The Bulgarian government has published the long expected Regulation on the Terms and Conditions for Registration and Deregistration of Public Companies and Other Issuers of Securities and Issues of Securities in the Registries maintained by the State Securities Commission (State Gazette issue 93 of 2001). With the Decree of the Council of Ministers adopting the Regulation, the requirements for information disclosure in cases of initial public offering were also changed. A brief overview of the Regulation will be published shortly in our Publications section.
Archive for October, 2001
Managing Partner Borislav T. Boyanov welcomed among the members of UK’s Lord Slynn of Hadley European Law FoundationTuesday, October 30th, 2001
Managing Partner Borislav T. Boyanov has become the first non-British member of the Lord Slynn of Hadley European Law Foundation (www.slynn-foundation.org). The foundation was established on the initiative of His Hon George Dobry CBE QC to cater to a growing need for support, advice and training to young lawyers from countries of Central and Eastern Europe. The purpose of the foundation is to promote better understanding between Britain and these countries and to contribute to the development of joint action. Among the patrons of the foundation are The Lord Chancellor Lord Irvine of Lairg, The Rt Hon Lord Bingham of Cornhill OM, The Rt Hon Lord Woolf of Barnes, The Rt Hon Lord Jenkins of Hillhead OM, The Rt Hon Kenneth Clarke QC MP, Cherie Booth QC (wife of current Prime Minister Tony Blair.
The Bulgarian government has resuscitated the privatization procedure for one of the few remaining state-owned industries – the tobacco giant Bulgartabac Holding. Consultants on the transaction are Creditanstalt. The first attempt to privatize the holding concluded unsuccessfully in 2000, since no investors were prepared to meet the government’s conditions, in particular buying the holding company rather than individual tobacco factories. The privatization of another state-owned giant – Bulgaria’s telecommunications monopoly BTC is expected to restart within the next 6 months. The government is holding procurement procedures for the services of local investment brokers which will offer on its behalf minority packages of attractive Bulgarian enterprises on the stock exchange in the near future.
The Bulgarian government has unveiled its short term program for the adoption of over 20 strategic bills in the autumn session of Parliament. Highlights of the program include changes to all major tax laws, including expected decrease of personal income tax rate, decrease in the corporate income tax rate, increase of excise duty and the introduction of a 25% withholding tax on all transfers to offshore zones, radical changes to the Privatization Act, the Public Offering of Securities Act, and the Telecommunications Act.