Financial Markets Act: Major Changes

The National Assembly is on the verge of a significant legislative change in the field of financial markets. The Budget and Finance Committee gave the green light to the first reading of a bill amending the Law on Markets in Financial Instruments. The vote ended with a convincing majority of 11 votes "for", against 2 "against" and 4 "abstained".

The Deputy Minister of Finance, Metodi Metodiev, presented to the committee the arguments in support of the bill submitted by the Council of Ministers. The atmosphere in the hall was tense, the expectation for the decision – palpable. The air was filled with anticipation as the MPs discussed the proposed changes.

According to the explanatory memorandum to the bill, the aim is the transposition of five legislative acts of the European Union into our national legislation. This is a key moment for harmonizing Bulgarian laws with European requirements, in order to improve the functioning of financial markets in the country and ensure higher security for investors.

Not only harmonization with European legislation is included in the bill. It also provides for amendments aimed at correcting inaccuracies and shortcomings identified by the European Commission when verifying the compliance of national legislation with European directives. This shows a serious attitude towards the EU_q_s requirements and a striving to improve Bulgarian legislation.

The adoption of this bill is part of the Action Plan for 2025 and is an integral part of the commitments of the Republic of Bulgaria as a member of the European Union. Failure to fulfill these commitments would have serious consequences for the country and could lead to sanctions from the European Commission.

The expected benefits of adopting the amendments are significant. The explanatory memorandum highlights the improvement of the regulation of financial markets, the improvement of the quality and content of data, the clarification of licensing requirements, the strengthening of cooperation between EU member states and, most importantly, the harmonization of requirements for submitting regulated information. This, in turn, will provide easier access for investors to key information, increasing the transparency and security of the markets.