if changes to the Public Offering of Securities Act (POSA), proposed by the Bulgarian Industrial Capital Organization (BICA) are approved in Parliament. The amendments have been submitted to the Financial Supervision Commission and members of the parliamentary Economic Policy Commission have been notified. BICA, an NGO that unites most of the former privatization funds, seeks to de-list without a buy-out offer public companies with less than 3000 shareholders and with total value of assets below BGN 25 mln. A total of 210 companies of the 325 traded on the local stock exchange match these criteria. Parliament could vote on these changes in September at the earliest.