Dimitrov Ivanov & Partners - Attorneys at law

Новости

27 May 2014 г.

Amendments in BNB’s Regulation 26 on Financial Institutions

A regulation amending Bulgarian National Bank Regulation 26 on Financial Institutions was promulgated in the State Gazette, issue 44 of 27 May 2014. The amendments aim at bringing the Regulation in conformity with the recent changes in the Credit Institutions Act. The objectives of the Regulation include the establishment of procedures and criteria for the registration of financial institutions in the register of BNB.

The amendments establish a new minimum capital requirement of BGN 1 million and the requirement that all contributions up to the minimum required capital must be monetary and consisting only of shareholders’ own funds. Among the other amendments are the obligation to declare the actual owners of a financial institution and the increased requirements for the managers and representatives of a financial institution in terms of qualification, professional experience and reputation, etc.

The amendments to the Regulation establish the order in which existing financial institutions need to re-register in order to continue to operate.

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