Mr Nikolay Cvetanov > Penkov, Markov & Partners > Sofia, Bulgaria > Lawyer Profile

Penkov, Markov & Partners
1113 SOFIA


Managing Partner; Practice areas: Commercial law, Banking & Finance, Litigation, Corporate Law, Commercial Contracts, Financial projects, Tax law.


Penkov, Markov & Partners – Managing Partner, since 2020; Penkov, Markov & Partners – Partner, since 2017; Chairman of the Managing Board of the Bulgarian Association for Responsible Non-Banking Crediting since September, since 2015; Penkov, Markov & Partners – Junior Partner, since 2014; Penkov, Markov & Partners – Attorney-at-law,  since 2008; Varadinov & Co – Attorney-at-law, 2007 – 2008; Chernev, Komitova & partners – Trainee, 2006 – 2007; Eurocom cable AD – Assistant law department, 2005 – 2006; Bulgarian center for non-profit law -Trainee, 2003 – 2004.


Bulgarian, English.


Sofia Bar Association


Sofia University St. Kliment Ohridski, Sofia, Master in Law

Lawyer Rankings

Bulgaria > Banking, finance and capital markets

(Leading individuals)

Nikolay CvetanovPenkov, Markov & Partners

Penkov, Markov & Partners has considerable expertise in banking regulation in Bulgaria, having been selected to draft the operating agreement for an investment fund financed, initially, by state and EU funds. The firm has assisted cutting-edge fintech, cryptocurrency, and payment software companies with complying with banking regulations, including with the updated anti-money laundering legislation. On the transactional side, the team assists clients with acquisition finance, real estate, and project finance for borrowers and lenders. Vladimir Penkov, Ivan Markov and Nikolay Cvetanov lead the team. Smilena Hrusanova is a name to note.

Bulgaria > TMT

The TMT practice at Penkov, Markov & Partners assists clients at the intersection of IT and software, advising on compliance in an evolving regulatory environment for companies in the SaaS, SAP, fintech, cryptocurrency, and blockchain spaces. Nikolay Cvetanov, the head of the practice, has particular expertise in data protection and GDPR, having assisted in drafting Bulgarian data protection law, and additionally is a leading figure in non-bank lending and fintech. Vladimir Penkov’s practice is more closely focused on telecommunications, having contributed to the drafting of Bulgaria’s Telecommunications Act and Electronic Communications Act. In his career, he has advised clients including Vodafone, Telefonica, Telenor, and Nokia.

Bulgaria > Energy and natural resources

The energy and natural resources practice at Penkov, Markov & Partners has handled major deals in the sector; in 2019, the team advised ČEZ on the planned sale of its Bulgarian assets to Eurohold. The firm has notable expertise in renewable energy feed-in pricing, having acted for manufacturers seeking to sell energy, generated as a by-product of waste-processing, back into the grid. In this vein, the firm counts over 60 renewable energy producers among their clients, and has represented them in compensation claims against the regulatory authorities after a change to feed-in tariffs enacted, and declared unconstitutional in 2014. The practice is jointly led by Vladimir Penkov, Roman Stoyanov, Nikolay Cvetanov and Atanas Valov.