Approval of reports according to a template to the financial statements and to public notifications of public companies, other issuers of securities, financial vehicle corporations and persons under § 1e of the POSA

Pursuant to Art. 15, para. 1 item 9 of the Financial Supervision Commission Act, in connection with § 3 of the Transitional and Final Provisions of Ordinance No. 2 of 09.11.2021 for initial and subsequent disclosure of information in public offering of securities and admission of securities to trade on a regulated market (promulgated in the State Gazette, 97/19.11.2021, effective from 01.01.2022) the Deputy Chairperson of the FSC, head of the Investment Supervision Department, approved the templates of reports to the financial statements and notifications provided for in this ordinance.

A report on commercial real estate owned by special purpose investment companies securitizing real estate has been prepared on a quarterly and annual basis on an individual basis in connection with the implementation of Recommendations C and D of the European Systemic Risk Board Recommendation of 21 March 2019. (ESRB/2019/3) (https://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation190819_ESRB_2019-3~6690e1fbd3.bg.pdf), which the FSC should apply.

Appointment of provisional liquidator of „Olympic Insurance Company Ltd“

In accordance with Article 624, Para. 3 in relation to Para. 2 of the Code on Insurance the Financial Supervision Commission informs all interested parties about the following:

Based on the provisions of Article 320 (1) of the Insurance and Reinsurance Business and Other Related Issues Laws of 2016 and 2017 the competent authority of Cyprus with a Decision from 10 August 2018 appointed Mr. Pavlos Nacouzi, of Mazars Ltd as provisional liquidator of "Olympic Insurance Company Ltd".

The address of the liquidator is: Tlais Tower, 2 Romanos Street, 1 Floor, 1070 Nicosia, Cyprus.
 

The liquidator is appointed with the following terms:

  • To take the necessary steps to protect the assets and maintain the status of the company.
  • To take under his control or custody all ownership and conductive rights the company is entitled to or appears to be entitled to.
  • To represent and bind the company.
  • To take all necessary actions in relation with the termination of all non-life insurance contracts of the company.
  • To carry out all other actions provided by the laws of the Republic of Cyprus for the provisional liquidator.
The appointment period of Mr. Pavlos Nacouzi as provisional liquidator expires simultaneously with the appointment of the liquidator of the company by the Court.
In accordance with the provisions of Article 323 of the Insurance and Reinsurance Business and Other Related Issues Laws of 2016 and 2017, with the publication of the above appointment of the provisional liquidator in the Official Gazette of the Republic of Cyprus, the insurance contracts of the company are terminated.

In relation to the abovementioned measures a communication in English language was published on the website of the Cyprus competent authority. The communication can be accessed on the following link:

http://mof.gov.cy/assets/modules/wnp/articles/201808/430/editor/olympic_liquidator_eng_translation.pdf.      

Antikoroza AD, Knezha, Has Been Deleted from the Public Companies Register Kept by the FSC


Ms. Dimana Rankova, Deputy Chairperson of the FSC, Head of the Investment Supervision Division, has overruled Resolution No. 86-ПД dated June 19, 2002 of the State Securities Commission (the SSC), under which deletion of Antikoroza AD, Knezha, as a public company from the Register kept by the SSC, was denied.
Ms. Rankova deleted Antikoroza AD, Knezha, from the Register kept by the FSC by virtue of Art. 30, Para. 1, Item 3 of the Financial Supervision Commission Act.
The complete text of Resolution No. 233 may be found under the Documentation Section.

Annual reports and statements of insurance brokers

The package of reports, statements and appendices in connection with the submission to the Financial Supervision Commission of the periodic reports of the insurance brokers as of 31.12.2020, on the grounds of Art. 311, para. 3, item 1, in connection with para. 4 of the Insurance Code has been updated.

In connection with the above, the completion of the above reports and statements, and their submission through the electronic portal of the FSC, must begin after downloading the mandatory updated format (version 31.12.2020), published on the FSC website at:

www.fsc.bg, section “Administrative documents”, subsection “Forms and templates”, “Insurance market” (in BG version).

IMPORTANT:

Attachments must meet the following conditions:

  • The main file containing the reference package according to Appendices 2.1-2.8 and 3.1-3.4 with basic information must be in .xls format (Microsoft Excel 2003);
  • The content of the main file with basic information must be filled in according to the templates approved by the Financial Supervision Commission, observing all rules for data validity (these rules are not part of this instruction and can be downloaded from the Financial Supervision Commission website) ;
  • The name of the main file with basic information must be formatted according to the rules set by the Financial Supervision Commission;
  • Appendix No. 1 shall be filled in according to the attached template contained in the reference package, the information must be in .xls format;
  • In view of the obligation of insurance brokers to submit information on the documented continuing professional training or development completed by individuals during the year and its results, which reporting is submitted to the commission annually by January 31 of the following year, you may fill in Appendix No. 3, which is filled in according to the attached template contained in the package of reports, the information must be in .xls format;
  • Files must be signed with a universal electronic signature in p7m or p7s format (PKCS # 7), and encryption should NOT be used when signing;
  • The signature on the files must belong to the same employee who logged in the system.

Annual data on the insurance market for 2020

The reports presented by insurers and reinsurers in non-life and life insurance according to Ordinance No. 53 of 23.12.2016 at the end of 2020 are summarized and published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”.

Quantitative reports according to Regulation (EU) 2015/2450 under Art. 304 (1) (d) of Regulation (EU) 2015/35 as of the end of 2020 have also been summarized and published.

Announcement to the issuers about COVID 19


In respect of the main objectives set in the Financial Supervision Commission Act, namely investors protection and stability maintenance on the Bulgarian financial market, the Financial Supervision Commission performs incessant and strict monitoring of the dissemination of COVID-19 and its impact on the financial markets, the trading in financial instruments and the activity of the supervised persons. In this connection it gives the following respects to the securities issuers:
  • The issuers should at the first opportunity disclose information about the COVID 19 influence on their activity and financial state, in compliance with the requirements of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC Text with EEA relevance;
  • The issuers should disclose information about the actual or potential influence of COVID 19 on their activity, as well as on their financial and economic state, whereat they include in their financial reports qualitative and quantitative assessment of the influence in question, namely in the audited annual reports for 2019, in case where the latter are not made until the date of the current message, or in their interim financial reports.
To this effect are the recommendations made by ESMA regarding the impact of COVID 19 on the financial market participants, which are available at the following link.

Announcement to the issuers about COVID 19

In respect of the main objectives set in the Financial Supervision Commission Act, namely investors protection and stability maintenance on the Bulgarian financial market, the Financial Supervision Commission performs incessant and strict monitoring of the dissemination of COVID-19 and its impact on the financial markets, the trading in financial instruments and the activity of the supervised persons. In this connection it gives the following respects to the securities issuers:
  • The issuers should at the first opportunity disclose information about the COVID 19 influence on their activity and financial state, in compliance with the requirements of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC Text with EEA relevance;
  • The issuers should disclose information about the actual or potential influence of COVID 19 on their activity, as well as on their financial and economic state, whereat they include in their financial reports qualitative and quantitative assessment of the influence in question, namely in the audited annual reports for 2019, in case where the latter are not made until the date of the current message, or in their interim financial reports.
To this effect are the recommendations made by ESMA regarding the impact of COVID 19 on the financial market participants, which are available at the following link.