Facebook's Libra - What was, What is and What's to come in 2021

Libra was the first name of a new payment system project initiated by Facebook in partnership with payment, technology, telecommunications, blockchain, venture capital companies and nonprofit organisations...

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Important EU Commission initiatives in the IP sector

On November 25, the Commission presented an Action Plan to address infringements of intellectual property rights in the EU and a Strategy for the protection and enforcement of intellectual property rights (IPR) in third countries. 

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Reforming the Bulgarian healthcare system amidst a pandemic - the adoption of electronic medical referrals

The Bulgarian public healthcare system has found itself in need of urgent adjustments in order to respond to the immediate demands and needs caused by the COVID-19 pandemic. Bringing public healthcare services to the online space has been a long-awaited process, but...

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Distribution agreements and purchase prices - DOs and DON’Ts

Distribution agreements are one of the most common agreements in trade. Usually these are agreements between manufacturer and distributor, wholesaler and retailer, etc. In essence...

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A look towards the territories for long-prospect development of Sofia

The territories for long-prospect development are utilised after the exhaustion of potential short-prospect expansions and opportunities for recycling of already urbanised territories.

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New Facebook tools for IP rights protection

The efficient protection of IP rights in social media has always been a challenge. This is due to several factors, among which is the international character of such platforms and the large amount of information uploaded by the minute. 

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COVID-19 and employment relations in Bulgaria – Testing, data privacy and quarantine

Despite numerous changes in the social security legislation in recent months, Bulgarian law remains “silent” when it comes to the specific rights and obligations of employers in relation to the spread of coronavirus…

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Potential unconstitutionality of certain bank insolvency provisions

On 20.10.2020, the Bulgarian Constitutional Court ruled on a constitutional case, instituted at the request of the Supreme Bar Council, which seeks to establish the unconstitutionality of certain provisions of the Bank Insolvency Act (BIA) and the Amending and Supplementing Act of the Bank Insolvency Act.

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The SCC to rule on important issues regarding entries in the Bulgarian Commercial Register

The commercial department of the Supreme Court of Cassation (SCC) will rule on some important practical issues regarding entries in the Bulgarian Commercial Register, in relation to which there has been long-standing contradictory case law.

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Pillar One – the new taxing rights reform

On 12 October 2020 the OECD released a proposal, comprising Pillar One and Pillar Two Blueprints for a breakthrough reform in the international tax arena. They represent a structural shift in international tax arena.

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Key takeaways from the European Commission’s proposal for a Regulation on Markets in Crypto-assets

In recent years, markets in crypto-assets have been continuously evolving. This inevitably created legal gaps and respectively, a need for a sound legal...

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Hiring foreign employees in Bulgaria

The globalisation of commercial markets has led to an increased movement and exchange of qualified specialists not only across the EU but also between countries from all around the world. 

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Negotiations gone wrong

Ever since Article 37a – abuse of stronger bargaining position, was introduced in the Protection of Competition Act (‘PCA’), all (re)negotiations of commercial contracts have to be reviewed from the perspective of competition law.

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Bulgarian small businesses enter the free electricity market: main aspects and deadlines

The deadline for small business clients to choose a supplier on the free market expired on 1 October 2020. However, in case that...

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Brexit: EU trade marks will cease to apply to the United Kingdom

Following the withdrawal of the United Kingdom from the European Union effective as of 1 February 2020, EU law, and in particular the provisions of the EU trade mark Regulation , will cease to be in force on the territory of the United Kingdom. 

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Incorporating a limited liability company in Bulgaria: main aspects

The limited liability company is the most common commercial form in Bulgaria (abbreviation in Bulgarian: “OOD”). Read a summary of the main aspects of the incorporation of a limited liability company in Bulgaria in accordance with the applicable legislation and case law.

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Amendments to the Bulgarian Public Offering of Securities Act

In mid-July, the Bulgarian parliament adopted amendments to the Public Offering of Securities Act (POSA), thus introducing measures into national law for the implementation of Regulation (EU) 2017/1129.

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Specifics of IT transactions

Prompted by the dynamic development of technologies, the IT sector in Bulgaria has provided the perfect backdrop for multiple deals and strategic moves in the past couple of years. With the main transaction model being for larger, well-established companies to acquire smaller startups, buyers need to consider two key aspects...

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Firmer sanctions for intellectual property crimes

In the beginning of August, the Council of Ministers approved a draft Act for amendments to the Bulgarian Criminal Code and submitted it to the National Assembly. The principal changes, introduced by the draft, concern intellectual property crimes and in particular - cybercrime.

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Disposing of agricultural land - administrative burdens

The Bulgarian Constitution defines land as a fundamental national asset, which benefits from particular protection from the state and the society. This determines the peculiarities of the legal regulation of agricultural land, which in principle should be used for agricultural purposes only, although some exceptions do exist. 

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Practical aspects of trader stabilisation proceedings

Regulated in the Bulgarian Commercial Act, trader stabilisation proceedings seek to help companies overcome financial difficulties and avoid insolvency proceedings.

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Next Generation EU: Perspectives for Bulgaria in the context of REACT-EU

At a Special European Council held in July, EU leaders reached a key agreement on a COVID-19 recovery plan. The European budget for the next seven years was approved, as well as an unprecedented emergency funding instrument - Next Generation EU. 

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Inheriting shares in a joint stock company - the latest case law

At the end of last month, the Bulgarian Supreme Court of Cassation (SCC) ruled on a longstanding issue with regard to inheriting shares in a joint stock company 

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Amendments to the Bulgarian Gambling Act

On 23 July, the Bulgarian Parliament adopted the Act on amendment and supplementation of the Gambling Act (AASGA). The AASGA was promulgated in the State Gazette on 29 July 2020 and the amendments entered into force on Monday, 10 August 2020.

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To disclose or not to disclose: Bulgaria extends reporting deadlines under DAC 6

The European Directive on Administrative Co-operation in the field of taxation (“DAC 6”) entered into force across the European Union as of 1 July 2020. Nevertheless, in light of the COVID-19 pandemic the European Council allowed for a 6 months deferral for filing obligations and exchange of information under the reporting framework.

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Recent case law in the field of insolvency proceedings

In July 2020, the Bulgarian Supreme Court of Cassation adopted an interpretative decision (№2/2020) on certain legal issues related to insolvency proceedings.

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Model AML internal rules published by the State Agency for National Security

There are several important points to consider with regard to the apporoaching deadline (21 August 2020) for adopting internal AML rules. 

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The right to be forgotten: GDPR aspects and new EDPB Guidelines

The lack of fixed and sector-specific criteria for approving or rejecting requests under the “right to be forgotten”, motivated the European Data Protection Board (“EDPB”) to adopt guidelines focused on exercising the right before search engines providers

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Real estate lease agreements: Deletion of registration

Landlords in Bulgaria often face a practical problem when a real estate lease agreement is terminated ahead of its term. The issue refers to the inability of deleting the registration of the respective agreement in the registry office, corresponding to the location of the real estate. The topic has become particularly relevant in the current situation of the COVID-19 pandemic.

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Recent CJEU case-law in the field of digital media

Over the last month, the Court of Justice of the European Union (CJEU) has issued several interesting judgements in the field of intellectual property protection in digital media.

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COVID-19 testing in the context of employment relations

The COVID-19 pandemic has heavily affected labour relations globally, posing a number of doubts, challenges and issues to both employers and employees. We will look at the legal implications of COVID-19 testing in the workplace, assuming the PCR method as the most commonly used one.

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AGMs during the pandemic

What is the legal regime of AGMs in the context of the COVID-19 pandemic and the associated restrictions on movement. 

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What happens when a coronavirus case is confirmed in the workplace?

What are the steps and procedures to be undertaken? Can the company/organisation continue its activity? Is it mandatory to test all employees of the company?

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Transactions and the advantages of an escrow mechanism

Businesses have long been searching for the most optimal way to carry out transactions smoothly. In this context, escrow services have been enjoying a growing popularity over the last decade.

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M&A: Overview of merger clearance and practical issues

One of the most important elements for а healthy business environment and a key prerequisite for economic growth is maintaining effective competition in domestic and national markets.

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Key takeaways from the bill for supplements to the Bulgarian Personal Data Protection Act

At the end of May this year, a group of MPs introduced a bill for supplements to the Bulgarian Personal Data Protection Act. It attempts to regulate the information circulating on the Internet, both in terms of websites and publications available in blogs, social networks, etc.

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Recovery Plan for Europe: Next Generation EU

Healthcare and welfare systems across the world have been faced with extraordinary challenges in the past months. In Europe, as numbers of COVID-19 cases were rising, significant restrictions were being imposed to contain the virus. This inevitably led to severe social and economic damage and the urgent need for a consolidated financial response at EU level.

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A guide to real estate acquisitions through capital companies

In addition to traditional transactions, the acquisition of real estate could be carried out through the establishment of a capital company with capital which is constituted by an in-kind contribution of real estate and subsequent purchase of the shares in this company. The procedure involves...

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COVID-19 and measures for distressed businesses

The COVID-19 pandemic has posed serious difficulties for a great number of businesses. To address this extraordinary challenge, countries around the world have introduced various stabilisation and economic support measures.

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Video conferencing - risks & recommendations

Video conferencing apps have been enjoying particular popularity over the past months and it seems like they are here to stay.

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Deadlines for 2020 annual financial statements

The COVID-19 pandemic has severely affected numerous sectors and posed a number of unprecedented challenges to businesses, both from a practical and from a legal standpoint. 

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Important deadlines for adopting internal rules under the Measures Against Money Laundering Act

The deadline for adopting internal rules on money laundering and terrorist financing control and prevention is August 21, 2020 at 24:00h...

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Dawn raids of the Commission on Protection of Competition

Dawn raids are an extremely effective means of gathering evidence by competition authorities when investigating alleged infringements related to prohibited agreements, decisions... 

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Can any word be my domain name? How about COVID-19?

In the context of the COVID-19 pandemic, which significantly disturbed economic processes around the world, many businesses had to accelerate the digitalisation process and focus on remote provision of their services. 

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Back to work - how to create a safe environment for employees?

We have put together a back-to-work checklist with some of the basic steps employers should follow when resuming standard work processes...

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How to maintain the arm’s length during a pandemic?

Markets functioning on the basis of free movement of goods, services, persons and capital flows, are currently facing one of the biggest challenges since 1930s... 

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Data traffic and surveillance during state of emergency

We are facing perhaps the biggest world crisis that today’s tech-driven society has ever seen. The hurricane will pass, but the choices we are making right now could change our lives for the upcoming years...

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Free use of patents in the fight against COVID-19

The Open COVID Pledge initiative - good news in times of crisis

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Managing your permanent establishment risk and corporate residency in times of COVID-19 pandemic

On 3 April 2020 the Secretariat of the Organisation for...

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Amending and Supplementing Act of the Bulgarian State of Emergency Measures Act

The Amending and Supplementing Act of the Bulgarian State of Emergency Measures Act, adopted on 06.04.2020...

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State of emergency: Rules for deferral and arrangement of liabilities

On 10 April 2020, the Bulgarian National Bank (‘BNB’) issued a press release that its Governing Board has affirmed the draft Rules for deferral and arrangement of liabilities... 

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Compensation of 60% of insurable earnings during the state of emergency

Conditions, business categories, procedure and documentation

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State of Emergency Measures Act

On 24.03.2020, the State of Emergency Measures Act (SEMA, the Act) was published in the Bulgarian State Gazette. The Act enters into force retroactively...

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Can I register “coronavirus” as a trademark?

Does intellectual property law have the tools to prevent abuse in times of crisis?   

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COVID-19 & State Aid

On 19 March 2020, the European Commission adopted a Temporary Framework for State aid measures to support the...

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State of emergency: Proposed amendments to the Labour Code

On March 18, the National Assembly adopted at first reading the Emergency Measures Draft Law. It reproduces much of the already known anti-epidemic measures from the Minister of Health's Order, which imposed the first restrictions on social life…

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COVID-19 outbreak: Impact on commercial contracts

Does the coronavirus outbreak and the declared “State of emergency” amount to a force majeure event? What are the options for financial support for businesses in response to mitigate the... 

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Remote use of corporate IT infrastructure

The State of emergency, declared last week by the Bulgarian Parliament, as part of the global effort to halt the spread of COVID-19, and the subsequent Order by the Bulgarian Minister of Health (Order №…

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State of Emergency in Bulgaria - Labour, Global Mobility and Tax Aspects

On 13 March 2020 Bulgaria declared a state of emergency as part of the global effort to stop the spread of COVID-19. As part of the adopted measures, employers were asked to…

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