The Bulgaria Financial Supervision Commission adopted a set of authorisation and register decisions spanning capital markets, insurance intermediation and fund management, including approving a prospectus for a EUR 15 million secured bond issue by Bulgar Czech Invest Holding AD and registering both the bonds and IPO Growth AD’s share issue for trading on a regulated market. The bond issue comprises 15,000 dematerialised registered non-convertible bonds with a nominal value of EUR 1,000 each, paying a floating coupon of 6-month EURIBOR plus 1.00% subject to a floor of 2.75% and a cap of 5.75% per annum, with issue date 19 May 2025 and maturity 19 May 2033 (ISIN BG2100010250). The FSC also did not object to Ivaylo Penev acquiring a 10.10% direct qualified participation in Elana Fund Management AD, entered IPO Growth AD as a public company and registered 10,600,000 voting shares with nominal value BGN 1 (ISIN BG1100007258), added Yettel Bulgaria EAD and CARDINAL PRO EOOD to the insurance brokers register, removed Yettel Bulgaria from the insurance agents register, and struck the International Educational Consulting Center Association from the list of organisations providing professional training for prospective insurance broker staff. Supervisory practice will align with the European Insurance and Occupational Pensions Authority Guidelines on the use of the legal entity identifier (EIOPA-BoS-2021/456 BG); the FSC refused to recognise the legal capacity of a responsible actuary acquired outside Bulgaria and requested additional information and documents from Metaltrust Investor Care EDPC in connection with its entry in the register of persons managing alternative investment funds.
Bulgaria Financial Supervision Commission 2025-08-21
Bulgaria Financial Supervision Commission approves EUR 15 million Bulgar Czech Invest Holding bond prospectus and registers IPO Growth for regulated market trading
The Bulgaria Financial Supervision Commission made decisions on capital markets, insurance intermediation, and fund management. Key actions include approving a EUR 15 million bond issue by Bulgar Czech Invest Holding AD, registering IPO Growth AD’s share issue, and updating the insurance brokers register. The Commission aligned supervisory practices with European Insurance and Occupational Pensions Authority Guidelines and requested more information from Metaltrust Investor Care EDPC about its alternative investment fund management registration.