site.btaCabinet Approves Draft Revisions to Public Offering of Securities Act

At its meeting here on Wednesday, the Council of Ministers approved a bill to amend and supplement the Public Offering of Securities Act. The draft revisions aim to introduce in Bulgarian legislation measures insuring the conditions for the application of Regulation (EU) 2023/2631 of the European Parliament and of the Council of November 22, 2023 on European Green Bonds and Optional Disclosures for Bonds Marketed as Environmentally Sustainable and for Sustainability-Linked Bonds.

It is envisaged that the Financial Supervision Commission and the Bulgarian National Bank will be designated as competent authorities for the implementation of the Regulation.

The bill also aims to bring the regulatory framework in line with the requirements of the Organisation for Economic Co-operation and Development (OECD) Code of Liberalisation of Capital Movements, with a view to the successful completion of Bulgaria's review by the OECD Investment Committee. In line with this, amendments to the Insurance Code are proposed to introduce a regime for third-country operators. Amendments are also proposed to the Special Purpose Vehicles and Securitisation Vehicles Act to enable investment in real estate in countries that have acceded to the OECD Code of Liberalisation of Capital Movements.