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On 14 June 2012, the Ministry of Economy, Energy and Tourism published on its Internet site draft amendments to the Protection of Competition Act and respective reasons.
Bulgaria’s legal framework and government policy is structured to actively attract foreign investment capital through a wide variety of incentives. The country is a member of the EU although not of the Eurozone.
On 29th September 2011, following a second-reading agreement with the European Parliament, The Council of the European Union approved a compromise text aimed at ensuring that food labels carry essential information in a clear and legible way.
Until recently there have been debates amongst legal professionals in Bulgaria whether a player on the market is allowed to provide volume rebates in the form of extra quantities of goods or services different from the ones being sold throughout the particular transaction.
Merger Control, Chapter about Bulgaria with the Getting the Deal Through - Merger Control series, 2011 ed.
Necessary amendments in the Commercial Register legislation in line with the best European practices
Before the new Commercial Register with the Registry Agency was established, entrepreneurs, the ones who generate the real income for the budget, used to complain that the procedures were sluggish, that criteria were not equal for everybody, that predictability, accountability and analyses were lacking, that there was no uniform information system and that the registration procedures of the courts were non-transparent.
What is the relevant legislation and who enforces it? The statutory act setting out the legal framework for merger control is the Law on the Protection of Competition (LPC) (promulgated on 28 November 2008 and effective as of 2 December 2008). The LPC aims to harmonise the domestic regulatory framework with Council Regulation No. 1/2003 and Council Regulation No. 139/2004. It introduces a number of changes compared to the regulatory regime under the abolished Law on Protection of Competition (LPC 1998). In the field of merger control the LPC introduces a new merger control threshold. It sets out in more detail the procedure for review and assessment of concentrations and provides a clear time frame for completion of merger control investigations.
Please give a brief overview of the public M&A market in your jurisdiction. (Has it been active? What were the big deals over the past year? Please distinguish between trade buyers and private equity backed deals.)
Rules on proposals revision of commitments undertaken by enterprises accepted by the Commission for Protection of Competition (“CPC”)
A Perilous Undertaking: Competition on Equal Footing with Prohibited Agreements and Abuse of Dominan
The new Competition Protection Act was enforced on 1 December 2008, more than one year after the public announcement of the draft act and its introduction by the Commission for Protection of Competition (CPC; the Commission) to the Council of Ministers. It was surprising that the chapter which regulates the different events of unfair competition was reinstated in the final text, tabled by the Council of Ministers and adopted by the National Assembly.
On 14 November 2008 Bulgarian Parliament adopted new Law on the Protection of Competition (“LPC”), which was promulgated on 28 November 2008 and entered into effect on 2 December 2008. The LPC aims to harmonize the domestic regulatory framework with Council Regulation No. 1/2003 and Council Regulation No. 139/2004. It introduces a number of changes as compared to the regulatory regime under the abolished Law on Protection of Competition (“LPC 1998”). In the field of investigations of prohibited agreements and abusive unilateral conduct, the LPC abolishes the procedure for grant of individual exemptions of prohibited agreements and aligns the de minimis exemption thresholds with those under Council Regulation 1/2003.
In the autumn of 2007, the Commission for Protection of Competition (CPC) publicly announced a bill for an entirely new Competition Protection Act, prepared in cooperation with the Italian Competition Authority. Along with the many amendments, the proposed bill excluded of its scope the regulation of the unfair competition with the motive that the unfair competition matter is governed by the Consumer Protection Act and that the protection against unfair competition is not a typical aspect handled by the competition authorities of the EU Member States.