Tokushev & Partners

We are dynamic, committed and knowledgeable

Tokushev and Partners has dedicated its efforts to provide a cutting edge legal advice by applying an international business approach combined with the work ethics established by top ranking EU and US law firms.

Contact Us

Bulgaria, 1000 Sofia,
24 Graf Ignatiev street, floor 1

find us on the map

tel.: + 359 2 980 1251;

fax: + 359 2 980 6140;

  • The legal 500
  • Tokushev and Partners is recognised in the IFLR1000

Expertise

The firm focuses on providing legal advices and representation of corporate clients, project and corporate finance issues, where it can offer innovative and comprehensive solutions. Our clients’ portfolio consists mainly of Bulgarian and foreign medium-sized listed companies, financial services companies, real estate investors, companies involved in insurance and health security business and companies seeking legal advice in relation with their ordinary course of business. The main practice areas are:

Capital markets

Our lawyers have been involved in numerous projects and transactions for raising capital of companies with special investment purpose. Furthermore, the firm participated in laying down the legal framework… learn more »

Corporate law

We offer comprehensive and long-term corporate planning advice to newly incorporated and operating companies. Our main goal is to add value to and support for our clients’ expanding business… learn more »

Real estate

Working with some of the most active REITs in Bulgaria our lawyers have earned a reputation for providing reliable and high-quality services on complex real estate and secured transactions… learn more »



Insurance

The firm has consulted several foreign insurance companies at the presentation and offering of their products in Bulgaria. The team has worked on several projects… learn more »

Renewable energy

Over the last few years, the Firm has advised on a variety of renewable energy projects for the development of wind and solar sites… learn more »

Executive proceedings

The law firm provides litigation before all courts and arbitration institutions in the Republic of Bulgaria. It is specialised in litigation… learn more »

About

Tokushev and Partners Law Office is a relatively new but already well-established law firm founded in 2006. The team consists of nine lawyers and two associates. The legal knowledge of the team members is increased by the acquired international qualifications and the gained experience in different public and state institutions as the Bulgarian National Assembly, the Ministry of Energy, Commission for Financial Supervision, Ministry of Finance and the Agency for Privatization and Post-Privatization Control. The members of the team have consulted the legislative amendments in the area of the commercial law and the capital markets in the period 2001 – 2005. We provide an innovative legal advice by applying an international business approach combined with the professional ethics established by top ranking international law firms. Since 2008 our law firm has been distinguished for its recommendation in the prestigious “The Legal 500: Europe, Middle East & Africa” and since 2010 it has been listed in “IFLR 1000: The Guide to the World’s Leading Financial Law Firms”.

The team

Viktor Tokushev

Viktor Tokushev

founder of and managing partner

Graduated as LL.M. with highest honours from the University of Sofia, Faculty of Law in 2002. Practice diploma in Legal Methods – Boston University (London, 2003). Member of Sofia Bar Association since 2003. Intern and subsequently junior legal expert at the Bulgarian National Assembly (2003-2005). Assistant professor in Civil (2004 - 2012) and Commercial Law (2004 – till now) at the University of Sofia. Member of the Board of Directors of Bulgargaz JSC (March – November 2005). Ph.D. since September 2012. Areas of expertise – capital markets, corporate and commercial law and real estate.

Ivan Antov

Ivan Antov

partner

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2004. Member of Sofia Bar Association (2010). Specialized in European Regulatory Regimes, Madrid, Spain (2007). Legal advisor in Legacom Law Firm (2003-2005). Head of Department “Licensing” in the Insurance Directorate of the Financial Supervision Commission (September 2005 - June 2007). Member of the Tokushev and Partners team since 2007. Areas of expertise – insurance, commercial and corporate law, energy regulation and renewables.

Stiliqn Nedev

Stiliyan Nedev

partner

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2008. Member of Sofia Bar Association (2010). Trainee in the legal department of the Municipality of Sliven (July - September 2007). CEO of Hentsh JSC – company with state participation, operating in the pharmacy industrial sector (2009 - 2010). Joined the team of Tokushev and Partners in October 2007. Areas of practice – litigation, executive proceedings, corporate and commercial law.

Boris Teknedzhiev

Boris Teknedzhiev

senior associate

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2011. Member of Sofia Bar Association (2013). Previously worked as legal trainee in law office (2008 - 2011). Joined the team of Tokushev and Partners in July 2011. Areas of practice – capital markets, commercial and corporate law, intellectual property, investment immigration.

Stanimir Dobrev

Stanimir Dobrev

senior associate

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2009. Member of Sofia Bar Association (2011). Previously worked as legal advisor in the legal department of BNP PARIBAS Personal Finance JSC - financial credit institution (2008 - 2010). Joined the team of Tokushev and Partners in September 2010. Areas of practice – litigation, commercial law, compliance and labor law.

Ivaylo Georgiev

Ivaylo Georgiev

associate

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2008. Member of Vratsa Bar Association (2010). Previously worked as assistant with Notary Public Anelia Karabencheva, registered under number 010 in the Notary Chamber (2000). Expert in department “Receivables” of BNP PARIBAS Personal Finance JSC - financial credit institution (March 2003 - September 2004). Legal consultant in real estate area (2004 - 2008). Joined the team of Tokushev and Partners in September 2008. Areas of practice – litigation, real estate.

Bogdan Karadjov

Bogdan Karadjov

associate

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2015. Joined the team of Tokushev and Partners in July 2014. Member of the Sofia Bar Association since February 2017. Areas of practice – executive proceedings, civil and commercial law.

Borislava Parvanova

Borislava Parvanova

associate

Graduated as LL.M. with highest honors from the University of Sofia, Faculty of Law in 2013. Member of the Sofia Bar Association since 2015. Joined the team of Tokushev and Partners in July 2013. Completed a course in Arbitration at the Arbitration Court with the Bulgarian Chamber of Commerce and Industry (2015). Received the "Prof. V.Tadzher" Award for academic excellence at the Faculty of Law, University of Sofia (2012). Areas of expertise – litigation, commercial, civil and labor law.

Tanya Nacheva

Tanya Nacheva

legal counsel

Graduated as LL.М. from the University of Sofia, Faculty of Law in 2009. Has experience in the banking sector, insolvencies, executive proceedings and litigation on commercial court cases. Completed a course in Arbitration at the Arbitration Court with the Bulgarian Chamber of Commerce and Industry (2016). Joined the team of Tokushev and Partners in August 2019. Areas of expertise – commercial law and real estate.

Bozhidar Pukov

Bozhidar Pukov

associate

Graduated as LL.M. from the University of Sofia, Faculty of Law in 2012. Member of the Sofia Bar Association since December 2018. Previously worked as legal assistant in a German-Bulgarian law firm (July 2015 – May 2016) and as clerk in the Regional Court of Sofia (October 2016 – June 2017). Joined the team of Tokushev and Partners in October 2017. Areas of practice - executive proceedings, civil and commercial law.

Deyan Petrov

Deyan Petrov

associate

Graduated as LL.M. with high honours from the University of Sofia, Faculty of Law in 2017. Member of Sofia Bar Association since 2019. Has previous experience as a summer legal intern at another law firm (September 2014). Intern at the Sofia Regional Court (March 2016 - July 2016). Legal advisor at a consumer protection organization (September 2016 - August 2017). Has won several awards for academic activities and high achievements in the fields of civil and commercial law. Joined the team of Tokushev and Partners in October 2017. Areas of expertise - civil and commercial law, executive proceedings, consumer law.

Mariya Mitkova

Mariya Mitkova

assistant

Graduated as LL.M. with highest honours from the University of Sofia, Faculty of Law in 2018. Previously worked as legal trainee in law office (2015 – 2018). Completed a course in Arbitration at the Arbitration Court with the Bulgarian Chamber of Commerce and Industry (2018). Joined the team of Tokushev and Partners in August 2018. Areas of practice – capital markets, commercial and corporate law.

Maria Apostolova

Maria Apostolova

assistant

Graduated as LL.B. Law with European Legal Studies with honours from King’s College London, Dickson Poon School of Law in 2018. Previous experience includes being a legal intern at another leading law firm in the field of commercial law (2017), and working in a Notary’s office (2018). Currently enrolled at International Hellenic University part time for obtaining an LL.M. in the field of Transnational and European Commercial law, Banking law, Arbitration and Mediation, as well as undergoing the process of obtaining an LL.M in Bulgarian law. Joined the team of Tokushev and Partners in October 2018.

Manya Samokovliyska

Manya Samokovliyska

administrative manager

Administrative manager in “Tokushev and Partners Law Office”. Graduated as master of psychology the University of Sofia (1980). Previously worked as expert in psychology in Ministry of Education (1992 – 1995). During the period 1997 – 2010 she was administrative manager in Legacom Law Office. Joined the team of Tokushev and Partners in September 2011.

Publications

Companies With Special Investment Purpose – Legal Characteristics – Viktor Tokushev

Targovsko Pravo magazine, issue 3 and 4/2009

The article analyzes the legal nature of the companies with special investment purpose trying to indicate their most significant specialties. Reviewed are their characteristics as joint stock companies, as public companies and as collective investment undertakings.

Full article

Ideas For Changes In The Real Estate Companies – Viktor Tokushev

 Dnevnik newspaper, 5 December 2007

The article comments the proposals for amendment of the Law for the Companies with Special Investment Purpose both from Financial Supervision Commission and the business perspective.

Full article

Prohibited Transactions Of The Management Bodies Of The Companies – Viktor Tokushev

Dnevnik newspaper, 24 June 2007

The article deals with the scope of the special requirements of Art. 114 of the POSA according to which a number of disposition transactions of the board of directors of a public company requires a decision of the General Meeting of Shareholders. Commented are the exceptions to this requirement and its application to companies with special investment purpose.

Full article

Change Of Party To Preliminary Contract – Viktor Tokushev

Dnevnik newspaper, 18 March 2007

This article deals with the common problem in practice for the replacement of a party to a preliminary contract for purchase of property in view of the fact that the contract provides for the rights and obligations for both parties and the change must combine elements of a cession contract and contract for substitution of debt.

Full article

Transfer Of Materialized Shares – Viktor Tokushev

Dnevnik newspaper, 14 January 2007 and Targovsko i konkurentno pravo magazine, issue 2/2007

This article examines the practice of the Supreme Court of Cassation in connection with the transfer of materialized shares, carried out by the transfer of temporary certificates for them.

Full article

Bills Of Exchange Mediation – Viktor Tokushev

Targovsko Pravo magazine, issue 6/2003

The article reviews the institute of bills of exchange mediation and its applicability in the contemporary Bulgarian legislation. A distinction is made between mediation if necessary and the mediation for honour and is analyzed the legal consequences of acceptance and payment of the bill of exchange through an intermediary.

Full article

Some Problems In The New Rules Of Non-Profit Legal Entities – Viktor Tokushev

Targovsko Pravo magazine, issue 3/2001

The article analyzes the new Law for Non-Profit Legal Entities and the matters before its implementation. The term “public benefit” is reviewed and the newly introduced division of the non-profit organizations to such with private and with public benefit. It is also discussed the new for the Bulgarian legislation possibility the non-profit legal entities to perform economic activities.

Full article

News

has assisted Fund of Funds in Bulgaria (FMFIB) in regards to settling its relations with the chosen financial intermediary Morningside Hill Capital Management, as a result of which was created the third Alternative Investment Fund (AIF) for equity investments which is financed through public funds from Operational Programme “Innovations and Competitiveness” 2014-2020, as well as through private investors’ capital. Thus, the team led by Viktor Tokushev has built on its successful work on the financial instruments of the Fund of Funds in Bulgaria (FMFIB). Within the chosen legal form of a limited partnership, the AIF will dispose of a resource of BGN 28.6 M of which over 15 % should be acquired private financing. The amount of the provided funds to different companies is expected to be in the range of BGN 750 K to BGN 3.5 M. The fund manager is planing to complete between 15 and 20 projects until the end of the programme period, which shall terminate in December 2023.

Tokushev & Partners Law Office advised Fund of Funds in Bulgaria (FMFIB) in the process of structuring the relations with the chosen financial intermediary Innovation Accelerator Bulgaria, as a result of which was created another Alternative Investment Fund (AIF) for acceleration and initial financing with funds from Operational Programme “Innovations and Competitiveness” 2014-2020 (OPIC). The established AIF as a limited partnership with shares capital is a precedent within the work of Fund of Funds in Bulgaria (FMFIB) and regardless of the challenges faced, the team led by Viktor Tokushev was once again successful. The established AIF will perform investments in start-ups with a total of BGN 30.5 M, of which BGN 27.4 M are public funds and the rest will be acquired through private investors. The plan is to have over 200 different enterprises financed with investments in the acceleration phase being up to BGN 100 K and in the initial phase they may reach up to BGN 2 M.

The team of Tokushev & Partners Law Office advised the biggest pawn shop chain in Bulgaria Sofia Commerce Pawn Shops SA and a very unique joint-stock company, whose shares are traded on the Bulgarian Stock Exchange, on a procedure for invalidation of bought back by the company shares.

We are pleased that our clients and friends KLEAR have announced the launching of their innovative financial product.

The event, held on 15th October 2019, was attended by Managing Partner Viktor Tokushev and Senior Associate Stanimir Dobrev.

The Belgian financial group KBC Bank & Verzekering has officially announced the establishment of a Shared Service Centre in Varna that shall provide high-tech and expert services to the companies of the KBC group in all 6 countries in which it operates. The team of  Tokushev & Partners Law Office is actively helping KBC in this endeavor by providing legal services to a number of companies from the group in regards to the reconstruction, usage and acquiring of the Pfohe Mall Varna with built area of 5500 sq.m. where the new centre shall be established.

The operations initiation for the centre in Varna is scheduled for the beginning of 2020 and is a part of a large scale KBC project for structural and management hierarchy optimization, as well as for the development of human resources in Bulgaria.

As of 1st of September 2019, one of the founders of Tokushev and Partners Law Office and the head of our litigation department – Ivaylo Kostov, Attorney at Law, is no longer a part of our team. We are grateful to Ivaylo Kostov for his contribution in both the founding and establishment of the Law Office for the past 13 years and we wish him success in his future professional endeavors!

Tokushev and Partners Law Office signed a Public Procurement Contract with the Executive Director of Fund Manager of Financial Instruments in Bulgaria EAD (FMFIB) in compliance with FMFIB’s Decision № ОП-Д-73/23.07.2019, which has come into force.

Tokushev and Partners Law Office is the tenderer that has been selected to be the contractor who shall act as a legal advisor that will, within a period of one year, support the Fund of Funds in its activity in managing public resources during the 2014-2020 programming period. The Law Office team shall provide FMFIB with legal consultations in drafting Operational Agreements and in structuring the relationships with the chosen Fund managers for the implementation of the financial instruments.

The model of managing public funds through Financial Instruments (FI) reflects the current practices for the European Union 2014-2020 programming period and it aims at a more efficient utilization of the public resource in contrast with the grant support (GS). FI represent special financing schemes, co-financed with resources from the European Structural and Investment Funds (ESIF) and national financing from the Operational Programs (OP), as well as additional financing raised by the private and public sectors.

The procedure for selecting financial intermediaries for the procurement of “Performance of financial instrument – Portfolio guarantee with loss limitation for microcredits” was completed successfully. The financing has been provided through funds from Operational programme “Human Resources Development” 2014 – 2020, co-financed through funds from the European Social Funds.

A team from Tokushev and Partners Law Office provided legal consultations to Fund of Funds regarding the drafting and structuring of the documentation, specifically the Operational Agreement. We believe that the completion of the procedure will allow development of the respective economic sectors through timely reaching of the financial resource in the amount of BGN 100 M by the ultimate receivers – startup companies and social companies (including people of vulnerable groups: unemployed for over 6 months, youth under 29 years and people with disabilities).

Our team has conducted a training to Fund of Funds in Bulgaria (FMFIB) in regards to the requirements of the new Measures Against Money Laundering Act and how they affect their professional activities.

Today our team conducted a training to “Fund Manager of Financial Instruments in Bulgaria” EAD regarding the new requirements of the Measures Against Money Laundering Act and how they will affect their operations.

Tokushev and Partners Law Office is included yet another year in the prestigious international ranking Legal 500 in the edition Legal 500 Europe, Middle East and Africa for 2019. This year the law office is ranked among the best in Bulgaria in three practice areas (“Banking, Finance and Capital Markets”, “Commercial, Corporate and M&A”, as well as “Real Estate and Construction”) which is a deserved recognition on a job well done in 2018.

With the entry into force of the new Trade Secret Protection Act (TSPA), State Gazette issue no. 28 of 2019, the Bulgarian legislation introduced the requirements of Directive (EU) 2016/943 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure. The TSPA gives a legal definition of the term “trade secret”, it regulates misconducts involving the unlawful acquisition, use or disclosure of a trade secret, it regulates the civil protection available against them, and the persons who are entitled to such legal protection.

Should you have any inquiries or need assistance, we would be glad to be of help.

The amendments to the Personal Data Protection Act (PDPA) were adopted at second reading, State Gazette no. 17 of 2019, which ammendments govern public relations relating to the protection of personal data not governed directly by Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation or GDPR). Amendments come into force on March 2, 2019.

Aktiv Properties ADSIC received Utility Permit /on the basis of Protocol for use of the site – “Act 16”/ from the DNSK for the project: “Redevelopment, reconstruction and modernization of a dormitory in an apartment-type building with an underground garage and three shops for industrial goods”, located in the city of Sofia, 21 Zhitnitsa Str.

Aktiv Properties ADSIC completed the construction of Panorama Zhitnitsa complex. The execution of the project for reconstruction and redevelopment of the former dormitory, which is situated in close proximity to the future Krasno Selo metro station, took 2 years to complete. At the date of submission of the documents needed for a building permit, more than 90% of the property were sold.

A team from Tokushev and Partners Law Office conducted a seminar for United Bulgarian Bank AD discussing issues and practices for the protection of the creditor’s rights in enforcement and safeguard proceedings, in procedures for finding relative nullity in relation to the creditor for transactions which reduce the debtor’s assets, incl. through relative nullity in insolvency proceedings. The course also deals with the relations between creditors regarding the establishment of common securities and the exercise of their rights. The team emphasized on particular problems that arise in relation to public tenders of mortgaged properties.

With amendments to the Commercial Act (CA), State Gazette no. 88 of 2018, bearer shares were removed from the legal reality. Companies that have bearer shares issued at the time the ammendments come into effect have a 9-month period to bring their business into line with the new regime. In the event of non-compliance, the legislator has provided for serious sanctions, including the official removal of such companies upon a request by a prosecutor submitted to the Courts.

Fund Manager of Financial Instruments in Bulgaria commissioned a team from Tokushev and Partners Law Office to provide consultations and advice in relation to procedure for executing the First Loss Portfolio Guarantee financial instrument and the drafting of an Operational Agreement.

As part of a registration procedure before the Bulgarian National Bank, the public company Sofia Commerce – Pawn Brokerage AD registered its subsidiary SOFKOM LIZING EOOD as a financial institution under Art. 3a of the Credit Institutions Act. The financial institution with a capital of BGN 1 000 000 will carry out lending activities with own funds and financial leasing.

Yuliana Gotseva replaced Dean Avramov as CEO of UBB Insurance Broker EAD.

Pursuant to the end of the three-month period required by law after announcing a capital reduction, Ruse Chemicals AD invalidated 127 620 shares owned by the Company and the reduction in the Company’s capital was recorded in the Trade Registry.

A team from Tokushev and Partners Law Office conducted a seminar for Investment Firm Zagora Finacorp AD on the issues related to interpreting and applying the new personal data protection rules introduced by Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).

Aktiv Properties ADSIC acquired from HEM AD 21 (twenty one) independent units located in the city of Pleven, Youth dormitory, Welcome building, for the total purchase price of EUR 100 000. By acquiring the property rights to the aforementioned real estate, Aktiv Properties ADSIC became the sole owner of the building in which they are located, and thus can begin realizing its investment plans for reconstruction and modernization of the building.

With a decision taken by the Supreme Administrative Court, with formation composed of judge Sonya Yankulova, judge Pavlina Naydenova and judge Vesela Andonova, the refusal by the FSC to approve the Prospectus for allowing the offering on the regulated market of a corporate bond emission to the amount of 5 000 000 euro by Futures Capital AD, was revoked.

Saga Global Finacorp OOD was entered in the register of tied agents in the FSC under № РГ-16-01 in accordance with Decision № 668 – ОА from 03.07.2018 г. of the FSC, in its capacity of a tied agent of Investment Firm Zagora Finacorp AD. The team of Tokushev and Partners Law Office aids and supports the operation of the investment firm, including in relation to the trading of emission allowances for greenhouse gasses within the Community and the requirements of MIFID-2, implemented through the Markets of Financial Instruments Act.

Tokushhev and Partners Law Office conducted a seminar for VIPLAST EOOD on issues related to the interpretation and application of the new data protection rules introduced by Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation).

United Bulgarian Bank AD, DZI – General Insurance EAD and DZI – Life Insurance EAD acquired the office division of the Millennium Center complex in the heart of Sofia. The purchase and sale of the new headquarters of the companies part of KBC Group in Bulgaria from the investor and developer of the project, NIKMI AD, ended after 9 months of joint efforts between the lawyers from Tokushhev and Partners Law Office and lawyers and experts from United Bulgarian Bank AD. The complex character and the price of the deal ranked it in the top 5 of the most significant deals in Bulgaria for 2018.

Within the framework of a special procedure for the reduction of capital under Art. 202, para. 3 of the Commercial Code, ORGAHIM AD invalidated 160,652 of its own shares owned by the company, which was reflected in the Commercial Register.

Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation or GDPR). The GDPR introduces serious requirements with regard to the collection, processing and storage of personal data, non-compliance with which leads to significant financial penalties. Each Member State has the right to introduce in its legislation additional requirements with respect to the GDPR rules, which in Bulgaria is going to be done with the adoption of amendments to the Personal Data Protection Act.

Sofia City Court dismissed the claim of SAKAR GRANIT OOD to open insolvency proceedings against PONSTROSINGINEERING AD as unfounded. With a decision that has entered into force, the company’s current financial position and all aspects on the basis of which the court concluded that there was no insolvency were precisely established.

The new Law on Measures against Money Laundering (MIMA) entered into force, State Gazette no. 27 of 2018. It introduced a number of rules in the fight against money laundering, including the obligation to disclose the actual owners of legal persons and other legal entities.

The team from Tokushhev and Partners Law Firm held a two-day seminar for the Executive Labor Inspectorate Agency regarding its new powers in the insolvency procedure, given as a result of the amendments to the Commercial Act, State Gazette, issue no. 102 of 2017.

The Bulgarian legislation introduced the requirements of Directive 2014/65 / EC on Markets in Financial Instruments (MIFID II) with the entry into force of the new Law on Markets in Financial Instruments (MFIA), State Gazette issue no. 15 of 2018. The law aims at completing the single capital market for financial services within the European Union.

United Bulgarian Bank AD and NIKMI AD entered into a Preliminary Purchase and Sale Agreement for the office division of Millennium Centre building complex.

A team from Tokushev and Partners Law Office supported ORGAHIM AD in the procedure for removing special pledges on 863 393 dematerialized shares, owned by shareholders in the Company.

A Decision taken by the Financial Supervision Commission approved a Prospectus for allowing the public offering on the regulated market of 2 151 467 000 stocks with ISIN code: BG1100074084, issued by Capital Concept Limited AD, and the company was incorporated as a public company in the registry. The introduction of the shares for trading on a regulated market (Bulgarian Stock Exchange) is forthcoming.

Daniela Stefanova Uzunova replaced Dora Aleksandrova Strezova – Nikolova as CEO of DANONE SERDIKA AD.

A team from Tokushev and Partners Law Office consulted the world leader in the production of generic and biosimilar drugs Sandoz in relation to the possibilities of conducting operations in Bulgaria through establishing a branch of a foreign trader and through agency as provided under the Investment Promotion Act.

A team from Tokushev and Partners Law Office conducted a seminar for DANONE SERDIKA AD on current issues for compliance with the normative framework relating to competition law, as well as the practices adopted by the Commission for Protection of Competition and the courts.

Natalia Gelshtein-Kishsh was entered as a second CEO of DANONE SERDIKA AD, replacing Adrian-Valentin Pascu.

Bulgarian Development Bank AD in its capacity of a pledge creditor who has initiated execution proceedings under the Special Pledges Act against PONSSTROJINJENERING AD, entered a new manager of the commercial enterprise of the company, pledged in favor of the bank. The Bank has commissioned Tokushev and Partners Law Office to represent PONSSTROJINJENERING AD in ongoing litigation against it.

Tokushev and Partners Law Office is included in the prestigious international rating Legal 500 and in the issue The Legal 500 Europe, Middle East and Africa for 2017, in the Banking and finance and Capital Markets sections.

An increase of the capital of Capital Concept Limited AD has been executed through the issuing of 2 151 413 000 (two billion one hundred and fifty one million four hundred and thirteen thousand) ordinary, dematerialized, registered, freely transferable shares with a nominal value and issuing value of BGN 1 (one) per share in the form of a non-monetary contribution of the shareholders’ claims to the company. Subsequent to the capital increase, the total capita of the Company amounts to BGN 2 151 467 000 (two billion one hundred and fifty one million four hundred and sixty seven thousand).

On the maturity date of the bond loan issued by Sofia Commerce Pawnshops AD, each bondholder shall receive an amount equal to the nominal value of the subscribed bonds (the principal on the bond loan) and Sofia Commerce Pawnshops AD shall not conduct a procedure for the conversion of bonds to shares and the respective capital increase according to pt. 12.1 of the Prospectus for the offering by the Company of convertible bonds with a 3-year maturity.

Aktiv Properties ADSIC concluded a Loan Agreement for the amount of BGN 5 000 000 (five million) with one of the biggest credit institutions in the country (Eurobank Bulgaria AD). The aim of the financing is for the company to execute its investment intentions, related to the Zhitnitsa project, and the execution of the project for reconstruction and modernization of the apartment-type building.

Subsequent to the receipt of approval from the Financial Supervision Commission (FSC) of a Prospectus for an initial public offering in a regulated market, PRINZ VON PREUSSEN CAPITAL LIMITED AD was registered as a public company in the registry of the FSC.

Subsequent to the receipt of approval from the Financial Supervision Commission (FSC) of a Prospectus for public offering of stocks and as a result of a procedure concluded on 02.08.2016, Sofia Commerce Pawnshops AD increased its capital through 201 154 priority shares to the amount of BGN 2 601 154 (two million six hundred and one thousand one hundred fifty four).

KLEAR OOD commissioned a team from Tokushev and Partners Law Office to prepare articles that the company could publish on its official website in order to aid consumers who have utilized credits which have been delayed in their payment to creditors.

MBS EAD has successfully concluded a series of law suits, in which the company disputes the public sale of its property, particularly an electrolytic copper processing plant, located in  Medet depository, city of Zlatitsa.

Aktiv Properties ADSIC has acquired the property rights to one half of the ideal parts of a regulated land plot located in the city of Sofia, on 21 Zhitnitsa str. With the completion of this deal, the company becomes the sole owner of the land plot along with the eleven-story building situated within the plot, the total area of which is around 8 000 sq.m. The company has developed a project for reconstruction and modernization of the building with the aim of securing a building permit.

Tokushev and Partners is once again listed in the annual international edition IFLR 1000: The Guide to the World’s Leading Financial Law Firms for 2016.

A second Executive Director of Danone Serdika AD has been elected and registered.

A new Recovery and Resolution of Credit Institutions and Investment Firms Act has been adopted (promulgated by SG 62/2015). This Act incorporates Directive 2014/59/EU of the European Parliament and the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms into the Bulgarian legislation. The objective of this regulation is to establish a common European framework for dealing with banking crises at an early stage in order to prevent worsening the state of the entire financial system and to avoid the use of public funds to support insolvent banks and investment firms. Pursuant to the requirements of the Directive the banks and investment firms have to draw up and update recovery plans containing measures and procedures for early actions in the event of worsening of their financial state.

The Financial Supervisory Commission has allowed management company Invest Fund Management AD to organize and manage the contractual fund Global Opportunities.

The General Meeting of Shareholders of Sofia Commerce – Pawn Brokerage AD adopted a resolution for third consecutive buyback of up to 3 % of its own shares.

Amendments and supplements to the Civil Procedure Code have been promulgated in State Gazette (50/2015) concerning the regulation on contentious proceedings, proceedings on enforcement orders, executive proceedings and the exequatur procedure regarding foreign court decisions of member states of the European Union.

The General Assembly of the Civil and Commercial Division of the Supreme Court of Cassation has decreed an Interpretive Decision № 2. The Decision gives clarity on 14 controversial topics related to issues of the executive proceeding, on which the courts have discrepant practice with regard to interpretation and application of the legislation.

The General Meeting of Shareholders of Active Properties ADSIC adopted a resolution for buyback of up to 3 % of its own shares.

Active Properties ADSIC (5AX) has performed a successful procedure on increase of the nominal value of the issued shares and decrease of their total number by preserving the amount of the Company capital (“reverse split”). The reverse split was approved by the Financial Supervisory Commission and was duly announced in the Commercial Register, the Central Securities Depository and the Bulgarian Stock Exchange.

The Financial Supervisory Commission has confirmed the prospectus of BGI Group AD for admission to trading on a regulated market of corporate bonds. This is the first issue of corporate bonds for the public company.

The attorney at law Viktor Tokushev took part in the 14th annual conference on European Tort Law that took place in Vienna, Austria.

Tokushev and Partners is once again listed in the prestigious international ranking Legal 500 and its edition the Legal 500 Europe, Middle East and Africa for 2015 under sections „Banking and Finance”, „Capital Markets”, „Corporate Law and Mergers and Acquisitions”.

http://www.legal500.com/firms/14558/19061

The amendments in the Bank Insolvency Act (promulgated by SG 22/2015) provide for an opportunity the court to permit preliminary measures that secure the available property of the bank prior to giving a decision on the request of the Bulgarian National Bank for commencement of an insolvency proceeding. These amendments enable the Deposit Insurance Fund prior to the decision for commencement of insolvency proceeding to nominate a temporary insolvency administrator whom the court is obliged to appoint and who manages the current affairs of the bank, having powers related to replenishment of the bank’s property.

The Financial Supervisory Commission has allowed management company Invest Fund Management AD to organize and manage contractual fund Invest Fund Money Market – Zloty, denominated in Polish Zloty (PLN).

The Financial Supervisory Commission has confirmed the prospectus of BGI Group AD for initial public offering of shares.

The adopted amendments in the Bank Insolvency Act concerning the provisions that regulate set-off have been promulgated in the State Gazette (28/2014). These amendments have widen the scope of relatively invalid set-offs, providing that all set-offs which are executed by a creditor or by the bank after the date of placing the bank under special supervision regardless of when the two counter obligations have arisen, are invalid.

Tokushev and Partners is once again listed in the annual international edition IFLR 1000: The Guide to the World’s Leading Financial Law Firms for 2015.

The acquisition of Deco Professional Services EOOD by Orgachim AD has been completed.

The General Meeting of Shareholders of Ruse Chemicals AD and Orgachim Resins AD has adopted a resolution for buyback of own shares.

The General Assembly of the Civil and Commercial Division of the Supreme Court of Cassation has decreed Interpretive Decision № 4. The Decision gives clarity on multiple topics concerning issues of the proceeding on enforcement orders on which the courts have discrepant practice with regard to interpretation and application of the legislation. Some of the topics reviewed in the Interpretive Decision are related to promissory notes as one of the documents under art. 417, para. 1, item 9 from the Civil Procedure Code on the ground of which immediate enforcement order could be issued.

Investment intermediary Intercapital Markets AD commenced providing services in accordance with its license as an investment intermediary via its branch in the Republic of Poland.

The Financial Supervisory Commission has approved Viktor Dimitrov Tokushev as member of the Board of Directors of the management company Invest Fund Management AD.

The amendments in the Property and Usage of Agricultural Lands Act (promulgated by SG 38/2014) incorporate restrictions to local and foreign individuals and legal entities with regard to the regime for acquisition of agricultural land on the territory of Republic of Bulgaria.

The Financial Supervisory Commission has approved Ivan Hristov Antov as member of the Board of Directors of investment intermediary Intercapital Markets AD.

The attorney at law Viktor Tokushev took part in the 13th annual conference on European Tort Law that took place in Vienna, Austria.

Tokushev and Partners is once again listed in the ranking Legal 500 and in the edition the Legal 500 Europe, Middle East and Africa for 2015 under sections „Banking and Finance”, „Capital Markets”, „Corporate Law and Mergers and Acquisitions”, „Real Estate”.

http://www.legal500.com/firms/14558/19061

The General Meeting of Shareholders of Orgachim AD has adopted a resolution for buyback of its own shares.

The adopted amendments in the Activities of Collective Investment Schemes and Other Collective Investment Undertakings Act (promulgated by SG 109/2013) introduce the requirements of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers into the Bulgarian legislation. Some of the main aspects of the amendments include laying down explicit regulation on the exchange traded funds, further development on the regulation of alternative investment funds in respect of their management and licensing and the introduction of a few categories of national investment funds (in addition to closed-ended type investment companies, open-ended type investment companies and contractual funds shall also operate as such).

Reorganization of Orgachim AD by separation and incorporation of two new joint-stock companies – Ruse Chemicals AD and Orgachim Resins AD has been carried out. As of entering the reorganization into the Commercial Register, the rights and obligations according to the reorganization plan are transferred to the newly incorporated companies.

The Financial Supervision Commission widened the license of Management Company “Invest Fond Management” AD for performing activities as management company with the additional services under article 86, paragraph 2 of the Activities of the Collective Investment Schemes and Other Undertakings for Collective Investment Act.

http://www.fsc.bg/Resheniya-ot-zasedanie-na-KFN-ot-3-yuni-2013-g-news-3551-bg

“Toplofikatcia – VT” AD has issued its first corporate bonds emission and concluded bonds agreement to the amount of BGN 2 300 000 with emission’s maturity 26.04.2018.

The Financial Supervision Commission has allowed the termination of LIAM ADSIC according the decision of the General meeting of the shareholders of the Company and took away the license of Company. The winding-up procedure of the Company has started as well.

The attorney at law Viktor Tokushev took part in the 12th annual conference on European Tort Law that took place in Vienna, Austria.

Tokushev and Partners Law Office is ranked again in the prestigious Legal 500 chart and is included in the publication Legal 500 Europe, Middle East and Africa in 2013 – under the headings “banks and finance”, “capital markets”, “commercial law” and “real estate” and assessed at a higher level in the “capital markets” section

http://www.legal500.com/firms/14558/19061

Amendments were adopted in Public Offering of Securities Act (promulgated SG. 103 of 28/12/2012). Some of the provisions governing the Fund for Compensation of Investors and Central Depository were amended. Also, significant changes were made in the matter on the initial public offering of securities and the requirements for prospectuses primary and secondary trading of bonds. The regulation of public companies in their capacity as supervised entities was amended in the benefit of the shareholders and the public. An important change was made in the matter governing the disclosure of the shareholders’ participation and the tender offering of securities.

“Tokushev and Partners” Law Office was included for the first time in the international edition of IFLR The Guide to the World’s Leading Financial Law Firms 2013

Capital increase of Management Company “Invest Fond Management” AD was registered in the Trade Register to the Registry Agency to the amount of BGN 405 000. Few months earlier changes have been adopted in the Company’s management and shareholders structure.

www.brra.bg

“Tokushev and Partners” Law Office is defined by international online edition of Corporate INTL as winner for 2012 of the award Capital Markets Law Firm of the Year in Bulgaria.

FSC has entered a subsequent issue of shares issued by “PALDIN LION GROUP” ADSIC Sofia, amounting to 650,000 Levs

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“PALDIN LION GROUP” ADSIC has paid all its obligations to the bondholders under the bond loan with ISIN code 2100010086.

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“Tokushev and Partners” Law Office was included again in the annual international edition IFLR The Guide to the World’s Leading Financial Law Firms 2012

Law on the Activities of the Collective Investment Schemes and Other Undertakings for Collective Investment was adopted (LACISOUCLI) (promulgated SG No. 77 of 04.10.2011 on). The new law codifies the overall framework of the activities of collective investment schemes, which was excluded from the scope to POSA.

Sofia City Court has dismissed the claim of “ID Capman Capital” AD against “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC for declaration of nullity, respectively cancelation of the decision of the Extraordinary General Meeting of Bondholders under the issue of the “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC, held on August 6, 2010 г.

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Amendments were adopted in POSA (promulgated SG. SG No. 57 of 07.26.2011), the aiming to provide the possibility of integration of the “Bulgarian Stock Exchange” AD and “Central Depository” AD in European and global financial markets.

The adopted amendments to the IC (promulgated SG No. 41 of 05.07.2011) shall be imposed in order to ensure full transparency in relations between a consumer of insurance services and insurer by removing intermediate structures or persons connected in a certain way with entry into force of the insurance contract and the provision of coverage for certain risks.

In SG No. 35 of 03.05.2011 was promulgated the adopted by the National Assembly Law for Renewable Energy, as with § 4 of the TFP of LRE was expressly repealed the Law on Renewable and Alternative Energy Sources and Biofuels (promulgated, SG No. 49/2007 – amended SG No. 98/2008 and SG No. 82 and 102 of 2009).

Tokushev and Partners Law Office is ranked again in the prestigious Legal 500 chart and is included in the publication Legal 500 Europe, Middle East and Africa in 2010 – under the headings “banks and finance”, “commercial law” and “real estate” and assessed at a higher level in the “capital markets” section.

FSC has confirmed a prospectus for public offering of shares issued by “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC amounting to 9,017,214 Levs.

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FSC has confirmed a prospectus for initial public offering of issue of 650,000 shares to be issued as a result of capital increase of “PALDIN LION GROUP” ADSIC, Sofia

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Amendments of the Civil Procedure Code were approved (promulgated SG No. 100 of 21.12.2010) releted to the issues on service of summonses in civil proceedings, the introduction of some preclusions concerning the provision of evidences in the procedure, and changes governing the rules in relation with the realization of force execution over real estate in particular on the conduct of their public sale. An important change is setting a minimum threshold on the material interest of the cases, according which to be admitted to the final appeal.

“Tokushev and Partners” Law Office was included for the first time in the international edition of IFLR The Guide to the World’s Leading Financial Law Firms 2011.

FSC has entered a subsequent issue of shares issued by “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC Sofia, amounting to 1,187,849 Levs.

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FSC has confirmed a prospectus for admission to trading on a regulated market for bonds issued by “INTERCARD FINANCE” AD amounting to € 2.5 million.

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Board of Directors of the Warsaw Stock Exchange has allowed to trade shares of “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC amounting to 4,823,627 units. The Company became the first Bulgarian company whose shares will be traded in the Polish capital market.

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Changes were adopted in the Energy Act (promulgated SG No. 54 of 07.16.2010), concerning the area of power generation, in particular – the obligation for purchase and pricing of cogeneration production of electricity and heat, electricity supply by end suppliers; clarifying the relationship between transmission and distribution companies in respect of the networks and connection objects to grid, clear regulation of the right to construct, respectively – held, MV equipment used for connection of a single-user business needs to distribution networks. Amendments are adopted which removed admitted into the law inaccuracies, mainly to control powers of the SCEWR and the composition of administrative violations and to correct inaccurate references.

Amendments were adopted in IC (promulgated SG No. 41 of 01.06.2010), aiming consideration of the activities of insurers and reinsurers with the revised requirements of European legislation on the minimum guarantee capital.

“INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC has distributed as dividend 81.6 thousand Levs, or gross 0.0169 lev per share, which represents 90% of the profit for 2009

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“Tokushev and Partners” Law Office is ranked again in the prestigious Legal 500 chart and is included in the publication Legal 500 Europe, Middle East and Africa in 2010 – under the headings “banks and finance”, “capital markets”, “commercial law” and “real estate”.

FSC has confirmed a prospectus for initial public offering of issue amounting up to 19,294,508 shares to be issued as a result of capital increase of “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC

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“Tokushev and partners” Law Office in consortium with “KBC Securities NV – SA submitted documents for consultants of “Bulgartabac”

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“INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC has distributed 1.16 lev per share dividend for 2008

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Amendments to the Energy Act were adopted (promulgated SG No. 41 of 02.06.2009), among which was created and a new Section Ia entitled “Expropriation of property for purposes of extraction of energy resources”.

With its work in 2008 Tokushev and Partners Law Office was classified for the first time in the prestigious Legal 500 chart and was included in the issue Legal 500 Europe, Middle East and Africa for 2009 – in sections “real estate”, “capital markets” and “commercial law”.

Amendments were adopted in POSA (promulgated SG No. 23 of 27.03.2009) concerning the harmonization of Bulgarian legislation with Directive 2007/36/EC of the European Parliament and the Council of 11 July 2007 related to the exercising of certain rights of shareholders of companies admitted to trading on a regulated market.

“PALDIN LION GROUP” ADSIC will distribute dividend with gross value 0.4596 levs per share for 2008 – a total of 298 thousand Levs.

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FSC has approved a proposal from “BGI GROUP” AD for redemption using investment intermediary “Intercapital Markets” AD of up to 8,800,000 shares (97.78%) of the capital of “BGI Group” AD

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FSC has confirmed a prospectus for admission to trading on a regulated market for bonds issued by “PALDIN LION GROUP” ADSIC, Sofia, amounting to 2 million lev

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In SG No. 98 of 14.11.2008 was promulgated the adopted by the National Assembly new Energy Efficiency Act, as with § 4 of the TFP of the EEA (new) was expressly repealed the current to 14.11.2008 Energy Efficiency Act (promulgated, SG No. 18/2004, as amended. SG. 74/2006, SG No. 55/2007).

FSC has entered issue of shares issued by “FORUKOM ESTATE FUND” ADSIC, Haskovo, amounting to 1 094740 levs

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The Deputy Chairman of FSC has entered “SIVOV – GROUP” EOOD”, Bourgas, in the register of insurance brokers

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FSC has issued a license for voluntary health insurance to “Health Insurance Fund DallBogg: Life and Health” EAD

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“INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC has distributed as a dividend 7.235 million levs from the profit for 2007 – Each shareholder will receive 1.50 lev gross dividend per security

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Amendments were adopted in the Commercial Register Act (CRA) (promulgated in SG No. 50 of 30.05.2008), aiming consideration of the activities of insurers and reinsurers with the revised requirements of European legislation on the minimum guarantee capital.

FSC has confirmed a prospectus for admission to trading on a regulated market of shares issued by “VENUS” AD amounting to 3.0625 million levs.

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FSC confirms prospectus for admission to trading on a regulated market of shares issued by „BGI GROUP” AD amounting to 9 million levs.

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FSC has confirmed a prospectus for public offering of shares issued by “FORUKOM ESTATE FUND” REIT amounting to 1.43 million levs.

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“PALDIN LION GROUP” ADSIC will distribute 4,632,300 Levs as a dividend. This amount represents 90% of the company’s profit for 2007, which is at total amount of 5.147 million levs. Shareholders will receive 7.1266 levs dividend per security.

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FSC has issued a license to “HEALTH INSURANCE FUND PRIME HEALTH” AD, Sofia to operate voluntary health insurance.

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Entered into force the new Civil Procedure Code (promulgated SG No. 59 of 20.07.2007). With it was settled in a new way a significant part of the obligations of the parties and the relationship between participants in civil litigation. In § 3 of the TFP of the CPC (new) was expressly repeal the current to 01.03.2008 Code of Civil Procedure, promulgated. extr. No. 12 of 1952

Board of Directors of “FORUKOM” AD has announced in the Trade Register a communication on concluded debenture loan of 2 million levs and has convened the first General Meeting of bondholders, which will be held on 25.02.2008.

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FSC has confirmed a prospectus for admission to trading on a regulated market of secured corporate bonds of “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC amounting to € 5,000,000.

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FSC has issued a license to „ZET PROPERTIES INVESTMENT FUND” ADSIC, Sofia, to operate as a company with special investment purpose.

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With the adopted amendments to the IC (promulgated in SG No. 97 of 23.11.2007), Bulgaria respected its commitment to bring its legislation into line the requirements of Directive 2005/68/EC of the European Parliament on reinsurance.

Changes were made in the Energy Act (promulgated SG. SG No. 59 of 20.07.2007) concerning the adoption of the CPC (new), and were provided the cases for collection of dues under the warrant procedure.

Changes were made in the Energy Act (promulgated SG No. 55 of 06.07.2007) and were modified and repealed certain provisions of the law relating to the adopted amendments to the Energy Efficiency Act.

The Law on Markets in Financial Instruments (MFIA) was adopted (promulgated SG No. 52 of 29.06.2007), as the date of its entry into force was established 11.01.2007. This law fully harmonizes the Bulgarian legislation with the requirements of the Markets in Financial Instruments Directive (MiFID).

Changes were made in the Energy Act (EA) (promulgated in SG. SG No. 49 of 19.06.2007) and were modified and repealed certain provisions of the law relating to adoption of the new Law for the Renewable and Alternative Energy Sources and Biofuels.

Amendments were adopted in IC (promulgated SG No. 48 of 15.06.2007) seeking clarification of certain provisions and aligning national legislation with the acquis of the EU law in the field of insurance, including the Agreement between the Community and Confederation Switzerland on the regulation of branches of the insurer, rules for their activities and to monitor the latter.

Amendments were adopted in POSA (promulgated SG No. 25 of 23.03.2007) concerning the texts regulating the requirements for investment firms as well as harmonizing Bulgarian legislation with the requirements of Council Directive 73/239/EEC.

FSC has issued a license to “PALDIN LION GROUP” ADSIC to operate as a company with special investment purpose.

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Amendments were adopted in POSA (promulgated SG No. 105 of 22.12.2006), which aims to harmonize Bulgarian legislation with the acquis of the European Union’s capital markets, in particular Directive 93/22 / EEC of 10 May 1993 – on investment services in the securities field (Directive 93/22/EEC).

Law against Market Abuse with Financial Instruments (LANAFI) was adopted (promulgated in SG No. 84 of 17.10.2006), as it was intended to take effect from 01.01.2007. By this law the ground for trading with inside information was removed from the scope of the POSA and received separate reulation.

FSC has entered a subsequent issue of securities issued by “INTERCAPITAL PROPERTY DEVELOPMENT” ADSIC as a result of an increase in capital of 4,823,627 Levs.

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FSC has issued a license to “FORUKOM ESTATE FUND” ADSIC, Haskovo, to operate as a company with special investment purpose.

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The Deputy Chairman of FSC has entered “ROSS INS INSURANCE BROKER” Ltd., Sandanski, in the register of insurance brokers.

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FSC has issued a license to “LUC” ADSIC, Sofia, to operate as a company with special investment purpose.

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FSC has issued a license to “LIAM” ADSIC, Sofia, to operate as a company with special investment purpose.

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