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ARTICLE · 13 SEPTEMBER 2012

Proposed Changes To Public Offers Of Securities

CMS Cameron McKenna Nabarro Olswang
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The law governing offers of shares and other securities to the public is to be brought into line with EU law, under proposed changes published by the Council of Ministers on 29 August 2012.

BulgariaCorporate/Commercial Law
Mariya Bakalova
Mariya Bakalova

The law governing offers of shares and other securities to the public is to be brought into line with EU law, under proposed changes published by the Council of Ministers on 29 August 2012.

The draft increases protection for investors and minority shareholders, and simplifies various administrative formalities related to tender offerings. It also aims to improve the integrity, efficiency and orderly functioning of financial markets by implementing EU Regulations on short selling and certain aspects of credit default swaps.

Publicity and notification regime

 The draft proposes to remove the requirement to publish a prospectus for offers of securities addressed to:

  • fewer than 150 (natural or legal) persons across Bulgaria and the rest of the EU, other than qualified investors, or

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