Archive for June, 2007

Borislav Boyanov & Co. Acted on the Bulgarian Merger Control Aspects of the Acquisition of Wolff Walsrode

Saturday, June 30th, 2007

Borislav Boyanov & Co. advised Dow Chemical Co. on the Bulgarian merger control aspects of their acquisition of Wolff Walsrode. Dow Chemical is a worldwide producer of plastics and cellulose-based chemical products. Wolff Walsrode produces various chemical and synthetic products. The Bulgarian competition authority and the Commission for the Protection of Competition gave unconditional clearance for the transaction. The Commission announced that before the consummation of the transaction the market positions of both companies were under the dominance threshold, and that following the merger they will match the position of the market leader ShinEtsu in Bulgaria.

Bulgaria implements MIFID by adopting the Markets in Financial Instruments Act

Friday, June 29th, 2007

The Bulgarian parliament adopted the Markets in Financial Instruments Act, which is coming in force on November 1, 2007. This Act along with the amended Public Offering of Securities Act aim at aligning Bulgarian legislation with the European Union secondary law in the area of the capital markets, in particular with Directive 2004/39 of the European Parliament and the Council as of 21 April 2004 on the markets in financial instruments, Directive 2004/109 of the European Parliament and the Council on the harmonization of transparency requirements in relation to information about issuers, whose securities are admitted to trading on a regulated market, Directive 2004/25 of the European Parliament and the Council on takeover bids. This law extends the number of financial instruments, whose trading is subject to supervision. The activity of the investment intermediaries is regulated in detail in relation to the requirements for granting and withdrawal of authorization, the capital and organizing requirements, the regime of qualified participation in an investment intermediary, the principal requirements for the relations to clients.

Additional rules are implemented regarding the supervision on consolidated basis. The regulation related to the requirements for exercising an activity by an investment intermediary with a seat in the Republic of Bulgaria in another member state, respectively for exercising an activity in the Republic of Bulgaria by an investment intermediary with a seat in another member state, is extended.