20 years together

The first MiFID II license issued in Bulgaria is for a client of „Dimitrov, Petrov & Co.“

09 January 2019

The first license for an investment firm issued in the past years by the Financial Supervision Commission (FSC) under the rules of the Directive on markets in financial instruments (MiFID II) finally became a reality as a result of the precise work of Dimitrov, Petrov & Co.’ lawyers team.

By its decision of 6th December 2018, the FSC issued a license to Vaha Trade EOOD for operating as an investment firm by providing investment services and activities pursuant to the European regulations implemented in the Markets in Financial Instruments Act. The sole owner of the capital of Vaha Trade is Info Yatirim Menkul Dealyas – а renowned investment firm licensed by the Turkish regulator Capital Markets Board of Turkey. 

The complex procedure for granting a license was handled by proven experts in the field of capital markets law among whom Alexander Todorov, Boyana Milcheva and Dimitar Karabelov as well as the promising young lawyer Polya Donkova.

The team faced quite a lot of challenges. The main ones were related to achieving full compliance with the regulatory standards and high requirements for the applicant for an investment firm license, stemming from the current EU legislation and Markets in Financial Instruments Act. Due to lack of practice in applying the MiFID II rules and the outdated regulation, the lawyers faced the need to investigate different European acts and best practices and to directly apply their provisions.

This approach ensured a success which has not been achieved by another investment firm candidate since 2015.

The licensing procedure took ten months and not only paved the way for our client to enter the financial services market but created a quality standard that could be applied in the future licensing procedures of investment firms by the Financial Supervision Commission.

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