UCITS V Directive and Market Abuse Regulation Implemented in Local Law

UniCredit Bulbank AD
Summary: 
Regulation (EU) No 596/2014 of the European Parliament and the Council of 16 April 2014 (Regulation on Market Abuse) and Directive 2014/91/EU (UCITS V) of the European Parliament and the Council of 23 July 2014 were implemented into Bulgarian legislation
Fri, 21/10/2016

A new law on the Implementation of Measures against Market Abuse with Financial Instruments (the Market Abuse Law) was promulgated in the State Gazette on 30 September 2016. The law shall regulate measures for the implementation of Regulation (EU) No 596/2014 of the European Parliament and the Council on 16 April 2014 (Regulation on Market Abuse).

The transitional and final provisions of the Market Abuse Law also provide for amendments in the Law on the Activities of Collective Investment Schemes and Other Undertakings of Collective Investment (UCITS Law). The amendments transpose the requirements of Directive 2014/91/EU (UCITS V) of the European Parliament and the Council of 23 July 2014 into the Bulgarian legislation.

The changes have been effective as of 30 September 2016.

Management companies and collective investment schemes are required to align their activities with the requirements of the updated UCITS Law within three months from the entry into force of the law.

Impact on investors: Alignment of local legislation with EU legal framework within the specified time-frame.