BIA PROPOSALS ON DRAFT LAW OF THE PUBLIC OFFERING OF SECURITIES ACT

The Bulgarian Industrial Association has always expressed its fundamental disagreement with the frequent changes in the legislation, which is an expression and prerequisite of instability and unpredictability of the Bulgarian legal order.

We call on the FSC and the Council of Ministers to limit their practice of initiating hasty and repeated changes in this basic law for the development of the capital market in Bulgaria;

We propose to develop a new LPOS, which will reflect the significant changes in the legislation of the capital market and become sustainable, consistent and understandable to all stakeholders, incl. for non-professional investors.

Based on the provisions of Regulation (EU) 2017/1129, which give the Member States the right to set the threshold of up to EUR 8 million, BIA proposes to adopt this threshold - the lev equivalent of EUR 8 million.

We propose that the provisions of the specific texts of the above-mentioned Regulations, which are aimed at their application in the Bulgarian legislation, be reproduced in the Amendments to the Public Offering of Securities Act.