Ordinance No. 48 of 20.03.2013 on the Requirements for Remuneration

ORDINANCE No. 48 of 20.03.2013 on the Requirements for Remuneration Promulgated - SG, No. 32 of 02.04.2013; amended and supplemented, No. 41 of 21.05.2019; amended, No. 66 of 20.08.2019; amended and supplemented, No. 61 of 10.07.2020; amended, No. 60 of 20.07.2021; amended and supplemented, No. 64 of 03.08.2021; amended, No. 70 of 20.08.2024; amended and supplemented, No. 39 of 28.04.2026; amended and supplemented, No. 73 of 14.08.2026, effective 01.01.2027. Adopted by Decision No. 140-N of 20.03.2013 of the FSC

Section I
General Provisions

Art. 1. (Amended - SG, No. 41 of 2019; amended and supplemented, No. 61 of 2020) (1) (Amended - SG, No. 41 of 2019; amended, No. 61 of 2020) This ordinance defines the principles and requirements for the policy and practice of determining and paying remuneration in insurers, reinsurers, and supplementary social security companies licensed to operate under the Insurance Code and the Social Security Code, respectively. (2) (New - SG, No. 61 of 2020) This ordinance defines the principles and requirements for the policy and practice of determining and paying remuneration in management companies licensed to operate under the Collective Investment Schemes and Other Collective Investment Undertakings Act. (3) (Previous para. 2, amended - SG, No. 61 of 2020) This ordinance defines the principles and requirements for the policy and practice of determining and paying remuneration to members of the management and control bodies of public companies. (4) (New - SG, No. 61 of 2020) Public companies that are credit institutions, investment intermediaries, insurers, reinsurers, supplementary social security companies, and management companies, in addition to the sectoral requirements regarding the policy and practice for determining and paying remuneration to the members of their management and control bodies, shall also apply the requirements of Section III, respectively. The first sentence shall not apply in case of a contradiction between the sectoral requirements and the requirements of Section III.

Section II
Remuneration Policy in Insurers, Reinsurers, Supplementary Social Security Companies, Management Companies (Title amended - SG, No. 61 of 2020)

Art. 2. (Amended and supplemented - SG, No. 41 of 2019; amended, No. 61 of 2020; amended, No. 60 of 2021; amended and supplemented, No. 64 of 2021; amended, No. 73 of 2026, effective 01.01.2027) (1) The persons under Art. 1, para. 1 shall adopt and apply a policy covering all forms of remuneration, such as salaries and other financial and/or material incentives, including benefits related to voluntary pension and/or health insurance, for the following categories of personnel:
1. employees in managerial positions;
2. employees whose activities involve risk-taking;
3. the responsible actuary and actuaries;
4. employees performing control functions;
5. (amended - SG, No. 41 of 2019; amended, No. 61 of 2020; amended, No. 60 of 2021; amended, No. 73 of 2026, effective 01.01.2027) all other employees whose remuneration is comparable to the remuneration of employees under item 1 and 2 and whose activities influence the risk profile of a person under Art. 1, para. 1, and for supplementary social security companies - also the risk profile of the managed funds or sub-funds therein.
(2) (New - SG, No. 41 of 2019) The remuneration policies of supplementary social security companies shall also cover:
1. (amended - SG, No. 73 of 2026, effective 01.01.2027) persons performing the functions under Art. 123e, para. 7, items 1, 3 and 5 of the Social Security Code;
2. (amended - SG, No. 73 of 2026, effective 01.01.2027) employees whose professional activities have a significant impact on the risk profile of the companies, the managed funds and sub-funds therein.
(3) (New - SG, No. 64 of 2021) Employees performing control functions in the insurer, respectively in the reinsurer, within the meaning of para. 1, item 4, are the persons who manage the functions under Art. 78, para. 1, items 1 - 3 of the Insurance Code, and the employees in the units performing these functions. The remuneration policy of the insurer, respectively of the reinsurer, shall define the positions of employees who may have a significant impact on the risk profile of the undertaking under para. 1, item 5, or shall contain a methodology for their determination. (4) (Previous para. 2 - SG, No. 41 of 2019; previous para. 3, No. 64 of 2021) The remuneration policy shall be developed by the management or control bodies in cooperation with the internal control department and, where appropriate, with human resources experts who possess the necessary qualifications and functional independence, in order to ensure an objective assessment of the appropriateness of the remuneration policy, including the implications for risk and risk management.

Art. 3. (Amended and supplemented - SG, No. 41 of 2019; amended and supplemented, No. 61 of 2020) (1) (Amended - SG, No. 41 of 2019; amended, No. 61 of 2020) The supervisory board or the board of directors, respectively the control board, of the person under Art. 1, para. 1 shall adopt the remuneration policy and shall be responsible for its implementation and periodic review. (2) The implementation of the remuneration policy shall be subject to a periodic and independent internal review at least once a year by or with the participation of the specialized internal control department. (3) (Amended - SG, No. 41 of 2019; amended, No. 61 of 2020) The remuneration policy must be clear and documented and available to the persons under Art. 2, para. 1 and 2 to whom it applies. (4) (New - SG, No. 41 of 2019) Insurers and reinsurers shall ensure that all their employees are familiar with the remuneration policy.

Art. 4. (Amended and supplemented - SG, No. 41 of 2019; amended and supplemented, No. 64 of 2021; amended, No. 70 of 2024; amended, No. 73 of 2

(12) (New - SG, No. 61 of 2020) The remuneration policy shall include a description of the decision-making process used for its determination, review and implementation, including measures to prevent or manage conflicts of interest, and where applicable, the role of the remuneration committee or other committees in the company. In case of amendments and/or supplements to the remuneration policy, it shall include a description and explanation of the significant changes and the manner in which the results of the general meeting votes, the opinions of shareholders, and the minutes of the general meetings at which the remuneration policy was considered and voted on, have been taken into account. (13) (New - SG, No. 61 of 2020) The remuneration policy may specify extraordinary circumstances under which the company may temporarily not apply part of the policy. The extraordinary circumstances under the first sentence are circumstances where the non-application of part of the policy is necessary and is related to the long-term interests and sustainability of the public company or its viability. In the case under the first sentence, the remuneration policy shall provide under what procedural conditions and which of its components may temporarily not be applied. Art. 12. (Amended and supplemented - SG, No. 61 of 2020) (1) (Supplemented - SG, No. 61 of 2020) The public company shall disclose to its shareholders the manner in which it applies the remuneration policy, in a policy implementation report, which is a separate document to the company's annual financial report on its activities. (2) (Supplemented - SG, No. 61 of 2020) The report under paragraph 1 shall contain a program for the implementation of the remuneration policy for the next financial year or for a longer period, a review of how the remuneration policy has been applied during the year, including all benefits in any form that have been provided or are due to current and former members of the management or supervisory body, with an emphasis on the significant amendments adopted therein, compared to the previous financial year. (3) (New - SG, No. 61 of 2020) Any shareholder or their representative participating in the regular general meeting may make recommendations on the report under paragraph 1. In case recommendations have been made, the company shall indicate in the next report under paragraph 1 how the recommendations have been taken into account. (4) (Previous paragraph 3, amended - SG, No. 61 of 2020) After the general meeting at which the annual financial report has been approved, the public company shall publish the report under paragraph 1 on its website, which shall be freely accessible for a period of 10 years. The public company may decide to keep the report available to the public even after the period under the first sentence, provided that the personal data of the members of the company's management and supervisory bodies are deleted. (5) (New - SG, No. 61 of 2020) After the
expiration of the period under paragraph 4, first sentence, the personal data of the members of the company's management and supervisory bodies contained in the report under paragraph 1 may not be disclosed, unless a longer period is provided by law. (6) (New - SG, No. 61 of 2020) The public company shall not include in the report under paragraph 1 special categories of personal data of the members of the company's management and supervisory bodies within the meaning of Article 9, paragraph 1 of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ, L 119/1 of 4 May 2016) or personal data relating to the marital status of these persons. The company shall process the personal data of the persons included in the report under paragraph 1 for the purpose of increasing corporate transparency regarding their remuneration and with a view to increasing the accountability of these persons and the supervision of their remuneration by shareholders. Art. 13. (Amended and supplemented - SG, No. 61 of 2020; amended and supplemented, No. 39 of 2026) The report under Art. 12, paragraph 1 shall contain at least:

1. information regarding the decision-making process in determining the remuneration policy, including, if applicable, information on the mandate and composition of the remuneration committee, the names of external consultants whose services were used in determining the remuneration policy;
2. information regarding the relative weight of variable and fixed remuneration of the members of the management and supervisory bodies;
3. information regarding the performance criteria on the basis of which share options, company shares or other types of variable remuneration are granted, and an explanation of how the criteria under Art. 14, paragraphs 2 and 3 contribute to the long-term interests of the company;
4. an explanation of the methods used to assess whether the performance criteria have been met;
5. an explanation regarding the relationship between remuneration and performance;
6. the main payments and justification of the annual bonus payment scheme and/or all other non-monetary additional remunerations;
7. (amended - SG, No. 61 of 2020) a description of the main characteristics of the supplementary voluntary pension insurance scheme and information regarding the contributions paid and/or due by the company in favor of the respective member of a management or supervisory body for the respective financial year, where applicable;
8. information on the deferral periods for the payment of variable remunerations;
9. information on the policy for termination benefits;
10. information on the period during which shares cannot be transferred and share options cannot be exercised, for variable remuneration based on shares;
11. information on the policy for retaining a certain number of shares until the end of the mandate of the members of the management and supervisory bodies after the expiration of the period under item 10;
12. (supplemented - SG, No. 39 of 2026) information regarding the contracts of the members of the management and supervisory bodies, including the term of each contract, the notice period for its termination, and details regarding compensation and/or other payments due in case of early termination;
13. the full amount of remuneration and other material incentives of the members of the management and supervisory bodies for the respective financial year;
14. information on the remuneration of each person who has been a member of a management or supervisory body in a public company for a certain period during the respective financial year:
    a) the full amount of remuneration paid and/or accrued to the person for the respective financial year; b) remuneration and other material and non-material incentives received by the person from companies within the same group; c) remuneration received by the person in the form of profit distribution and/or bonuses and the grounds for their provision; d) all additional payments for services provided by the person outside their usual functions, when such payments are permissible under the contract concluded with them; e) compensation paid and/or accrued upon termination of their functions during the last financial year; f) a general assessment of all non-monetary benefits, equivalent to remuneration, other than those specified in sub-paragraphs "a" - "d"; g) information regarding all loans granted, payments for social and household expenses, and guarantees from the company or its subsidiaries or other companies that are subject to consolidation in its annual financial report, including data on the remaining unpaid portion and interest;
15. information regarding shares and/or share options and/or other share-based incentive schemes:
    a) number of share options offered or shares granted by the company during the respective financial year and the conditions under which they were offered, respectively granted; b) number of share options exercised during the respective financial year and for each of them, number of shares and the exercise price of the option or the value of the interest under the share-based incentive scheme at the end of the financial year; c) number of unexercised share options at the end of the financial year, including data on their price and exercise date and essential conditions for exercising the rights; d) any changes in the terms and conditions of existing share options adopted during the financial year. e) (new - SG, No. 39 of 2026) the main conditions for exercising the rights under the shares and/or options on them that have not been exercised by the end of the financial year;
16. (new - SG, No. 61 of 2020; amended, No. 39 of 2026) annual change in remuneration, company performance, and the average full-time equivalent remuneration of employees in the company who are not members of the management and supervisory bodies, over the preceding at least five financial years, presented together in a comparative manner;
17. (new - SG, No. 61 of 2020) information on the exercise of the possibility to reclaim variable remuneration;
18. (new - SG, No. 61 of 2020) information on all deviations from the procedure for applying the remuneration policy in connection with extraordinary circumstances under Art. 11, paragraph 13, including an explanation of the nature of

council, respectively an executive member of the board of directors of the company.
(4) In exercising its functions, the remuneration committee must ensure that the remuneration of each member of the management board, respectively each executive member of the board of directors, is fairly determined in relation to the remuneration of other members of the management board, respectively executive directors of the board of directors and other employees in senior management positions in the administration of the public company. (5) The remuneration committee is accountable for the exercise of its functions to the general meeting of shareholders and for this purpose, its members must be admitted to attend the meeting upon a decision of the general meeting.

Section III 'a'
(New - State Gazette, No. 39 of 2026)
European Single Access Point

Art. 22a. (New - State Gazette, No. 39 of 2026) The Commission for Financial Supervision, hereinafter referred to as "the Commission", is a data collection body within the meaning of Art. 2, item 2 of Regulation (EU) 2023/2859 of the European Parliament and of the Council of 13 December 2023 on the creation of a European single access point providing centralized access to publicly available information relevant to financial services, capital markets and sustainable development (OJ, L 2023/2859 of 20 December 2023), hereinafter referred to as "Regulation (EU) 2023/2859", for the purposes of ensuring access via the European single access point to the information under Art. 11, para. 7 and Art. 12, para. 4.

Art. 22b. (New - State Gazette, No. 39 of 2026) (1) The public company, simultaneously with the publication of the information under Art. 11, para. 7 and Art. 12, para. 4, provides the same information to the Commission in a data extraction format under Art. 2, item 3 of Regulation (EU) 2023/2859 or, when required by European Union law, in a machine-readable format under Art. 2, item 4 of the same regulation, accompanied by the following metadata:

1. name of the public company to which the information relates;
2. legal entity identification code of the public company;
3. size of the public company according to the category under Art. 7, paragraph 4, letter "g" of Regulation (EU) 2023/2859;
4. industrial sectors of the economic activities of the public company under Art. 7, paragraph 4, letter "d" of Regulation (EU) 2023/2859;
5. type of information, as classified under Art. 7, paragraph 4, letter "v" of Regulation (EU) 2023/2859;
6. indication whether the information contains personal data.
   (2) Additional requirements for the format and structuring of the information under para. 1, as well as the submission of metadata to it and the inclusion of other metadata are determined by the implementing acts of Regulation (EU) 2023/2859 and guidelines of the ESMA, for which the Commission has adopted a decision for their application under Art. 13, para. 1, item 26 of the Law on the Commission for Financial Supervision.

Section IV

Administrative Penalty Provisions

Art. 23. (Amended - State Gazette, No. 41 of 2019; amended, No. 61 of 2020) (1) (Amended - State Gazette, No. 41 of 2019) Insurers, reinsurers, their employees and persons who manage and/or represent them, who commit or allow the commission of a violation of this decree, shall be punished in accordance with Art. 644 of the Insurance Code. (2) (Amended - State Gazette, No. 41 of 2019) Supplementary pension insurance companies, their employees and persons who manage and/or represent them, who commit or allow the commission of a violation of this decree, shall be punished in accordance with Art. 351 of the Social Security Code. (3) (Amended - State Gazette, No. 41 of 2019; amended, No. 61 of 2020) Management companies or their employees and persons who manage and/or represent them, who commit or allow the commission of a violation of this decree, shall be punished in accordance with Art. 273 of the Law on the Activity of Collective Investment Schemes and Other Collective Investment Undertakings. (4) Public companies and persons who manage and/or represent them, who commit or allow the commission of a violation of this decree, shall be punished in accordance with Art. 221 of the Law on the Public Offering of Securities. (5) Violations of the provisions of the decree are established by acts drawn up by officials authorized by the respective sectoral Deputy Chairman of the Commission. (6) Penalty orders are issued by the sectoral Deputy Chairman of the Commission or by an official authorized by him. (7) The establishment of violations, the issuance, appeal and execution of penalty orders are carried out in accordance with the Law on Administrative Violations and Penalties.

Additional Provisions

§ 1. (Amended - State Gazette, No. 61 of 2020) For the purposes of this decree:

1. (Amended - State Gazette, No. 61 of 2020) "Senior management employees" are members of the management board, supervisory board, board of directors and control board, as well as other senior management positions in the administration that relate to the implementation of the subject matter of activity of the persons under Art. 1, para. 1-3.
2. "Variable remuneration" is an element of total remuneration in the form of premiums, bonuses, benefits related to retirement, and other material incentives, which are granted based on performance evaluation criteria.

§ 2. (Added - State Gazette, No. 41 of 2019; amended, No. 61 of 2020; added, No. 39 of 2026) The decree introduces:

1. Commission Recommendation 2009/384/EC of 30 April 2009 on remuneration policies in the financial services sector and Commission Recommendation 2009/385/EC of 30 April 2009 supplementing Recommendation 2004/913/EC;
2. Recommendation 2005/162/EC regarding the remuneration regime for directors of companies whose securities are admitted to trading on a regulated market;
3. requirements of Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ, L 354/37 of 23 December 2016);
4. requirements of Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (OJ, L 132/1 of 20 May 2017).
5. (new - State Gazette, No. 39 of 2026) requirements of Directive (EU) 2023/2864 of the European Parliament and of the Council of 13 December 2023 amending certain directives in connection with the creation and functioning of the European single access point (OJ, L 2023/2864 of 20 December 2023).

Transitional and Final Provisions

§ 3. The decree repeals Decree No. 43 of 2011 on the requirements for remuneration in insurers, reinsurers and health insurance companies (State Gazette, No. 61 of 2011).

§ 4. The persons under Art. 1 shall bring their activities into compliance with this decree within six months from its entry into force.

§ 5. (Amended - State Gazette, No. 66 of 2019; added, No. 64 of 2021) The decree is issued on the basis of Art. 77, para. 5 and in connection with Art. 265, para. 1 of the Insurance Code, Art. 123o, para. 2 of the Social Security Code, Art. 33 and Art. 108, para. 10 of the Law on the Activity of Collective Investment Schemes and Other Collective Investment Undertakings, Art. 116v, para. 1 of the Law on the Public Offering of Securities and is adopted by Decision No. 140-N of 20 March 2013 of the Commission for Financial Supervision.

For the Chairman: Angel Dzhaldzhizov

Provisions to the Decree on Amendment and Supplement of Decree No. 46 of 2012 on the Procedure and Method of Payment of Compensation from the Investor Compensation Fund (State Gazette, No. 66 of 20.08.2019)

§ 9. In § 5 of the transitional and final provisions of Decree No. 48 of 2013 on the requirements for remuneration (published, State Gazette, No. 32 of 2013; amended and supplemented, No. 41 of 2019) the words "Art. 57, para. 4 of the Insurance Code, Art. 123o, para. 2 of the Social Security Code, Art. 33 and Art. 108, para. 2 of the Law on the Activity of Collective Investment Schemes and Other Collective Investment Undertakings" are replaced with "Art. 77, para. 5 of the Insurance Code, Art. 123o, para. 2 of the Social Security Code, Art. 33 and Art. 108, para. 10 of the Law on the Activity of Collective Investment Schemes and Other Collective Investment Undertakings".

Transitional and Final Provisions to the Decree on Amendment and Supplement of Decree No. 48 of 2013 on the requirements for remuneration (State Gazette, No. 61 of 10.07.2020)

§ 20. The persons under Art. 1 shall bring their remuneration policies into compliance with the requirements of this decree by 30 September 2020.

§ 21. Public companies under Art. 1, para. 3 and 4 shall prepare reports on the implementation of the remuneration policy to their annual financial statements for 2020 in accordance with the requirements of this decree.

Transitional and Final Provisions to DECREE No. 70 of 29.06.2021 on the requirements for payment funds (State Gazette, No. 60 of 20.07.2021)

§ 7. In Decree No. 48 of 20.03.2013 on the requirements for remuneration (published, State Gazette, No. 32 of 2013; amended and supplemented, No. 41 of 2019; amended, No. 66 of 2019; amended and supplemented, No. 61 of 2020) the following changes are made:

1. In Art. 2, para. 1, item 5 the words "supplementary pension insurance funds" are replaced with "funds".
2. In Art. 6, para. 1 the words "supplementary pension insurance funds" are replaced with "funds".

Transitional and Final Provisions to DECREE No. 71 of 22.07.2021 on the requirements for the management system of insurers and reinsurers (State Gazette, No. 64 of 03.08.2021)

§ 8. In Decree No. 48 of 20.03.2013 on the requirements for remuneration (published, State Gazette, No. 32 of 2013; amended and supplemented, No. 41 and 66 of 2019 and No. 61 of 2020) the following changes and supplements are made:

1. In Art. 2:
   a) a new para. 3 is created:
   "(3) Employees performing control functions in the insurer, respectively in the reinsurer, within the meaning of para. 1, item 4, are persons who perform the functions under Art. 78, para. 1, items 1 - 3 of the Insurance Code, and employees in the units that perform these functions. The remuneration policy of the insurer, respectively the reinsurer, determines the positions of employees who may have a significant impact on the risk profile of the undertaking under para. 1, item 5, or contains a methodology for their determination."; b) the current para. 3 becomes para. 4.
2. In Art. 4:
   a) a new para. 3 is created:
   "(3) The remuneration policy of insurers and reinsurers must meet the requirements under para. 1, items 1 - 4, whereby for the purposes of item 1 "acceptable level" is determined in accordance with risk management policies and the risk-taking limits provided therein, including in relations with service providers. The remuneration policy must not jeopardize the ability of the insurer, respectively the reinsurer, to maintain the required own funds."; b) the current para. 3 becomes para. 5; c) para. 4 is created:
   "(4) The insurer, respectively the reinsurer, ensures that the measures to avoid conflicts of interest under para. 1, item 3 cover at least:
   1. persons who develop the remuneration policy, approve or review it, as well as those who prepare, conclude or review agreements on remuneration;
   2. persons who conclude or underwrite insurance or reinsurance contracts that may significantly affect the risk profile of the insurer or reinsurer;
   3. asset managers."
3. Art. 4a is created:
   "Art. 4a. (1) The insurer, respectively the reinsurer, which is a participating undertaking, the insurance holding or the mixed financial holding, adopts a remuneration policy for the entire group, whereby the policy must reflect the complexity and structure of the group for the uniform and consistent application throughout the group in accordance with the group's risk management strategies. The policy applies to all persons at group level and for each individual undertaking. (2) The insurer, respectively the reinsurer, which is a participating undertaking, the insurance holding or the mixed financial holding, must ensure that:
   1. there is mutual binding of remuneration policies in the group and their compliance with legal and regulatory requirements regarding the undertakings that are part of it, and they are applied correctly;
   2. all undertakings in the group meet the legal and regulatory requirements regarding remuneration;
   3. conditions are created for the management of significant risks at group level related to the application of the remuneration policy in the group."
4. In Art. 6, para. 2 after the words "non-financial indicators" a comma is placed and "and in the case of an employee of an insurer, respectively a reinsurer - and compliance with risk management rules and regulatory framework and internal acts of the insurer, respectively the reinsurer" is added.
5. In § 5 of the transitional and final provisions after the words "Art. 77, para. 5" the words "and in connection with Art. 265, para. 1" are added.

Transitional and Final Provisions to the Decree on Amendment and Supplement of Decree No. 63 of 8.11.2018 on the requirements for the content, periodicity of preparation and deadlines for submission of supervisory reports of pension insurance companies and funds managed by them (State Gazette, No. 70 of 20.08.2024)

§ 19. In Decree No. 48 of 20.03.2013 on the requirements for remuneration (published, State Gazette, No. 32 of 2013; amended and supplemented, No. 41 and 66 of 2019, No. 61 of 2020, No. 60 and 64 of 2021) the following changes are made:

1. In Art. 4, para. 2 the words "insured persons and pensioners" are replaced with "insured persons, persons insured under PEPP, pensioners and PEPP beneficiaries".
2. Everywhere in the decree the word "commission" is replaced with "Commission".

Final Provisions to the Decree on Amendment and Supplement of Decree No. 48 of 20 March 2013 on the requirements for remuneration (State Gazette, No. 39 of 28.04.2026)

§ 9. As of 10 January 2030, the information under Art. 22b, para. 1 is provided for the first time via the European single access point.

Transitional and Final Provisions to the Decree on Amendment and Supplement of Decree No. 17 of 7.07.2004 on the documents required for the issuance of a permit for the transformation of a pension insurance company and a supplementary pension fund and on the requirements for the plans under Art. 327, para. 1, item 3 and Art. 336, para. 1 of the Social Security Code (State Gazette, No. 73 of 14.08.2026, in force from 01.01.2027)

§ 21. In Decree No. 48 of 20.03.2013 on the requirements for remuneration (published, State Gazette, No. 32 of 2013; amended and supplemented, No. 41 and 66 of 2019, No. 61 of 2020, No. 60 and 64 of 2021, No. 70 of 2024 and No. 39 of 2026) the following changes and supplements are made:

1. In Art. 2:
   a) in para. 1, item 5 the words "from them funds" are replaced with "funds or sub-funds in them"; b) in para. 2:
   aa) in item 1 the words "items 1 and 3" are replaced with "items 1, 3 and 5"; bb) in item 2 the words "companies and funds managed by them" are replaced with "companies, managed funds and sub-funds in them".
2. In Art. 4, para. 2 the words "the company and funds managed by it" are replaced with "the company, funds managed by it and sub-funds in them".
3. In Art. 6, para. 1 the words "from them funds" are replaced with "funds or sub-funds in them".