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Browse through a selection of articles from our legal experts on topics of interest to investors and businesses in our region.

Cryptocurrency platforms and digital wallet providers in Bulgaria will soon be obliged to apply anti-money laundering measures

August 2019 – Bulgaria last year announced its intention to join the European Exchange Rate Mechanism (ERM II) and Banking Union, which is expected to pave the way for the country to join the Eurozone. A roadmap has been adopted with specific regulatory...

Right of first refusal clauses are now recognised by Bulgarian courts

August 2019 – The Bulgarian Supreme Court of Cassation (“Supreme Court”) has recently issued a decision (No.19, dated 8 August 2019, under commercial case No.2511/2017) that recognises for the first time the concept of right of first refusal (“ROFR”)...

Bulgaria introduces more detailed rules for provision of remote and online payment services

July 2019 – The Bulgarian National Bank (the “BNB”) has recently adopted amendments to its Ordinance No 3 on the Terms for the Opening of Payment Accounts, Execution of Payment Transactions and Use of Payment Instruments (the “Ordinance”). The...

Cannabis for Medical Use: CEE Regulatory Update

June 2019 – A growing number of countries around the world are gradually legalising the use of cannabis for medical purposes.
It can be said that governments are now generally taking a more liberal approach to this product, which could significantly...

Five Questions about Artificial Intelligence: Ethical, Legal and Business Dimensions

June 2019 – Dessislava Fessenko, heading the Technology practice in our Kinstellar Sofia office, speaks exclusively for Colliers International on the incorporation of AI in contemporary businesses and its interaction with society on ethical, legal and...

Kinstellar’s Sofia office contributes the Bulgaria chapter to Kluwer’s Corporate M&A guide

May 2019 – Kinstellar’s Sofia office has once again contributed the Bulgaria chapter to the Kluwer Corporate Acquisitions and Mergers Guide.
The Guide is the largest and most detailed database of M&A know-how available anywhere in the...

Bulgaria prepares to join the EU’s Single Resolution Mechanism for credit institutions and investment funds

April 2019 – On 10 April 2019, a bill for amendment of Bulgaria’s Recovery and Resolution of Credit Institutions and Investment Firms Act (the “Bill”) was passed on first reading by the Parliament. The purpose of the Bill is to align Bulgarian...

Bulgaria introduces mandatory quotas for hiring permanently disabled persons

April 2019 – On 2 April 2019, the rules for the implementation of Bulgaria’s new Persons with Disabilities Act (the “Act”) entered into force. The rules detail the obligation of employers in Bulgaria with more than 50 employees to hire a minimum...

Geo-blocking beware: New EU rules greatly restrict the ability of businesses to use geo-blocking techniques as part of their online sales and marketing strategies

April 2019 – Geo-blocking is no longer a laissez-faire matter in the European Union. From December 2018, a new set of rules apply that limits the use of geo-blocking by online businesses operating in the EU. The Geo-blocking Regulation — as this...

Bulgaria introduces a range of derogations from the EU General Data Protection Regulation

March 2019 – Bulgaria has introduced a set of specific requirements relating to the processing of personal data in addition to the requirements under the EU General Data Protection Regulation (the “GDPR”). Such specific requirements (commonly known...