May 28 (SeeNews) - Bulgaria's Financial Supervision Commission said that it has awarded local Finance Assistance Management to act as a special purpose vehicle.
Finance Assistance Management is now due to launch a 150,000 levs ($86,000/77,000 euro) capital increase, in line with Bulgarian legal requirements, the financial regulator said in a statement on Monday.
Finance Assistance Management will be active in debt purchase and securitization.
The company has a registered capital of 500,000 levs.
Under Bulgarian law, SPVs need to have a minimum registered capital of 500,000 levs. After they are set up, SPVs are required to carry out an initial capital increase, offering shares with a nominal value equivalent to at least 30% of their registered capital on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)