A new Markets in Financial Instruments Act was promulgated in the Bulgarian State Gazette and is in force as of 16 February 2018. The new law transposes into the Bulgarian legislation the requirements of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (common referred to as MiFID II) and replaces the Markets in Financial Instruments Act of 2007. The law provides for a 3-month grace period for alignment with its requirements.
Impact on investors: The new law brings into the domestic legislation the benefits originally attributable to MiFID II, i.e. more robust and transparent financial markets and enhanced investor protection.