Business in Bulgaria is experiencing a challenging legal environment in the context of rapidly changing emergency measures dealing with the COVID-19 pandemic. We have prepared a summary of the key legal measures affecting business in the attached BULGARIA COVID-19 TRACKER. It will be updated daily, as necessary. Please check regularly for updates. If you have […]
Are you a compliance professional at a credit institution, a payment institution and electronic money (e-money) institution, or a third-party provider to such institution? If so, have a quick look at this compliance reminder with a view of the forthcoming deadline on 31 December 2021. On 30 September 2019, the European Banking Authority’s (“the EBA”) […]
On 4 June 2021, the European Commission issued standard contractual clauses for use between controllers and processors, and modernised standard contractual clauses for international transfers under the General Data Protection Regulation (the GDPR). The modernised standard contractual clauses will replace the three sets of standard contractual clauses for data transfers to third countries that were […]
For а second consecutive year, Assoc. Prof. Dr Nikolay Kolev and associate Trayan Targov have co-authored the Bulgarian chapter in the eighth edition of The Foreign Investment Regulation Review, published in October 2020 by Law Business Research Ltd. This eighth edition of The Foreign Investment Regulation Review provides a comprehensive guide to laws, regulations, policies […]
In the conditions of a global pandemic and strengthened measures for social distancing, the issue of the resolutions in absentia in the management of companies becomes relevant. The Commerce Act (“CA”) provides, first, the possibility for stockholders in Limited Liability Companies (“OODs”) to adopt such resolutions. Pursuant to Art. 139, para. 2 CA, the resolutions […]
BOYANOV & Co.’s Competition team has authored the Bulgarian chapter in the prestige legal publication of Lexology Getting the Deal Through: Merger Control 2021, published in August 2020 by Law Business Research Ltd. In this publication, BOYANOV & Co.’s team answered key questions on competition, including Bulgarian merger control thresholds, merger control test, public takeovers, […]
Industry solutions relying on artificial intelligence (AI) are growing faster than many had predicted. In addition to the important personal data protection considerations, another important question which this new and emerging technology is raising relates to the AI safety problems and their legal response. So far, the European Union and Bulgaria have not adopted legislation specifically […]
Preface Artificial intelligence[1] (AI) is widely recognised as one of the defining industrial phenomena of the 21st century. In today’s technology-dependent world, its potential impact on business and economic development can hardly be understated. From possible groundbreaking use as a diagnostic tool in medicine, through the inevitable introduction of autonomous vehicles as widespread means of […]
(“May you live in interesting times” – Chinese proverb) The COVID-19 pandemic has multiple effects on the economy. Many businesses struggle to survive and are or may become unable to service their bank debt in the same way as they did before the outbreak of the pandemic. Governments and central banks around the world […]
Do the COVID-19 outbreak and the measures against it constitute force majeure? The COVID-19 pandemic has a number of negative economic consequences such as suspension or delay of production and supplies, quarantining of entire countries, closure of borders, cancellation of flights, etc. All these factors affect the performance of obligations under multiple commercial transactions and […]
Last week, the European Commission published a Communication on Europe’s Digital Future in which it followed-up on the topic of EU’s digital transformation and introduced two documents, which provide further detail on the current developments. The first document is the new European Data Strategy. It envisions the adoption of both a Digital Services Act and […]
BOYANOV & Co.’s Competition and Antitrust team has authored the Bulgarian chapter in the prestige legal publication of Getting the Deal Through: Merger Control 2020, due to be published in September 2019 by Law Business Research Limited. Some of the key questions answered by each of the 69 jurisdictions featured in this publication include Bulgarian […]
BOYANOV & Co.’s partner Yordan Naydenov and counsel Assoc. Prof. Dr. Nikolay Kolev have authored the Bulgarian chapter on Global Legal Insights to: Mergers & Acquisitions 2019, 8th edition, published in July 2019 by Global Legal Group. The article discusses the legal background, financing of the M&A transactions in Bulgaria, touches upon the significant deals […]
Kina Chuturkova, Head of the Dispute Resolution Practice Group of BOYANOV & Co., contributed to the Bulgarian chapter in the IBA Arbitration Country Guide, published by IBA Arbitration Committee. To read the Bulgarian chapter, please visit http://www.ibanet.org/LPD/Dispute_Resolution_Section/Arbitration/Arbcountryguides.aspx. Copyright picture: IBA
ALERT: On 25 May 2018 the new General Data Protection Regulation (2016/679) (the “GDPR”) will enter into force. How is this important to you? While the GDPR mostly upgrades the current legal regime after 20 years of case law and practice on personal data protection, its entry into force will introduce significant new fines reaching […]
In November 2016 the European Court of Justice (ECJ) issued a preliminary ruling on the interpretation of the Financial Collateral Arrangements Directive (the FCA Directive). In that ruling (which is the first ECJ ruling on the FCA Directive) the ECJ held inter alia that the requirement under the FCA Directive that the collateral must be […]
In this article BOYANOV & Co. presents a critical analysis of Bulgarian legislation governing bank deposits guarantee excluding from the guarantee deposits solely because they had a higher interest rate than the standard one provided by the bank. The article was written by Damian Simeonov, Partner and Co-Head of BOYANOV & Co.’s Banking and Finance […]
One of the amendments brought at the end of 2016 to the regime of ”special pledges” (i.e. commercial pledges where the pledged assets remains in the possession of the pledger) is the new requirement for insurance. In particular, a creditor secured by a special pledge enforcing the pledge must, among other things, appoint a “depository”. […]
In this article BOYANOV & Co. provides a brief overview of some of the recently adopted material amendments to the Bulgarian Special Pledges Act and the new risks related to their practical application. Please find below the Memorandum outlining the amendments, prepared by Mr. Damian Simeonov, Partner and Head of Banking and Finance, Mrs. Ralitsa […]
BOYANOV & Co. contributed to the CEE Legal Matters magazine www.ceelegalmatters.com with an Expert review on IP rights protection in Bulgaria in cases of parallel import – import of non-counterfeit branded goods in a particular jurisdiction without the consent of the trademark owner. The Expert review was contributed by Kina Chuturkova, Partner and Head of […]