As of the second half of February 2020 new rules on currency, regime are in force in Bulgaria. One of the significant legislative changes is that when a person transfers cash in the amount of BGN 30,000 or more or its equivalent in a foreign currency to a third country, the customs authorities require ex […]
At the end of October, significant changes were made to the Markets in Financial Instruments Act (MFIA), with the introduction of measures to implement Regulation (EU) No 909/2014 of the European parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives […]
The Electronic Communications Networks and Physical Infrastructure Act (ECNPI) was promulgated at the beginning of March 2018. This Law regulates public relations connected to the deployment, use, maintenance and development of electronic communications networks; providing access to and use of existing physical infrastructure; the rights and obligations of network operators, contractors, property owners, persons who […]
An entirely new Protection of Trade Secret Act (PTSA) was promulgated in the Bulgarian State Gazette issue 28 on April 5 2019. This law has been transposing Directive (EU) 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure (Directive 2016/943). A careful reading of PTSA […]
Ordinance No. 50 of 2015 on capital adequacy, the liquidity of investment intermediaries and the supervision of their compliance (hereinafter referred to as the Ordinance) were changed at the beginning of February. The purpose of the legislative changes is to harmonize the Ordinance with the new Markets in Financial Instruments Act – MFIA (in force […]
The new Regulations on the implementation of the Measures Against Money Laundering Act (RIMMLA) were published in the Bulgarian State Gazette on 08.01.2019. These regulations elaborated the matter in regard to the establishment of the actual owners of companies and other legal entities. The identification of the natural person who is the actual owner of […]
Hristov & Partners is pleased to announce that we have contributed the Bulgaria chapter in The International Comparative Legal Guide to: Merger Control 2019. The guide gives an overview of the Bulgarian merger control regime and provides our practical advice and tips for businesses involved in transactions subject to merger filings and approval by the […]
Significant legislative changes affecting bearer shares were made in October this year in Bulgaria These changes were invoked by Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) […]
The General Data Protection Regulation (GDPR) came into force across the European Union on May 25th 2018. It applies to all businesses and public sector bodies that access, use or […]
Read moreBulgarian law regulates 5 types of business entities: – Unlimited partnership – Limited partnership – Limited liability company (“LLC”) – Joint-stock company (“JSC”) – Limited partnership with shares The most typical corporate forms are the LLC and the JSC. This short guide will focus on this two types of companies. The LLC is the most used and preferred […]
According to the latest amendments to the Bulgarian Commerce Act (State Gazette No. 88/23.10.2018), which are in force as of 23 October 2018, issuing of bearer shares will not be possible anymore. Bearer shares or temporary certificates issued prior to the amendments are substituted by registered shares. The law gives 9 months to companies to […]
In July, the Council of Ministers in Bulgaria adopted Ordinance No 37 on Internal Exposures of Banks (hereinafter Ordinance No 37). This normative act regulates: 1. Requirements as regards internal rules for internal exposures of banks;2. The calculation of internal exposures of banks;3. The method for providing information for internal exposures of banks to the […]
