2018 began with a number of regulatory changes affecting the financial markets all over the European Union, Bulgaria being no exception.
The MiFID II was introduced back in 2014 by Directive 2014/65/EU on markets in financial instruments and Regulation 600/2014/EU on markets in financial instruments. However, it was not until January 3rd, 2018 that they started to apply.
With some delay after the above date, on February 1, 2018, the Bulgarian Parliament adopted a new Market in Financial Instruments Act which transposed the requirements of the updated MiFID II into the Bulgarian legislation and provided for measures for its enforcement. The regulator - the Financial Supervision Commission, is currently preparing the secondary legislation on the subject that will complete the procedural instruments for the application of the new regime.
This new legislative framework is expected to facilitate investor protection and improve the functioning of the financial markets, making them more efficient and transparent.
For some time already the market participants have been facing the challenge of adapting their activities to comply with the changes introduced by MiFID II. In order to facilitate the companies in their efforts into becoming compliant with all new requirements, the team of Dimitrov, Petrov & Co. is actively consulting its clients on the implementation of the legal frame of the MiFID II.