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Key Changes in the Legislation on Bulgarian Markets in Financial Instruments

In the process of improving the local legislation, the National Assembly of the Republic of Bulgaria adopted a new (MFIA). The MFIA implements the rules of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.
The main objectives of the new MFIA are to increase the transparency of the financial instruments market, improve the protection of the investors and prevent the appearance of unregulated trade of financial instruments. New rules are established in relation to the organization of the activity of the investment intermediaries and of the organization of regulated securities markets.
The new legal act develops the competency of the Bulgarian authorities and implements substantial provisions of the EU law in the financial markets practice.