Archive for October, 2007

Ministry of Health Adopts Regulation on Good Distribution Practice

Monday, October 29th, 2007

On 13 September, 2007 the Bulgarian Ministry of Health adopted Regulation No. 39 on the Rules and Requirements for the Good Distribution Practice. By this Regulation the Good Distribution Practice is introduced with respect to the business with medicines. The stated aim of the Good Distribution Practice, as a part of the quality system, is to provide adequate control on all parts of the process of distribution of medicines. The Regulation contains detailed rules for sharing of the responsibility of quality and safety of the medicines. Licensed distributors are required to perform their business in compliance with the rules of the World Health Organization.

New Rules for Implementation of Investment Promotion Act

Monday, October 29th, 2007

As of 21 September, 2007 new Rules for Implementation of the Investment Promotion Act (IPA) came into force. According to the Rules special promotion of initial investments is provided in respect of the following industrial sectors: manufacturing industry and production of electricity from renewable energy sources; the services sector: high technology activities in the sphere of computer technologies, research and development, as well as education and human health care. No promotion of investments will be provided for production in the coal and steel industry, the shipbuilding and synthetic fibres sectors, fisheries and aquaculture, as well as in activities linked to the primary production of agricultural products listed in Annex I to the Treaty establishing the European Community, to the extent that they are covered under Commission Regulation (EC) No 1628/2006 on the application of Articles 87 and 88 of the Treaty to national regional investment aid. All aids, provided in non-compliance with the Rules for implementation of IPA must be reimbursed, in accordance with the provisions of the Tax and Social Security Procedure Code and Commission Regulation (EC) No 659/1999 on the application of Article 88 of the EU Treaty.

Borislav Boyanov Delivered a Speech on Risk Management for Law Firms in Emerging Markets

Monday, October 29th, 2007

Managing Partner, Borislav T. Boyanov, in cooperation with Thomas Wardinsky of Wardinsky and Partners law firm in Poland, delivered a speech, at the Munich conference in September, focused on the developments of risk management for law firms in emerging markets. The speech provided practical advice on how risk techniques should be employed particularly for the adoption of foreign investments. The speech captured important practical experience and presented how the principles of risk management could be extended to taking advantage of the opportunities in emerging markets.

Privatization of Navigation Maritime Bulgare

Monday, October 29th, 2007

The Bulgarian privatization agency approved only one of the bidders for the acquisition of 70% of the capital of the country’s state-owned shipping company Navigation Maritime Bulgare. The approved company is KG Maritime Shipping. Initially only 70% of the state shipping company will be put up for sale with an option for the chosen shareholder to buy the rest at a later date. Commentators point out that the moment is very suitable for sale since there is a market trend for demand of large ships.

Borislav Boyanov & Co. Represented News Corporation in Successfully Obtaining Merger Clearance for Its Acquisition of Dow Jones

Thursday, October 25th, 2007

The Commission for Protection of Competition (CPC) gave its clearance to News Corporation to obtain sole control over Dow Jones. Borislav Boyanov & Co. represented News Corporation during the merger clearance process. According to the press statement of the CPC Dow Jones presence on the Bulgarian market is de minimis; therefore, the concentration will not influence the market shares of the two companies.

Borislav Boyanov & Co. Acts on the EUR 6,8 Million Acquisition of Electrodi AD

Tuesday, October 23rd, 2007

Borislav Boyanov & Co. advised ESAB, the world leader in the production of welding equipment, on their successful acquisition of the largest Bulgarian producer of welding electrodes Electrodi AD. The transaction was worth EUR 6,8 million and the firm assisted ESAB in both the legal due diligence and the transaction structuring and execution.

First Dawn Raids in Bulgaria

Thursday, October 18th, 2007

The Commission for Protection of Competition (CPC) announced that it has conducted searches and seizures in offices of industry unions, associations, and other companies from five different fields of the Bulgarian economy. Proceedings have been started due to doubts of alleged prohibited agreement and concerted practices in the markets of dairy and pastry products, chicken meat and eggs, and taxi services. This is the first case of dawn raids being conducted by the Bulgarian competition authority. The raids come only a few months after the CPC announced the opening of a new forensic lab for analyzing evidence collected during dawn raids.