More Stringent Regulation Of Financial Institutions In Bulgaria

This article was originally published in the schoenherr roadmap`10 - if you would like to receive a complimentary copy of this publication, please visit: http://www.schoenherr.eu/roadmap.

New rules on financial institutions entered into force in May 2009. Existing financial institutions had to apply for registration under the new rules by 30 September 2009.

Introduction

Under Bulgarian law, financial institutions include nonbanking institutions that carry out certain non-exclusive banking activities, including:

1. factoring;
2. financial leasing;
3. trading in money market instruments, foreign currency or derivatives;
4. brokering money;
5. providing advice to companies about their capital structure, strategy, transformation or M&A transactions;