Investment regulation - Bulgaria
Reference
Holding restrictions
Threshold | Requirement | ||
Bank shares investment | |||
Acquisition reaching or crossing 10%, 20%, 33% or 50% threshold of voting shares | Prior approval from the competent supervisory authority is required before the acquisition. The application is filed with the BNB, and the decision rests with the ECB under the Single Supervisory Mechanism. Acquisitions made without prior approval are null and void, and the Central Depository will not register them. The BNB may also suspend the shareholder's voting rights and order the shares to be transferred within 30 days. | ||
Transfer of a qualifying holding (falling below)10%, 20%, 33% or 50% threshold of voting shares | Prior notification to the BNB required 10 days prior to the change in the threshold. | ||
Insurance company shares investment | |||
Acquisition crossing 10%, 20%, 30%, 50% threshold or more of voting shares | Prior notification to the FSC is required. The FSC assesses the acquisition and may prohibit it within 60 working days. If it does not, the acquisition may proceed. In case of non-compliance, the newly acquired shares carry no voting rights. | ||
Holding falling below 10%, 20%, 30% or 50% threshold of voting shares | Prior notification to the FSC required. | ||
Investment intermediary, management company or market operator shares investment | |||
Acquisition reaching or exceeding 10%, 20%, 30% or 50% of voting shares | Prior notification to the FSC required. The acquisition may not be completed before FSC's assessment. The FSC may prohibit it within 60 working days. In case of non-compliance, the acquirer has no voting rights at the general meeting. | ||
Holding falling below 10%, 20%, 30% or 50% threshold of voting shares | Prior notification to the FSC required. | ||
Public companies, listed on BSE shares investment | |||
Each time when the voting rights (directly or indirectly) reach or exceed or fall below 5% or a multiple of 5% of the total number of votes. | Prior notification to the FSC and public company is promptly required and no later than 4 working days after the change becomes known. This is a post-transaction notification, not a prior one. | ||
Disclosure requirements
For details of the local domestic disclosure requirements, please refer to the Disclosure Requirements.
