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News

22nd of October 2012

A new regulation on fines imposed on credit rating agencies has been published

On 10.16.2012 in the Official Journal of the European Union has been published Delegated Regulation № 946/2012 of 12 July 2012 supplementing Regulation № 1060/2009 as regards the rules on fines, imposed on credit rating agencies on the part of the European securities and Markets Authority (ESMA), including rules on the right of protection and temporary regulations.

The delegated act sets out the procedural rules, that ESMA must comply with in the imposition of fines and proprietary penalties as part of its direct supervisory powers for credit rating agencies.

It is important to be noted, that the penalties imposed by ESMA, are enforceable, which is governed by the civil procedural rules in force in the State, in which it is implemented.

Read more: 22nd of October 2012

   

18th of October 2012

A new regulation on applying the Prospectus Directive has been published

On September 22, 2012 in the Official Journal of the European Union has been published Delegated Regulation № 862/2012 amending Regulation № 809/2004 as regards the information for consent to use a prospectus, information on base indexes and the requirement for a report prepared by independent accountants or auditors. Regulation № 809/2004 is a measure implementing the Prospectus Directive, which has been amended by Directive 2010/73/EU, transposed into Bulgarian legislation with the recent amendments to POSA. The changes in the Directive determine the necessity of an act, which amends Regulation № 809/2004 in respect of: - the agreement which the issuer or the person responsible for drawing up the prospectus provides for subsequent use of the prospectus by financial intermediaries - the information that should be included in the prospectus relating to base indexes and the estimated values and estimates of the profit; - conditions that do not require a report, prepared by independent accountants or auditors, accompanying the estimated values and estimates of the profit.

The text of the Regulation in Bulgarian can be found here.

Read more: 18th of October 2012

   

18th of October 2012

Four regulations, complementing the legal framework of short sales have been published

Four delegated regulations, complementing Regulation № 236/2012 on short selling and certain aspects of credit default swaps have been published in the Official Journal of EU. The first two enactments have been published in Official Journal of the European Union on 18th of September 2012:

Delegated Regulation (EU) № 826/2012 of the Commission of 29 June 2012 supplementing Regulation (EU) № 236/2012 and Implementing Regulation (EU) № 827/2012 of the Commission of 29 June 2012. Regulation № 826/2012 establishes a uniform system for making notifications and information from investors to the national competent authorities and from the national competent authorities to the European Securities and Markets Authority – ESMA, Regulation № 827/2012 defines the means by which natural or legal persons may publicly disclose information about net short positions, types of contracts, ensuring that the shares / sovereign debt instruments are available for the settlement and the date and the period of calculations for establishing the basic place of trade for the purposes of art. 16 of the Regulation on short sales. In Annex I, II and III of Regulation № 826/2012 are the forms that liable persons should use to inform the competent authorities on net short positions in shares, sovereign debt instruments and uncovered credit default swaps on sovereign debt instruments. Applications specify also the content of the information that liable persons should make public.

On 09th of October 2012 were also published the other two acts: - Delegated Regulation (EU) № 918/2012 of the Commission of 05th of July 2012 supplementing Regulation (EU) № 236/2012 and Delegated Regulation (EU) № 919/2012 of the Commission of 05th of July 2012 supplementing Regulation (EU) № 236/2012.

Regulation № 918/2012 develops rules for the following cases: - more detailed definition of ownership and short sale, since currently the concepts of ownership and possession in respect of the securities in the Member States are not harmonized; - regulates in more detail the cases, in which the net short positions are calculated and the methods of their calculating, and the definition of possession; - provides a more detailed definition of the threshold for notification of significant short positions in sovereign debt instruments, as well as the liquidity threshold repealing restrictions on short sales of sovereign debt instruments and more.

Regulation № 919/2012 defines the method of calculating the 10% fall in the value of liquid shares as referred to in Article 23, paragraph 5 of the Regulation on short selling, in which cases Member States may restrict or prohibit short sales and have an obligation to notify ESMA of that decision.

All four regulations shall enter into force on the day following their publication and shall apply from 1 November 2012

All four regulations take effect on the day following their publication and shall apply from 1st of November 2012.

The text of the regulations in Bulgarian and English language can be found on the following links:

In English

The notification forms are posted at the following links:

In English

Read more: 18th of October 2012

   

5th of October 2012

The Financial Supervision Commission will comply its supervisory practice on investigation of market abuses with the guidelines of CESR

In order to achieve high efficiency and harmonization of the implementation of the provisions of Directive 2003/6/EU on the trading with inside information and market manipulation (market abuse), the Financial Supervision Commission decided that it would comply its supervisory practice with the three Guidelines of the Committee of European Securities Regulators on the general application of the Directive. At its meeting on 4th of October 2012 the Financial Supervision Commission approved the three guidelines of CESR and adopted to apply them in the surveillance of provisions of the Law against Market Abuse with Financial Instruments. The guidelines of CESR have been prepared to support the harmonized application of the provisions of the Market Abuse Directive among the separate member states. After public consultations CESR published three separate documents in the form of Guidelines and information about its general application:

-          “First guidelines and information on the general application of Directive 2003/6/EU”,

-          “Second guidelines and information on the general application of Directive 2003/6/EU” and

-          “Third guidelines and information on the general application of Directive 2003/6/EU”.

The Guidelines of CESR on the general application of Directive 2003/6/EU has been published in section "Administrative Documents" - "Methods"

Read more: 5th of October 2012

   

24th of September 2012

Consultation of ESMA for exemption of market - makers and primary dealers from duties under the Regulation on short selling

The public consultation is entitled "Exemption of the activity of the market - makers and primary dealers under the Regulation on short selling" and started with the publication of draft guidelines on the activities of maintaining market liquidity. The purpose of the discussion is to assess the proposed criteria, which should be applied in the exemption of the market - makers and primary dealers from obligations under the Regulation on short selling, and the conditions to be considered in assessing their application.

The deadline for receiving the opinions is 5th of October 2012.

The text of the press release (in Bulgarian) and of the public consultation (in English) can be found at the website of the Financial Supervision Commission under "European Affairs", "Public consultations" and on the site of ESMA.

Read more: 24th of September 2012

   

20th of September 2012

The European Securities and Markets Authority warns of the risks in Internet investments

The European Securities and Markets Authority warns retail investors, especially those who are targeting investments in the internet.

In connection with the increasing number of complaints and signals for illegal activities of companies, offering investments in a wide variety, including hazardous or non-existent products, ESMA turns to retail investors with valuable tips on how to protect themselves from frauds and misleading advertising. The warning draws the attention of potential investors to some basic rules and simple ways to avoid the numerous risks in investing in the Internet.

Read more: 20th of September 2012

   

29th of August 2012

A bill amending and supplementing the Public Offering of Securities Act has been submitted for consideration by the National Assembly on 29 August 2012.

 

The opinions and suggestions for amendment in the bill of the Association of Bulgarian Investor Relation Directors (ABIRD) and the Bulgarian Industrial Capital Association (BICA) have not been taken into account.

The full text of the act amending and supplementing the Public Offering of Securities Act can be seen here.

   

27th of August 2012

Initiative for revising the directive on insurance mediation

 

The European Commission has launched initiative to revise the Directive on insurance mediation (2002/92/EU) and therefore has published a proposal for a Directive repealing Directive 2002/92/EU on insurance mediation on its official website. Discussion on this proposal is ongoing.

Documents relating to the proposal can be found here.

   

23rd of August 2012

The Financial Supervision Commission has adopted guidelines for implementation of guidelines of CESR

 

The Financial Supervision Commission has adopted guidelines for implementation of the guidelines of CESR (Committee of European Securities Regulators) for the funds, investing in money market instruments, regarding the names of funds that include word combinations referring to "money market". The guidelines of CESR for the funds, investing in money market instruments, contain definitions of the concept European Money Market Funds (MMF) and the criteria to be met by funds to be identified as one of the two types of MMF – „short-term money market fund” or „money market fund”. The guidelines define these two types of money market funds to improve investor protection, for which there will be guarantee that the collective investment schemes, whose name bears the words "short-term money market fund" or "money market fund" meet strictly defined criteria.

The adopted instructions and Guidelines of CESR for funds, that invest in money market instruments, can be found here.

Read more: 23rd of August 2012

   

19 of july 2012

Conference on issues related to T2S project and creation of national consumers group

A national conference on issues related to project and creation of National consumers group has been organized on 19th of July 2012. Representatives of all market segments involved in the trading of securities have been invited to the event. The attendees were introduced to the basic principles of the architecture and operation of the project, financial conditions, stages, and time schedule of implementation.Graduates representatives of T2S and chairman of the network of National consumer groups on the project, Mr Javier Castillo - director of customer relations and Mr. Rosen Ivanov - rapporteur of the network of national consumer groups were speakers. At the conference, Mr. Vasil Golemanski - CEO of CD presented a conceptual project of the Central Depository AD, examining the possible options of joining T2S with its advantages and disadvantages.

Read more: 19 of july 2012

   

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