The Bulgaria Financial Supervision Commission published a package of supervisory decisions spanning capital markets, asset management and insurance, including approval of TK-Hold AD’s prospectus for an initial public offering and a first-reading draft ordinance to amend requirements for the management systems of insurers and reinsurers. The FSC also authorised a new mutual fund and expanded an insurer’s licence to cover guarantees business. For the IPO, the FSC approved an offering of up to 5,700,000 ordinary registered dematerialised voting shares of TK-Hold AD at an issue value of BGN 8 per share with a nominal value of BGN 1, and entered the issue in the register of public companies and other issuers. In insurance supervision, it approved multiple board and executive appointments at FI Health Insurance AD and approved Nedelcho Spasov as a board member and executive director of Instinct Insurance Company AD, and licensed OZOK Ins Insurance Company AD to add class 15 Guarantees covering direct and implied guarantees. Other decisions included approving amendments to the articles of association of Sopharma Properties REIT, registering Slavov G 81 EOOD as a bound agent, permitting DSK Asset Management AD to organise and manage the mutual fund DSK Stability - Eurobonds 4 and registering the fund, registering changes to SOLVIO EOOD’s training programme, acknowledging Banca Monte dei Paschi di Siena S.P.A.’s notification of an indirect qualified participation in Generali Insurance AD and GP Reinsurance, and requesting additional information from Elana Fund Management AD in connection with a permit for a national investment fund. Comments on the draft ordinance amending Ordinance No. 71 can be submitted within 30 days of publication, until 16.05.2025 inclusive. The FSC indicated the decision deadline for the notified qualified participation expires on 16.07.2025.
Bulgaria Financial Supervision Commission 2025-04-16
Bulgaria Financial Supervision Commission approves TK-Hold IPO prospectus and opens consultation on insurer management system rule changes
The Bulgaria Financial Supervision Commission issued decisions across capital markets, asset management, and insurance, including approving TK-Hold AD’s IPO prospectus and a draft ordinance for insurer management systems. The FSC authorized a new mutual fund, expanded an insurer’s license to cover guarantees business, and made board and executive appointments. Additional actions involved amendments to articles of association, agent registrations, and requests for more information from Elana Fund Management AD.