Untitled Document



European GMs E-MIG: Bulgaria is one of the most modern markets in Europe

      Sofia, 13 December 2018 - Bulgaria is one of the most modern markets in Europe, this acknowledgment was received at the annual meeting of the European Market Implementation Group of General Meetings (GMs E- MIG), which was hosted by the Central Depository in Sofia. The high rating for Bulgaria and the Central Depository came after the presentation of the innovative Electronic Platform for General Meetings (EPOS).

      “We accept the assessment as a huge recognition of our country and an even more serious commitment to the development of the European aspects of the Central Depository activity. As an institution that leads the trends, we are already responsible not only to observe but to participate in the establishment of best European practices " said Vassil Golemanski, CEO of the Central Depository.

      Among the main focus of the meeting was the implementation of the Market Standards for General Meetings in the EU member states. The implications of the Commission implementing regulation laying down minimum requirements implementing the provisions of Directive 2007/36 as regards the identification of shareholders, the transmission of information and the facilitation of the exercise of shareholder rights on the General Meetings Standards were discussed. Opinions were exchanged on the implementation of the revised Shareholders Rights Directive and the Implementing Regulation in the EU Member States as well as in the EEA countries or those non-EU countries with an equivalent regime.

      Mentor of the meeting was Mr. Markus Kaum, Chairman of GMs E-MIG. The Forum was attended by nearly 40 top-level representatives from the European Association of Central Depositories - ECSDA, Euroclear, Clearstream, Iberclear, JP Morgan, Citibank Europe, Societe Generale, Deutsche Bank and as well as the representatives of National Market Implementation Groups from the depository institutions of the EU Member States.


Central Securities Depository joined the elite club of European depositories

The institution fulfilled comprehensive regulatory requirements governing the organization of CSDs in the EU and acquired a license to operate in the member states of the Union directly or via links with other depositaries


      Sofia, September 19, 2018 – The Central Securities Depository has acquired a license to operate in the EU member states directly or via links with other depositories. The license issued by the Financial Supervision Commission certifies that the Depository is compliant with Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on the improvement of the securities settlement in the European Union and for Central Securities Depositories, and amending Directives 98/26 / EC and 2014/65 / EU and Regulation (EU) No 236/2012.

      Thus, the Bulgarian institution becomes the fifth in the Union, which already holds such a license together with the depositories in Austria (OeKB), Denmark (VP Securities), Latvia - for all Baltic countries (NASDAQ) and Portugal (Interbolsa), according to the ECSDA.

      “Joining the EU's elite club of depositaries means prestige and recognition for Bulgaria and our capital market, confirms that the Central Securities Depository applies the leading European practices in the field and best recognizes the high professionalism of our team. We are thankful for the expert support of our colleagues and the management of the Commission's Investment Activity Supervision Division, with whom we together have achieved this strategic goal in the name of our country.", said Vasil Golemanski, CEO of the Central Securities Depository.

      The licensing of the Central Securities Depository is part of the Strategy for Development of the Capital Market in Bulgaria. It focuses on the internal potential based on organic growth and the development of a wide range of services to attract international investors to the market in our country. The aim is to ensure that market participants do not have to look for foreign post-trading services providers, as the solutions offered in Bulgaria are attractive to international investors operating on the local financial market.

      About Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014

      The main objective of CSDR is to increase the safety and efficiency of securities settlement and settlement infrastructures (CSDs) in the EU by providing, among others, for the following: shorter settlement periods; settlement discipline measures (mandatory cash penalties and ‘buy-ins’ for settlement fails); an obligation regarding dematerialisation for most securities; strict prudential and conduct of business rules for CSDs; strict access rights to CSD services; and increased prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement


Establishment of a Council for Bulgarian Capital Markets Development. 

      Today, Oct 10th 2016, based on the initiative of the Central Securities Depository, the Financial Supervision Commission (the FSC), and Mr. Delyan Dobrev, MP and in partnership with numerous NGOs was established the Bulgarian Capital Markets Development Council.

      The initiative is backed by the Association of Banks in Bulgaria, the Association of Bulgarian Insurers, the Association of Bulgarian Investor Relations Directors, the Special Investment Purpose Companies Association, the Bulgarian Industrial Capital Association, the Bulgarian Association of Supplementary Pension Security Companies, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Asset Management Companies, the Bulgarian Industrial Association, the Bulgarian Stock Exchange, the Confederation of the Employers and Industrialists in Bulgaria and the Bulgarian National Corporate Governance Committee. Management representatives of the aforementioned institutions and organisations signed today the Memorandum on the establishment of the Council.

      The Council is established to act as an official platform for cooperation among the organisations operating in the non-banking financial sector. Among its priorities are elaboration of an overall strategy and roadmap for capital markets development in the mid- and long-term, attracting new listings and higher trading volumes, improved regulatory framework, creation of conditions for financing of small- and medium-sized enterprises, introduction of new financial instruments and stimulating public offerings via EU operational programmes and funds.

      A Steering Committee will implement all Council’s priorities and its members will be the representatives of the organisations who signed the Memorandum. The functions to be performed by the Steering Committee are analysis of capital markets, preparation of assessments and forecasts, initiation of public debates and research on discussion topics, elaboration of a national program for raising financial literacy of the key financial services customer groups and preparation of proposals for legislative changes. The Steering Committee will act based on rules of equal treatment of all participants in order to adopt common positions on significant issues and will carry out constructive consultations by not allowing conflicts of sectoral interests and individual cases of the Council’s members to prevail.

      The Memorandum has been signed for an indefinite period and other stakeholders of the non-banking financial sector, who share its principles, may join the Council. The American Chamber of Commerce in Bulgaria already joined as an associated member.

      The entire Memorandum and the Council's Guiding Principles can be found here and here.


      Dear Sir/Madam,

      With reference to article 6 of directive 98/26/EC on settlement finality, please be informed that on 17 May 2013 at 05:31 pm compulsory administrative liquidation procedure as regard as Credito Aretuseo Banca di Credito Cooperativo - Societa cooperativa (ICRAITRRUJ0) was opened.


Kind regards,
Fabrizio Palmisani  
Head of Payment System Department