New rules for government bonds

Tue, 02/05/2017

Amendments to the regulations on government securities have been adopted. By Kristina Spasova, Relationship Manager, GSS Bulgaria                                                  

Changes to the current legislation will among others set the regulatory basis for the listing of government securities in Bulgaria.

Amendments to Regulation No. 5 of 4 October 2007 on the Terms and Procedure for Acquisition, Registration, Redemption and Trade in Government Securities and Regulation No. 15 of 4 October 2007 on the Control over Transactions in Government Securities were adopted and entered into force as of 10 April.

The main amendments include the following:

  • Provisions to facilitate the registration of trades in government securities concluded on a regulated market and multilateral trading system. (This is the result of the planned introduction of the trading of government securities on the Bulgarian Stock Exchange AD-Sofia and the technical implementation of the direct connection of the government securities depository with the E-BOND system to the Bloomberg Professional platform.)
  • Authorisation of the Minister of Finance and the BNB Governor to approve the rules for trading and settlement of government securities on a regulated market and multilateral trading system.
  • Requirement for CSD participants in ESROT (the electronic system for registration, and servicing of trades in government securities) to provide their CSD license as part of the application procedure for participation in ESROT in line with EU legislation governing CSD activities.
  • Excluding the Reserve Guarantee Fund of RINGS (the RTGS system for BGN clearing) from the list of ESROT participants in view of its replacement by the Guarantee Mechanism of Systems Processing Card-based Payment Transactions in Regulation No. 3 of 16 July 2009 on the Terms and Procedure for the Execution of Payment Transactions and Use of Payment Instruments.


Kristina Spasova

Relationship Manager