Ordinance No. 22
Establishing Terms and Procedure for Recording and Expungement of
Public Companies, Other Issuers of Securities and Issues of Securities in
the Register of the Financial Supervision Commission
Dated 29 July 2005
Adopted by Decision No. 39-H dated 29.07.2005 of the Financial Supervision Commission,
promulgated in the State Gazette No. 66/12.08.2005
Chapter One
GENERAL PROVISIONS
Article 1. This Ordinance shall establish the terms and procedure for recording and expungement of
public companies, other issuers of securities and issues of securities in the register referred to in
Item 3 of Article 30 (1) of the Financial Supervision Commission Act, hereinafter referred to as
“the Register,” which is kept by the Financial Supervision Commission, hereinafter referred to as
“the Commission.”
Chapter Two
TERMS FOR RECORDING OF PUBLIC COMPANIES, OTHER ISSUERS OF
SECURITIES AND ISSUES OF SECURITIES IN THE REGISTER
Section I
Terms for Recording of Issuer of Securities in Register
Article 2. (1) Each person, which satisfies one of the following conditions, shall be recorded in the
Register as an issuer of securities:
1. the person possesses an initial public-offer prospectus for securities confirmed by the
Commission, inter alia in the cases under Article 79a of the Public Offering of Securities Act;
2. the person possesses a secondary public-offer prospectus for securities;
3. the person possesses an initial or secondary public-offer prospectus for securities recognized by
the Commission according to Article 141 (3) of the Public Offering of Securities Act;
4. the person is not obligated to present an initial or secondary public-offer prospectus for securities
in the cases covered under Article 79 of the Public Offering of Securities Act, provided the other
requirements of the law are fulfilled;
5. the person is exempted from the obligation to publish an initial or secondary public-offer
prospectus for securities by a decision of the Commission according to Article 88 of the Public
Offering of Securities Act.
1
(2) In the cases of secondary public offering of securities, the person referred to in Paragraph (1)
shall be recorded in the Register as an issuer if the securities issued thereby satisfy the requirements
of Article 6 (2) herein, subject to the condition that the said securities are not shares.
Article 3. (1) Any joint-stock company, which has been recorded as a public company in the
Register under the terms and according to the procedure established by this Ordinance, shall not be
recorded as an issuer.
(2) Any joint-stock company, which is subject to expungement in the Register as a public company,
shall be recorded as an issuer if the said company satisfies the eligibility requirements covered
under Article 2 herein, unless any grounds under Article 17 herein exist for expungement of the said
company as an issuer as well.
(3) In case the shares which are subject to initial public offering are to be subscribed at a statutory
meeting of a joint-stock company, the said company shall be recorded in the Register as an issuer
whereof the incorporation is in progress.
Section II
Terms for Recording of Public Company in Register
Article 4. (1) The following shall be recorded in the Register as a public company:
1. each issuer of securities referred to in Items 1 and Items 3 to 5 of Article 2 (1) herein, which has
become a public company in pursuance of Article 110 (3) of the Public Offering of Securities Act
by reason of recording of the incorporation of the said issuer or of the increase of the capital
thereof, as the case may be, in the Commercial Register;
2. each joint-stock company, even where recorded in the Register as an issuer, whereof the share
issue which is subject to secondary public offering satisfies the requirements of Article 6 (2) herein;
3. each joint-stock company, even where recorded in the Register as an issuer, if the said company
has become a public company in pursuance of Item 3 of Article 110 (1) of the Public Offering of
Securities Act, where having more than 10,000 shareholders on the last day of two successive
calendar years, subject to the condition that the share issue thereof satisfies the requirements of
Article 6 (2) herein.
(2) Any new company and acquiring company or companies, which have become public in
pursuance of Article 122 (1) of the Public Offering of Securities Act as a result of a transformation
wherein a public company is involved, shall likewise be recorded in the Register as a public
company.
Section III
Terms for Recording to Issue of Securities in Register
Article 5. Any issues of securities intended for initial public offering shall be recorded in the
Register if any of the eligibility requirements referred to in Items 1 and Items 3 to 5 of Article 2 (1)
herein is fulfilled in respect of the said securities.
2
Article 6. (1) Any issues of securities whereof the initial public offering has been successfully
completed shall be recorded in the Register for the purpose of trading on regulated markets subject
to the condition that:
1. the issuer or the public company which has issued the securities, as the case may be, does not
breach the obligation thereof to disclose periodic and ongoing information;
2. the issue price of the securities has been fully paid up;
3. other requirements of the law have not been breached.
(2) An issue of securities which has not been subject to initial public offering shall be recorded in
the Register for the purpose of trading on regulated markets subject to the condition that:
1. the competent body of the person which has issued the securities has made a decision on trading
of the said securities on a regulated securities market;
2. the securities are dematerialized and freely transferable;
3. some of the eligibility requirements referred to in Items 2 to 5 of Article 2 (1) herein is fulfilled
in respect of the issue of securities;
4. the issue price of the securities has been fully paid up;
5. the interests of investors in the said issue of securities are not jeopardized;
6. other requirements of the law have not been breached.
(3) If an issue of securities which has been recorded in the Register is not admitted to trading on the
regulated market within three months after the recording, the said issue shall be expunged in the
Register on the initiative of the Deputy Chairperson in charge of the Investment Activity
Supervision Department, hereinafter referred to as “the Deputy Chairperson”.
Chapter Three
PROCEDURE FOR RECORDING OF PUBLIC COMPANIES, OTHER ISSUERS OF
SECURITIES AND ISSUES OF SECURITIES IN REGISTER
Section I
Procedure for Recording of Issuer in Register
Article 7. (1) In the cases referred to in Items 1 to 3 and Item 5 of Article 2 (1) herein, an issuer
shall be recorded in the Register on the initiative of the Commission.
(2) The Commission shall register the issuer in the Register simultaneously with making a decision
to confirm or to recognize a prospectus or, respectively, to exempt the issuer from the obligation to
publish a prospectus.
(3) The Commission shall notify the person referred to in Paragraph (1) in writing of the recording
in the Register within seven days after the decision on recording.
3
Article 8. (1) In the cases referred to in Item 4 of Article 2 (1) herein, where presentation of a
prospectus is not mandatory, an issuer shall be recorded in the Register on the initiative of the
Company which issues or which has issued the securities, of the offeror of the securities or of the
person which requests the admission to trading on regulated markets of the securities of which the
said person is not an issuer. Any such person shall submit an application for recording of the
company which issues or which has issued the securities within seven days after the day on which
the body competent according to the instruments of incorporation of the company made a decision
to effect the public offering of the issue of securities. Any such application shall enclose:
1. documents regarding the company, as follows:
(a) a certified copy of the judgment on recording in the Commercial Register;
(b) a copy of a document on identification under BULSTAT and of the tax registration certificate;
(c) a certified copy of the Articles of Association current at the date of the General Meeting whereat
the resolution on effecting the public offering was passed;
(d) certified specimens of the signatures of the persons vested with representative authority;
(e) the annual financial statements for the last preceding three years, of a content according to
Article 26 (1) of the Accountancy Act, the last interim financial statement, as well as the
consolidated financial statements, should such be prepared by the company;
(f) a certificate of current status of the court registration;
2. documents regarding the issue of securities, as follows:
(a) a decision on public offering of the issue of securities, made by the body competent according to
the instruments of incorporation, containing, as a minimum:
(aa) amount of the issue of securities;
(bb) type, class, number, nominal value and issue price of the securities and the rights attaching
thereto;
(cc) provision of collateral security and subordination of the debt securities;
(dd) specification of the legal basis under Article 79 of the Public Offering of Securities Act for
effecting the public offering;
(b) upon secondary public offering of securities, the following documents shall be enclosed in
addition [to the documents required under Item 2]:
(aa) a certificate issued by the Central Depository on registration of the issue;
(bb) an abstract of the accounting documents of the company or another document certifying the
full payment of the issue price of the securities;
3. other documents stating the rest of the current particulars of the issue and the issuer of the
securities, which are recorded in the Register according to Ordinance No. 15 on the Keeping and
Custody of the Registers by the Financial Supervision Commission and on the Recordable
4
Circumstances (Ordinance No. 15) (promulgated in the State Gazette No. 54 of 2004; amended in
No. 15 of 2005).
(2) In case the company was not obligated to prepare three annual financial statements, the said
company shall submit to the Commission the financial statements in respect of which the obligation
for preparation has arisen. If the financial statements of the company are subject to audit, the
auditor's reports shall be attached to the audited financial statements.
(3) On the basis of the documents submitted, the Commission shall ascertain the extent of
compliance with the requirements for recording in the Register. If the data and documents as
submitted are deficient or invalid, or if any additional information or proof of the truthfulness of the
data is required, the Commission shall dispatch a communication on the deficiencies and nonconformities as ascertained or on the additional information and documents as required.
(4) Unless delivery of the communication referred to in Paragraph (3) be taken at the mailing
address named by the applicant, the time limit shall begin to run as from the posting of the
communication on a place expressly designated for this purpose in the building of the Commission.
The latter circumstance shall be certified by a memorandum drawn up by officials designated by an
order of the Chairperson of the Commission.
(5) The Commission shall pronounce on an application as submitted within one month after receipt
of the application or, where additional information and documents have been requested, within
fourteen days after receipt of the said information and documents.
(6) The Commission shall notify the person referred to in Paragraph (1) in writing of the recording
in the Register within seven days after the decision on recording.
Section II
Procedure for Recording of Public Company in Register
Article 9. (1) Any issuer of shares referred to in Items 1, 3, 4 or 5 of Article 2 (1) herein, which has
become a public company in pursuance of Article 110 (3) of the Public Offering of Securities Act
by reason of recording of the incorporation of the said issuer or of the increase of the capital
thereof, as the case may be, shall be recorded in the Register as a public company on the initiative
of the said issuer.
(2) The person referred to in Paragraph (1) shall submit to the Commission an application for the
recording of the said person as a public company within seven days after being recorded in the
Commercial Register. Any such application shall enclose:
1. in respect of the newly incorporated joint-stock company: the documents covered under Item 1
(a) to (d) of Article 8 (1) herein;
2. a certified transcript of the judgment of court on recording of the increase of capital in the
Commercial Register;
3. other documents, stating the rest of the current particulars which, according to Ordinance No. 15,
are recorded in the Register.
5
(3) The Commission shall pronounce on an application as submitted within one month after receipt
of the application or, where additional information and documents have been requested, within
fourteen days after receipt of the said information and documents.
Article 10. (1) In the cases of secondary public offering under Items 2, 3 and 5 of Article 8 (1)
herein, a joint-stock company shall be recorded as a public company on the initiative of the
Commission.
(2) The Commission shall record the public company in the Register simultaneously with making a
decision to confirm or to recognize a prospectus or, respectively, to exempt the issuer from the
obligation to publish a prospectus. Article 8 (6) herein shall apply, mutatis mutandis.
Article 11. (1) In the cases of secondary public offering under Item 4 of Article 2 (1) herein, a
public company shall be recorded in the Register according to the procedure established by Article
8 herein.
(2) In the cases referred to in Item 3 of Article 4 (1) herein, the company shall be obligated to
submit to the Commission an application for confirmation of a prospectus under the terms and
according to the procedure established by Chapter Four of Ordinance No. 2 of 2003 on the
Prospectuses upon Public Offering of Securities and on Disclosure of Information by Public
Companies and Other Issuers of Securities (Ordinance No. 2) (State Gazette No. 90 of 2003) within
six months after occurrence of the circumstance referred to in Item 3 of Article 4 (1) herein. Article
10 shall apply, mutatis mutandis.
Section III
Procedure for Recording of Issue of Securities in Register
Article 12. (1) An issue of securities shall be recorded in the Register simultaneously with the
recording of the issuer.
(2) Any succeeding issue of securities shall be recorded in the Register on the initiative of the
Commission simultaneously with the making of a decision by the Commission to confirm or to
recognize a prospectus or, respectively, to exempt the issuer from the obligation to publish a
prospectus. Article 8 (6) herein shall apply, mutatis mutandis.
(3) In the cases referred to in Item 4 of Article 2 (1) herein, a succeeding issue of securities shall be
recorded according to the procedure established by Article 8 herein.
(4) Upon recording of any issue of securities which is subject to initial public offering, it shall be
noted in the Register that the issuing of the securities is in progress.
(5) Any issues of securities whereof the initial public offering has been successfully completed shall
be recorded in the Register for the purpose of trading on regulated markets on the initiative of the
Commission if the requirements covered under Article 6 (1) herein are fulfilled. The Commission
shall make a decision on recording of any such issue within fourteen days after notification under
Article 24 (1) of Ordinance No. 2. Article 8 (6) herein shall apply, mutatis mutandis.
Article 13. (1) According to Item 1 of Article 110 (9) of the Public Offering of Securities Act, the
persons who manage and represent a public company shall be obligated to declare each succeeding
share issue for recording in the Register in respect of which an initial public-offer prospectus has
6
not been published within seven days after recording of the increase of capital in the Commercial
Register.
(2) Any application for recording of the share issues under Paragraph (1) shall enclose:
1. the decision made by the competent body of the company on recording of the issue for the
purpose of trading on regulated markets containing, as a minimum, particulars of the amount of the
issue, the type, class, number, nominal value and issue price of the securities and the rights
attaching thereto;
2. other documents stating the current particulars, which are recorded in the Register according to
Ordinance No. 15.
(3) The Commission shall pronounce on an application as submitted within one month after receipt
of the application, and in the cases where additional information or documents have been requested,
within fourteen days after receipt of the said information and documents. Article 8 (3), (4) and (6)
herein shall apply, mutatis mutandis.
Article 14. (1) Any succeeding share issues shall be recorded in the Register on the record of the
public company.
(2) Any succeeding issues of securities other than shares, which are offered publicly, shall be
recorded in the Register on the record of the relevant public company or issuer.
Section IV
Procedure for Recording to Public Companies, Issuers and Issues of Securities under Special
Circumstances
Article 15. (1) Each new company and acquiring company referred to in Article 4 (2) herein shall
submit an application to the Commission for recording in the Register within seven days after
recording of the transformation in the Commercial Register.
(2) Any such application shall enclose:
1. a certified transcript of the judgment of court on the transformation;
2. a certificate issued by the Central Depository on registration of the share issues and the allocation
thereof to accounts or on the transfer of the shares;
3. the documents referred to in Items 1 and 3 of Article 8 (1) herein in respect of a new or acquiring
company, unless the acquiring company has already been recorded in the Register of the
Commission.
(3) The Commission shall pronounce on an application as submitted within one month after receipt
of the application, and in the cases where additional information or documents have been requested,
within fourteen days after receipt of the said information and documents. Article 8 (3), (4) and (6)
herein shall apply, mutatis mutandis.
Article 16. (1) Upon public offering of securities under the terms established by Article 79a of the
Public Offering of Securities Act, the person which has issued the securities must submit an
application for recording of all issues of securities issued during the relevant calendar year within
7
seven days after completion of the subscription of the issue of securities exceeding the threshold. In
the cases where shares are issued, the obligation referred to in sentence one shall be fulfilled within
seven days after recording of the increase of capital in the Commercial Register.
(2) Any application referred to in Paragraph (1) shall enclose documents regarding all issues of
securities issued under the terms established by Paragraph (1), as follows:
1. a decision made by the body competent according to the instrument of incorporation of the
company on recording of the said issues, containing, as a minimum, particulars of the amount of
each issue, number, nominal value and issue price, type, class of securities and rights attaching
thereto, including provision of collateral security and subordination of the debt securities;
2. an abstract of the accounting documents of the company or another document certifying the full
payment of the issue price of the securities of each issue;
3. other documents stating the rest of the current particulars which, according to Ordinance No. 15,
are recorded in the Register.
(3) The Commission shall pronounce on an application as submitted within one month after receipt
of the application or, where additional information and documents have been requested, within
fourteen days after receipt of the said information and documents. Article 8 (3), (4) and (6) herein
shall apply, mutatis mutandis.
Chapter Four
TERMS FOR EXPUNGEMENT OF PUBLIC COMPANIES, OTHER ISSUERS OF
SECURITIES AND ISSUES OF SECURITIES IN REGISTER
Section I
Terms for Expungement of Issuer of Securities in Register
Article 17. (1) Any issuer of securities, which has been recorded in the Register, shall be expunged
therein if one of the following conditions exists:
1. the issue of securities has been expunged in the Register in the cases covered under Article 19
and the issuer does not have any other issue of securities recorded;
2. the issuer has been expunged in the Commercial Register by reason of closure of the liquidation
or bankruptcy proceedings.
(2) In the cases referred to in Item 1 of Paragraph (1), the person shall cease to be an issuer as from
the decision of the Deputy Chairperson on the expungement of the said person in the Register, and
in the cases referred to in Item 2 of Paragraph (1), the person shall cease to be an issuer as from the
expungement of the said person in the Commercial Register.
8
Section II
Terms for Expungement of Public Company in Register
Article 18. Any public company shall be expunged in the Register according to Article 119 (1) of
the Public Offering of Securities Act if:
1. the Shareholders' General Meeting has passed a resolution on the expungement of the said
company by a majority of two-thirds in value of the capital stock represented and provided that:
(a) the number of shareholders was fewer than 300 persons fourteen days before the General
Meeting, as well as on the last day of the two last preceding calendar years; and
(b) the value of the assets of the company was less than BGN 500,000 according to the latest
monthly balance sheet, as well as according to the two latest certified annual balance sheets;
2. a tender offering has been made under Article 149a of the Public Offering of Securities Act and:
(a) the shareholders owning at least one-half of the total number of shares subject to the tender offer
have accepted the tender offer; or
(b) the General Meeting of the company has passed a resolution on the expungement thereof by a
majority of one-half in value of the capital stock represented; the capital stock represented shall
exclude the shares which the tender offeror has acquired prior to registration with the Commission
of the tender offer referred to in Article 149a (1) of the Public Offering of Securities Act; the voting
power of the tender offeror shall be limited to the shares acquired thereby as a result of the said
tender offer and thereafter.
Section III
Terms for Expungement of Issue of Securities in Register
Article 19. An issue of securities shall be expunged in the Register if:
1. the initial public offering of securities is completed unsuccessfully;
2. the court refuses to record the joint-stock company referred to in Article 3 (3) herein or,
respectively, an increase of capital of a joint-stock company, in the Commercial Register;
3. the obligations of the issuer or of the public company, as the case may be, under the issue of
securities are redeemed;
4. the issuer has been expunged in the Register in the cases referred to in Item 2 of Article 17 (1)
herein or, respectively, the public company has been expunged in the Register.
9
Chapter Five
PROCEDURE FOR EXPUNGEMENT OF PUBLIC COMPANIES, OTHER ISSUERS OF
SECURITIES AND ISSUES OF SECURITIES IN REGISTER
Section I
Procedure for Expungement of Issuer of Securities in Register
Article 20. (1) In the cases referred to in Item 1 of Article 17 (1) herein, an issuer shall be expunged
in the Register on the initiative of the Deputy Chairperson simultaneously with the expungement of
the issue of securities.
(2) In the cases referred to in Item 2 of Article 17 (1) herein, the trustee in bankruptcy or the
liquidator, as the case may be, shall notify the Deputy Chairperson of the expungement of the
company in the Commercial Register and shall transmit a certified transcript of the effective
judgment of court whereby the expungement is decreed. The issuer shall be expunged on the
initiative of the Deputy Chairperson after receipt of the notification referred to in sentence one.
Section II
Procedure for Expungement of Issue of Securities in Register
Article 21. (1) In the cases referred to in Items 1, 2 and 4 of Article 19 herein, an issue of securities
shall be expunged in the Register on the initiative of the Deputy Chairperson.
(2) In the cases referred to in Item 1 of Article 19 herein, within seven days after the close of the
subscription or of the sale, as the case may be, the person shall submit to the Commission the
notification, referred to in Article 89 (4) of the Public Offering of Securities Act, which has been
transmitted to the bank whereat the persons have effected payments for securities subscribed
thereby.
(3) In the cases referred to in Item 2 of Article 19 herein, within seven days after rendition of the
judgment of court, the issuer shall submit to the Commission a certified copy of the judgment of
court whereby recording in the Commercial Register of the incorporation of the company of the
issuer of shares or, respectively, of the increase of capital is refused, and the notification, referred to
in Article 89 (4) of the Public Offering of Securities Act, which has been transmitted to the bank
whereat the persons have effected payments for securities subscribed thereby.
(4) Upon expungement of an issue of securities under Item 3 of Article 19 herein, the issuer or the
public company, as the case may be, shall submit an application, enclosing therewith:
1. a declaration to the effect that the obligation of the issuer under the issue of securities;
2. a certificate issued by the Central Depository to the effect that the issue concerned has been
expunged.
(5) The Deputy Chairperson shall pronounce on the application as submitted under Paragraph (4)
within one month after receipt of the said application or, where additional information and
documents have been requested, within fourteen days after receipt of the said information and
documents. Article 8 (3), (4) and (6) herein shall apply, mutatis mutandis.
10
Section III
Procedure for Expungement of Public Company in Register
Article 22. (1) A public company shall be expunged in the Register on the initiative of the said
company if any of the conditions covered under Article 18 herein exists.
(2) For expungement in the Register in the cases referred to in Item 1 of Article 18 herein, the
person shall submit an application to the Deputy Chairperson, enclosing therewith:
1. a certified copy of the notice of convocation of General Meeting as promulgated in the State
Gazette and of the insertion of the said notice in one national daily newspaper;
2. a certified copy of the letters transmitted to the Central Depository and to the regulated securities
market whereon the shares in the company are traded, whereby the notice of convocation of the
General Meeting has been transmitted not later than forty-five days prior to the date of the said
meeting, and proof of receipt of the said letters;
3. a copy of the minutes of proceedings at the General Meeting as held, signed by the chairperson,
the secretary and the tellers, together with an attendance list referred to in Article 225 of the
Commerce Act;
4. certified copies of the proxies presented at the General Meeting;
5. a certified copy of the Articles of Association of the company current as at the date of the
General Meeting whereat a resolution on expungement of the public company in the Register was
passed;
6. certificates issued by the Central Depository on the structure of shareholding in the company
fourteen days prior to the General Meeting, as well as on the last day of the two last preceding
calendar years;
7. the last monthly balance sheet predating the conduct of the General Meeting;
8. a certificate of current status of the court registration.
(3) In the cases referred to in Item 2 (a) of Article 18 herein, the application for expungement of a
public company shall enclose a document certifying the shares acquired by the tender offeror as a
result of the tender offer made.
(4) In the cases referred to in Item 2 (b) of Article 18 herein, the application for expungement of a
public company shall enclose the relevant documents referred to in Items 1 to 5 and Item 8 of
Paragraph (2) and a document certifying the shares acquired by the tender offeror as a result of the
tender offer and thereafter.
Article 23. (1) The Deputy Chairperson shall pronounce on the application as submitted within one
month after receipt of the said application or, where additional information and documents have
been requested, within fourteen days after receipt of the said information and documents. Article 8
(3), (4) and (6) herein shall apply, mutatis mutandis.
11
(2) In the cases referred to in Article 3 (2) herein, the Deputy Chairperson, acting on his or her own
initiative, shall make a decision on recording of the company as an issuer simultaneously with the
decision on expungement of the said company as a public company.
Chapter Six
ADMINISTRATIVE PENALTY PROVISIONS
Article 24. (1) Any persons, who or which have committed violations of this Ordinance, as well as
any persons who or which have suffered the commission of such violations, shall be penalized
according to Article 221 of the Public Offering of Securities Act.
(2) The written statements on violations shall be drawn up by officials authorized by the Deputy
Chairperson, and the penalty decrees shall be issued by the Deputy Chairperson.
(3) The ascertainment of violations, the issue, appeal against and execution of penalty decrees shall
follow the procedure established by the Administrative Infractions and Penalties Act.
SUPPLEMENTARY PROVISIONS
§ 1. (1) The Deputy Chairperson shall determine standard forms of the applications referred to in
this Ordinance. The standard form shall be made public in the official bulletin of the Commission
and on the Internet site thereof.
(2) Any such standard forms shall be completed in the Bulgarian language.
(3) Any documents, which are submitted to the Commission according to the requirements of this
Ordinance and which are issued in any language other than Bulgarian, must be accompanied by a
legalized translation into the Bulgarian language in accordance with the requirements of the
effective legislation. In the event of any discrepancy between the texts, the translation into the
Bulgarian language shall prevail.
(4) Any documents which are submitted to the Commission according to the requirements of this
Ordinance and for which certification is required shall be certified by the persons representing the
applicant by means of affixation of the wording “True Copy,” a signature, a date, and a seal.
§ 2. (1) All persons who have submitted an application according to the requirements of this
Ordinance shall be obligated to notify the Commission of any changes which have occurred during
the period commencing with the submission of the said application and ending with the
pronouncement by the Commission or by the Deputy Chairperson, as the case may be, and to make
the requisite corrections in the data and documents as presented.
(2) The obligation referred to in Paragraph (1) shall be fulfilled not later than at the end of the day
next succeeding the day of making of the decision, the introduction or learning of the amendment or
supplement, and in the cases where the circumstance is subject to recording in the Commercial
Register, the said recording.
§ 3. Upon recording and expungement in the Register of any person which is not a commercial
corporation, the provisions of this Ordinance shall apply accordingly.
§ 4. (1) Acting on its, his or her own initiative, the Commission or the Deputy Chairperson, as the
case may be, may expunge in the Register any person and/or issue of securities in respect of which
12
the obligation to submit an application for recording or for expungement in the Register, as the case
may be, has not been fulfilled.
(2) Acting on his or her own initiative, the Deputy Chairperson may furthermore expunge in the
Register any issuer and/or issue which does not satisfy the conditions whereunder the decision on
recording thereof in the Register has been issued.
FINAL PROVISIONS
§ 5. This Ordinance is issued in pursuance of § 16 (1) of the Transitional and Final Provisions in
reference to Article 79a (2), Article 100 (4), Article 110 (8) of the Public Offering of Securities Act
and was adopted by Decision No. 39-H dated 29 July 2005 of the Financial Supervision
Commission.
§ 6. The Commission shall give directions for the application of this Ordinance.
13