Our latest thinking on the issues that matter most in business and management.
Changes to the Accountancy Act introduce new European requirements
One of the new obligations introduced by Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of individuals with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (GDPR) and Directive (EU) 2016/680 of the European Parliament and of the Council of 27 April 2016 on the protection of individuals with regard to the processing of personal data by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties and on the free movement of such data and repealing Framework Decision 2008/977/JHA (the Directive), was the obligation for certain controllers and processors (DPAs) to appoint a Data Protection Officer (DPO). This is the first time such an obligation has been established by law in Bulgaria. And now, more than 5 years since the two Acts have been implemented, there is often a misunderstanding of what the role and tasks of the DPO are. This article is intended to distinguish the DPO from the similar figure of the lawyer, thereby making it easier for DPAs to choose how to allocate responsibilities regarding the protection of personal data within their organisations. *This publication is in Bulgarian.
Comment by Hristo Nihrizov, Head of Banking & Finance, on the opportunities and challenges that the new regulations will bring to financial market participants. *This publication is in Bulgarian.
The draft amendments to the Labour Code address two issues: telework and the introduction of joint and several liability of contractor and subcontractor for wages. The proposals reveal some shortcomings that could create serious practical difficulties. The new provision on joint and several liability is vague, disproportionate and contradicts fundamental principles of labour and contract law. *This pulication is in Bulgarian.
From a digital exotic to a $1.1 trillion market, there is no doubt that crypto assets, led by bitcoin, have carved out a place for themselves in the global economy. A multibillion-dollar trading and investment business has developed around them, and many people have profited from their change in value and participation in their creation; others have lost out from the theft of their digital wallets, the misuse of investment managers, or the bankruptcies of cryptocurrency platforms. But order is coming to the crypto universe, at least at the European Union level. The Markets in Cryptoassets Regulation (MiCA), the first comprehensive law to regulate this type of asset, comes into force at the beginning of July, creating a single framework for the entire European bloc. Its provisions will start to be effectively implemented from the middle of next year 2024, so that market participants can align their activities with its requirements. *This publication is in Bulgarian