Capital markets

Although the current capital market in Bulgaria has a relatively short history, the establishment in 2003 of the Financial Supervision Commission (FSC) as a regulator of the non-banking financial sector ensured the overall supervision and regulation of the capital market, pension insurance and insurance. The current Bulgarian legal framework has been harmonized with the applicable European legislation as a result of the adoption of a significant number of legislative acts.


Nevertheless, the constant changes in the regulatory requirements, as well as the rapid development of capital markets often create difficulties for capital market participants with respect to compliance with regulations, observance of statutory deadlines and lawful conduct of their ongoing work.


Georgiev, Ivanov, Aleksandrova & Kalistratov's team of experts provides legal advice and consultations on:


  • Current Bulgarian legislation which regulates the activities of public companies and other issuers of securities, investment intermediaries, insurance companies, as well as the regulatory supervision thereof;
  • Current regulatory rules, public offering, preparation of prospectuses for public offering and admission to trading on a regulated securities market;
  • Convening and holding general meetings of public companies’ shareholders;
  • Increasing the capital of public companies;
  • Deregistration of public companies from the register kept by the FSC;
  • Issuance of bond loans;
  • Organization and management of collective investment schemes;
  • License procedures before the FSC;
  • Appeal of sanctions imposed by the FSC and representation before judicial and non-judicial authorities.

Since capital markets are a specific and diverse area, our team offers an individual approach to solving each case.