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Varadinov & Co.
Legal Bulletin

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State Gazette, issue 15 /February 16th, 2018
A new Markets in Financial Instruments Directive (MiFID) introduces the requirements of the MiFID and the 2013/36 / EU Markets in Financial Instruments Act. The aim of the new regulatory framework is to achieve transparency and confidence in the markets for financial instruments through the harmonization of national regulations. The tools are to improve investor protection, prevent unauthorized trading in financial instruments, increase control over the activity of investment firms that will be able to provide services throughout the European Union under a license obtained in their respective home countries. The range of financial instruments is expanding by adding commodity and other derivatives as well as some types of energy contracts. In support of small and medium businesses to raise capital through the capital market, the law regulates the creation of a new type of multilateral trading system - a growth market.
New requirements for the management and representation of the investment firm are introduced as detailed requirements for the good reputation, professional qualifications and experience of the members of its management and supervisory bodies. Investment firms will be able to enter into contracts with tied agents to provide certain services on their behalf and to their full and unconditional liability. Regulatory requirements for information that investment intermediaries are required to provide to clients and potential clients as well as for assessment of relevance and expediency. Investment firms must also comply with a number of requirements when using so-called algorithmic trading, in which a computer algorithm automatically determines the elements of the order with limited or no human intervention. The regime for the licensing of the activity and the course of the reorganization procedure is fine-tuned, if necessary, in relation to an investment intermediary in difficulty. The requirements for customer communication and reporting to the Financial Supervision Commission have been increased by disclosing information to the regulator. More severe administrative and criminal sanctions are foreseen for both investment intermediaries and physical persons working for them.

State Gazette, issue 16 /February 20th, 2018
The European Investigation Warrant Act sets out the terms and conditions for its issuing, dispatch, recognition and enforcement in criminal proceedings in different countries. The EIO is an act issued by a competent authority of a Member State, which requested the competent authority of another Member State to collect evidence, including evidence that the latter country already has, or to carry out investigative action and other procedural steps. A European Investigation Order is issued in accordance with Appendix 1 to the Act, which applies to all investigations and other procedural steps for which it has been issued.
Excluded from its application are the cases when a joint investigation team under Art. 476, para. 3 of the Criminal Procedure Code with the proviso that when a competent authority involved such a team requested the assistance of a Member State other than those involved in it, may be issued European arrest for investigation. The law does not apply in freezing property subject to seizure as far as the request for confiscation of the property is not claimed as and when requested cross-border surveillance in accordance with Art. 40 of the Convention implementing the Schengen Agreement.
A European Investigation Order in the Republic of Bulgaria is issued by the respective prosecutor - in the pre-trial proceedings and by the respective court - in the court proceedings. It may also be requested by the accused, the accused or his / her authorized counsel to provide the necessary protection in criminal proceedings in accordance with the CCP. The authorities under para. (1) shall not disclose the evidence or information which has been provided to them as a result of the execution of a European Investigation Order except to the extent that their disclosure is necessary for the purposes of the investigation, unless otherwise specified by the executing State. The competent authorities located in the territory of the executing State shall be subject to its legislation during the execution of the European Investigation Order.
A European Investigation Order is recognized in the territory of the Republic of Bulgaria if it relates to acts that constitute a crime under Bulgarian law where, despite the differences between their constituencies, their basic signs coincide. In the recognition procedure, the court considers the case alone in a closed session. Where the European Investigation Order received does not meet the requirements, the court or the prosecutor concerned shall return it to the issuing State. At the request of the issuing State, the participation of one or more of its authorities in the execution of the European Investigation Order may be authorized if this is provided for in Bulgarian law or does not violate the essential interests in the field of national security of the Republic of Bulgaria. In such cases, the authorities of the issuing State which are located on the territory of the country are subject to Bulgarian law. The grounds for refusal or postponement of the recognition and enforcement, as well as the means of legal protection of the persons under investigation are regulated.

State Gazette, issue 18 /February 27th, 2018
Preventing abuses in the provision of public funds for the use of agricultural land are aimed at changes in the Farmers’ Support Act. When assessing eligibility conditions, the Paying Agency is given a new authority to carry out checks on artificially created conditions. The Order of the Minister of Agriculture, Food and Water, which specifies the specialized layer “Areas eligible for support”, will be promulgated in the State Gazette.
The arrangements for support for the schemes under Art. 38a, para. 1 to which farmers apply by submitting a support application for the calendar year concerned. The agricultural land included in the application for support must be available to farmers on 31 May of the calendar year concerned in accordance with Art. 36 (5) of Regulation (EC) No 1307/2013, which is certified by a legal basis for use registered under the Law on the Ownership and Use of Agricultural Land. The legal basis for the use of agricultural land is registered at the municipal agricultural offices in the location of the properties, in a specialized software product maintained by the Ministry of Agriculture, Food and Forests. Registration is made until the expiry of the deadlines for submitting the application for support and making changes to it. The Ministry shall extract, rank, summarize and transmit to the Paying Agency, once or in stages, data on registered legal grounds for use of agricultural land.
When applying for assistance through the Integrated Administration and Control System, the Paying Agency checks the application data. Where a farmer has included in his application agricultural land in an amount exceeding the registered legal basis for use, the system generates an error alert to be provided for the signature and / or stamp of the farmer. Once the deadlines for submitting the application for support and making changes therein expire, the Paying Agency will perform an administrative check on all submitted applications for support for which the system has generated an error alert. When the inspection establishes agricultural land declared without a legal basis for use, the Paying Agency shall perform a geographic determination of the area and their location. In this case, the Ministry of Agriculture, Food and Forestry provides additional information to the Paying Agency.