Amendments to the Public Offering of Securities Act

Amendments to the Public Offering of Securities Act

Changes are introduced in relation to the disclosure of information

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Amendments to the Public Offering of Securities Act

The amendments to the Public Offering of Securities Act introduced in the beginning of June 2016 provide for changes in the disclosure of information, including:

  • Financial information must now be submitted to the Financial Supervision Commission on a quarterly basis
  • The content of the annual report on the activities is expanded
  • New mandatory reports are to be prepared by certain entities
  • Additional opinions on the reports are required from the auditors of the issuers’ annual statements.

The changes about the disclosure of information affect all issuers as well as the entities whose activities are regulated under the Energy Act and the Water Supply and Sewerage Regulation Act by the Energy and Water Regulation Commission, state-owned enterprises under Article 62, para 3 of the Commercial Act and the commercial companies where more than 50 percent of the capital is held by the state or a municipality.

For a detailed summary of the changes, please see the new report from KPMG (available in Bulgarian).

© 2017 KPMG Bulgaria OOD, a Bulgarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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