October 18 (SeeNews) - Bulgaria's Financial Supervision Commission (FSC) said it has asked Sofia-based investment and asset management company Expat Asset Management to correct its documentation for the launch of four exchange-traded funds (ETFs).
The company should correct incomplete information in its documents within a month, FSC said in separate statements for each of the planned four ETFs on Tuesday.
At the end of March, Expat Asset Management filed for approval from the FSC to launch four ETFs, which will track the performance of the blue-chip indices of stock exchanges in Greece, Romania, the Czech Republic and Poland, respectively.
Expat Asset Management said earlier this month it has sought approval from Bulgaria’s financial regulator to launch another six ETFs, each tracking the performance of the blue-chip indices of the stock exchanges in Hungary, Slovakia, Slovenia, Croatia, Serbia and Macedonia.
All 10 ETFs will be listed on the Bulgarian Stock Exchange (BSE) and, subsequently, on foreign stock exchanges.
In August 2016, Expat Asset Management launched the first ETF on the BSE, Expat Bulgaria SOFIX UCITS ETF [BUL:BGX], which tracks the performance of the BSE's blue-chip SOFIX index.