Bulgaria: FSC Updates Significant Shareholding Notification Form and Submission Process

As of 12th September, 2024, the Financial Supervision Commission (FSC) in Bulgaria has introduced important updates to the Significant Shareholding Notification Form (as per Article 145). This form is a legal requirement for shareholders who cross specific thresholds – 5% or multiples of 5% – of voting rights in publicly traded companies on regulated markets.

These recent changes reflect the FSC’s ongoing efforts to streamline reporting processes and ensure greater clarity and transparency for market participants. Let’s break down the key updates and explore how they affect shareholders.

The FSC has introduced several significant updates to the notification form and submission process. Notably:

1. Two-Part Notification:
   Previously, shareholders submitted a single form that contained both personal details of the reporting entity and specifics of the shareholding notification. Now, the FSC has separated this information into two distinct documents:
   – Reporting Person Details: This section contains personal information about the reporting entity, which is exclusively used by the FSC.
   – Holdings Notification Details: This section outlines the details of the shareholding notification, such as the crossing of relevant thresholds.
2. Submission Method:
   Both documents must be submitted simultaneously but as separate files, not compressed into a zip file. Submission can be done via the Unified Information System (UES), by email, or by post. Here are the accepted submission methods:
   – Electronically via the FSC’s Unified Information System (UES).
   – By Email: Submit documents to delovodstvo@fsc.bg.
   – By Fax: Send to +359 2 9404 606.
   – By Mail: Address the documents to Financial Supervision Commission, PO Box 1000, Sofia, 16 Budapest St.

Additionally, shareholders must also notify the issuer via fax, email, or post.

The documents can be submitted through one of the following methods:

• Unified Information System (UES)
• FSC’s Email: delovodstvo@fsc.bg
• FSC Fax: +359 2 9404 606
• Mail: Financial Supervision Commission, PO Box 1000, Sofia, 16 Budapest St

Notifying the issuer can be done through similar channels, ensuring that all relevant parties are informed of the shareholding change.

Navigating shareholder disclosure regulations can be complex, particularly in a dynamic regulatory environment like Bulgaria’s. At Funds-Axis, we understand the challenges faced by shareholders and companies in meeting global disclosure requirements.

Our automated shareholder disclosure monitoring software offers a seamless solution to help you manage and monitor shareholding notifications across more than 80 countries, including Bulgaria.

Our platform supports monitoring of:

• Major Shareholdings
• Takeover Disclosures
• Short Selling
• Foreign Investment Rules
• Sensitive Sector Rules

With our automated system, you can reduce manual workload, avoid errors, and ensure that you never miss a critical reporting deadline. Stay ahead of regulatory changes with our innovative, all-in-one compliance platform.

Stay compliant with global shareholding disclosure rules, including Bulgaria’s latest updates, with Funds-Axis. Want to learn more? Contact us to schedule a demo or to discuss how our software can help streamline your compliance processes.