 each.

6. The Commission imposed temporary prohibition on tender offer submitted by Energoremont Holding AD, Sofia City, for the purchase of shares of Energoremont – Varna AD, the village of Ezerovo, from the company’s other shareholders through First Financial Brokerage House Ltd. Investment Intermediary.

7. The Commission refused to issue a licence to perform activities as a special purpose vehicle to Dextra Realties REIT.

1. The Commission adopted at first reading a Draft Ordinance on the documents, on the procedure for their drawing up, and on advising in the case of occurrence of insurance events involving motor vehicles.

The necessity for adoption of the Ordinance is subject to a Resolution of the Council of Ministers dated December 1, 2005 on amending the methodology used to report the percentage of motor vehicles without Third Party Liability Insurance. In compliance with the shared competencies of the Ministry of Interior and the FSC provided for under the law, the Draft Ordinance shall be forwarded to the Minister of the Interior in order to be approved, and upon obtaining his approval; it shall be published on the FSC’s website for all interested parties’ information.

The Draft Ordinance provides for the exchange of information between the National Police Service Directorate – Ministry of Interior and the Financial Supervision Commission on the occasion of assessment of the coverage of the compulsory Third Party Liability Insurance. It is provided that the National Police Service Directorate – Ministry of Interior shall submit to the FSC monthly by the 20th of each month information on the total number of road accidents registered within the country’s territory and by regions and the number of road accidents registered involving guilty participation of a driver of a motor vehicle non-insured under the Third Party Liability Insurance. On its own part, the FSC shall submit to the National Police Service Directorate – Ministry of Interior monthly by the 20th of each month information on the vehicles having concluded the Third Party Liability Insurance and the number of damages paid by the Guarantee Fund through the fault of owners of motor vehicles without the Third Party Liability Insurance. The insurance coverage shall be calculated as a proportion of the total number of registered road accidents to the number of road accidents involving motor vehicles without the Third Party Liability Insurance.

According to the Draft, it is provided that upon attending a road accident the police authorities shall inspect the insurance policies under the Third Party Liability of the motor vehicles’ drivers participated into the event, and shall establish the insurers issued the policy. Within a ten-day period, the head of the Ministry of Interior’s unit that has investigated the accident shall forward a copy of the record drawn up to the insurer of the driver who has caused the accident.

2. The Commission adopted at first reading a Draft Ordinance on amending Ordinance No. 21 on the own funds and solvency margin of insurers and health insurance companies.
Under the Draft Ordinance, the European directives related to the requirements to the solvency margin of insurers are fully transposed into our legislation.

The Draft Ordinance shall be published on the FSC’s website and shall be forwarded to the Association of Bulgarian Insurers and to the Association of Licensed Voluntary Health Insurance Companies in order to be co-ordinated.

3. The Commission adopted at first reading a Draft Ordinance on the procedure and the methodology of forming the insurers’ technical reserves and of the health insurance reserves.
Under the Draft Ordinance proposed, the Ordinance on the procedure and the methodology of forming the insurance and health insurance reserves (adopted by the Council of Ministers by Decree No. 13 dated January 24, 2003 and promulgated, SG, Issue No. 10 of February 4, 2003) shall be invalidated, where at the same time the Draft Ordinance aligns the requirements set to the technical reserves in compliance with the spirit and concept provided for under the Insurance Code, and namely:
 – part of the various approvals of parameters upon setting up the technical reserves are abolished;
 – specific limitations related to the setting up of and disposal with the reserve fund are amended,
 – the obligation to distribute at least 90 per cent of the income realized from investments into the accounts of the life-insured persons is abolished. The income’s distribution shall be based on the individual policies of the insurers and health insurance companies on a market principle.

The Draft Ordinance shall be published on the FSC’s website and shall be forwarded to the Association of Bulgarian Insurers and to the Association of Licensed Voluntary Health Insurance Companies and to the Bulgarian Actuarial Society in order to be co-ordinated.

4. The Commission adopted an Amendment Ordinance to Ordinance No. 3 dated September 24, 2003 on the terms and procedures for switching participation and transferring the amounts accrued in an insured person’s individual account from one supplementary pension fund to another fund of the same type, managed by another pension insurance company.
The amendments introduced into the Ordinance result from the Tax Insurance Procedure Code’s entry into force and the transfer of the functions on collecting and distributing the installments on additional compulsory pension insurance from the National Social Insurance Institute (NSSI) to the National Revenue Agency.
Under the Ordinance, the texts related to obligations of the NSSI on accepting the statements of switching participation from one obligatory pension fund to another respective fund and subsequent depositing of the insurance installments in connection with the participation amended, which are to be undertaken by the National Revenue Agency are amended.
The Ordinance is to be published in the State Gazette.

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 Commission approved a tender offer submitted by K. V. K Invest AD, Haskovo, on purchase of shares of Balkancar Zarya PLC, town of Pavlikeni, from the company’s other shareholders through Karoll JSC Investment Intermediary, Sofia City.
The price per share offered is BGN 11.27.

 2. The Commission approved a tender offer submitted by Duropack AG, Vienna, on purchase of shares of Duropack – Trakia Papir AD, town of Pazardjik, from the company’s other shareholders through First Financial Brokerage House OOD Investment Intermediary, Sofia City.
The price per share offered is BGN 64.48.

 3. The Commission included Hristina Ivanova Stamova on the list of persons who may be assignees in bankruptcy of an insurer approved by the FSC.

 4. The Commission recognised full legal capacity of a responsible actuary acquired in a Member State to Albena Mladenova Petrova, Iskra Ognyanova Metodieva, Raya Petkova Grozeva, Aneta Ivanova Velikova and Yasen Dimov Mateev.

5. The Commission admitted three candidates who had additionally submitted their documents to the FSC to the examination for attainment of the right to perform the activities of a broker, which examination is to be held on February 17, 2007, and namely:

Stoyan Manchorov
Hristofor Minev
Antoaneta Yanakieva

6. The Commission admitted Antoaneta Yanakieva and denied admission to Krum Dimitrov to the examination for acquisition of the right to perform activities as an investment adviser, which examination is to be held on February 18, 2007.

7. The Commission admitted Boris Petrunov to an examination for acquisition of legal capacity of a responsible actuary, which is to be held on the following dates: February 18 and 25, 2007, and March 3 and 4, 2007.

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 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 FSC confirmed a prospectus for secondary public offering of shares issued by Euro Ins Insurance Company JSC, Sofia City. The issue is to the amount of BGN 5,000,000, distributed into 5,000,000 pieces of ordinary shares, having a nominal value of BGN 1 each, and representing the company’s authorized capital registered with the court.

2. The FSC approved two specimens of Application for Issuance of a Licence to Perform Activities and Provide Services under Art. 54, Paras. 2 and 3 of the POSA, and namely: Application for Issuance of a Licence to Perform Activities and Provide Services under Art. 54, Paras. 2 and 3 of the POSA as an investment intermediary; and Application for Issuance of a Licence to Perform Activities and Provide Services under Art. 54, Paras. 2 and 3 of the POSA within the territory of Bulgaria through a branch of a foreign legal entity.
The above specimens shall be published on the FSC’s website under the Documents Section, Documents’ Forms and Specimens.

3. The FSC approved two specimens of Application for Approval of Actions under Art. 74а, Para. 1, Item 1 of the POSA, and namely: Application for Issuance of an Approval to Effect Transformation of the Company of an Investment Intermediary under Art. 74а, Para.1, Item 1 of the POSA; and Application for Issuance of an Approval to Effect Transformation of a Management Company under Art.210, Para.5 in connection with Art. 74а, Para. 1, Item 1 of the POSA.
The above specimens shall be published on the FSC’s website under the Documents Section, Documents’ Forms and Specimens.

4. The FSC registered as professional investors Rumen Pelovski, Lilia Tsvetkova, Plamen Valchev.

5. The FSC recognized the qualifications acquired by Georgi Ivanov Milev to perform activity as an investment consultant.

6. The FSC adopted a Programme for Normative Activity of the FSC for the period January 1 – June 30, 2006.

7. The FSC refused to issue a licence to perform activity as a special purpose vehicle to Transinvestment REIT.