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    Central Depository conducts the first of its kind TARGET2-Securities seminar

Sofia, 20 January 2023 – Central Depository conducts the first of several TARGET2-Securities seminars dedicated to the institution’s migration to the pan-European platform for settlement of financial instruments. Spotlight on TARGET2-Securities features speeches form high-level guests including Ms Maria Filipova, Deputy Chair of the Financial Supervision Commission, Ms. Nina Stoyanova, Deputy Governor in charge of the Banking Department and Member of the Governing Council of the Bulgarian National Bank and Mr. Vasil Golemanski, Executive Director of Central Depository. The webinar is the first event in Bulgaria to include lectures for European Central Bank experts who will present the functionalities of T2S and provide additional information on the migration of the Bulgarian market to the settlement platform. Experts from the Bulgarian National Bank and Central Depository will also detail migration plans and share more about the onboarding strategy.

    T2S is an important factor in advancing the integration of financial markets in Europe by imposing pan-European harmonized rules for the settlement of securities. T2S is highly important to Europe's financial infrastructure and helps its depository members to become more accessible and visible to investors across the continent.

    “We are delighted that Spotlight on T2S has generated great interest among our members. We are able to deliver this comprehensive training featuring presentations by proven European Central Bank experts with extensive experience in the field who have been actively involved in the T2S onboarding and migration of the largest and most important European capital markets. It is a privilege for us to work on a par with the most developed markets and provide our clients with innovative settlement services. We are grateful for the support of the Bulgarian National Bank and the Financial Supervision Commission, too. Our joint work proves the importance of T2S for the entire capital market in Bulgaria and its leading financial institutions, said Vasil Golemanski, Executive Director of Central Depository.

    Central Depository continues to work closely with the ECB and the T2S Governance to ensure a smooth migration to T2S, with the aim of starting operational work on the platform before the adoption of the euro in Bulgaria. In October 2022, Central Depository and the ECB signed the T2S Frmework Agreement after over a year of joint work between expert teams from both sides. The next professional training on T2S will be announced by the end of March 2023, which will aim to prepare market participants for work with the platform.

 

    Central Depository AD joins the A-team of European CSDs via TARGET2-Securities

    Sofia, October 20, 2022 - Central Depository AD and the European Central Bank signed the TARGET2-Securities (T2S) Framework Agreement following a year of fruitful collaboration between expert teams on both sides. Assessments are currently underway to determine a suitable migration date on which Central Depository AD will formally outsource the settlement of its euro-denominated securities to T2S.

Since its launch in 2015, T2S has helped advance the integration of Europe’s financial markets by harmonizing securities settlements in central bank money at the pan-European level. The platform processed an average of 700,000 securities transactions each day in 2021 alone.

    “T2S has been an important facilitator in making CSDs more accessible to investors across the continent, increasing the customer base and removing cross- border barriers to settlement. Europe’s capital markets and the securities settlement landscape at large have witnessed a remarkable transformation since the launch of T2S. At Central Depository AD we have persistently recognized the importance of Europe-wide initiatives that make securities settlement safer and more efficient, while simultaneously reducing risks and embracing technological advancements as the core pillars of a fair and transparent capital marketplace. We are very excited to have signed the Framework Agreement and reached this important milestone, and look forward to the journey ahead,” stated Vasil Golemanski, CEO of Central Depository AD.

    As a next step, Central Depository AD will continue to work closely with the ECB, the T2S governance and its own community to secure the smooth migration to T2S, targeting to start operations on T2S before Bulgaria’s adoption of the Euro.

 

    BACB relied again on the electronic platform of the Central Depository - EPOS for the General Meeting of its shareholders 

    Sofia, May 18, 2021 - Bulgarian-American Credit Bank (BACB) held today the regular General Meeting of its shareholders through the Electronic Platform for General Meetings of the Central Depository (EPOS) in order to comply with the anti-epidemic measures related to the spread of COVID -19. Thus, BACB has once again shown that it relies on EPOS for the implementation of its most important forum.

    EPOS is intended for holding general meetings of public companies, and non-public companies can also benefit from its functionalities. The platform is accessible through a Qualified Electronic Signature and the user can use it in several ways as: an issuer that organizes the general meeting, a shareholder in the company or a proxy appointed by him and an administrator of the meeting. EPOS is supported in two languages - Bulgarian and English, which allows the participation of foreign shareholders in general meetings through the platform.

    The platform is accesible on the website of the Central Depository: from the home page by selecting the button "Login to the electronic platform for general meetings" or from the link: http://epos.csd-bg.bg

     

EQUITY DAY ON 12 MAY 2021

     Sofia, 20 April 2021 – On 12 May 2021 will take place the seventh edition of the Equity Day initiative organised by Bulgarian Stock Exchange and Central Depository. This year, for the first time the retail investors will be able to trade free of charge on all market segments of BSE, including the SME Growth Market beam.

     The Equity Day is designated to encourage retail investors to actively take part in the capital market, to improve the investment culture and the knowledge of financial instruments in Bulgaria.

     “The initiative can now be called traditional and takes its rightful place in the retail investors’ calendars. Our expectations of this year's edition are three to four times more transactions to be realised compared to normal days,” said Assoc. Prof. Dr Manyu Moravenov, Executive Director of BSE.

     “On 12 May, retail investors who wish to dispose of their shares may do so entirely for free. Given the positive wave on all European stock exchanges, including on BSE, we will be glad to record greater activity as well as to draw people's attention to the opportunities for achieving profitability through our capital market,” added Vasil Golemanski, Executive Director of the Central Depository.

     On Equity Day all retail investors (natural persons), direct clients of Bulgarian investment intermediaries, will be able to purchase or sell shares without fees and commissions to the Exchange, Central Depository and the investment intermediaries, supporting the initiative.
The special feature applies to at most 15 executed orders per individual and a turnover of no more than BGN 2,000 per single executed order during Equity Day.

     All investment intermediaries, who partner with BSE and Central Depository on Equity Day, will not charge their clients (natural persons), whose transactions meet the conditions above.

     For more information on Equity Day, please, visit: https://www.bse-sofia.bg/en/equity-day.

 

Check the license not to become a financial fraud victim

With the support of the Financial Supervision Commission
Partners: Bulgarian Stock Exchange, Central Depository, Investor Compensation Fund

     The Bulgarian Association of Licensed Investment Intermediaries (BALII) in partnership with the Financial Supervision Commission (FSC), Bulgarian Stock Exchange (BSE), Central Depository (CD) and the Investor Compensation Fund (FCI) remind you that only licensed investment intermediaries may offer investment services.

     In view of the recent actions of the Specialised Prosecutor's Office and the General Directorate for Combating Organised Crime to expose financial fraud schemes of unlicensed brokers, the investment institutions remind citizens that they should always check whether the company offering them financial services is licensed or not.

     You may check the license on the website of the Financial Supervision Commission.

     In aid of the citizens, the investment sector carries out an information campaign "Identify the licensed investment intermediary", revealing ten ways to discern the licensed investment intermediary from the unlicensed.

     See the 10 criteria for identifying a licensed investment intermediary, published on the BALII website at https://cutt.ly/BcUAPOm (in Bulgarian only).

 

Announcement from the Central Depository AD regarding the exercised rights in connection with the capital increase of the First Investment Bank AD

      Sofia, July 2, 2020 - Due to the serious public interest, Central Depository AD announces that as of the end of the business day today, July 2, 2020, the rights exercised in connection with the capital increase of First Investment Bank AD (FIB) are as follows:

      Shareholder Bulgarian Development Bank AD - number of exercised rights: 75 212 500; number of subscribed shares: 27 350 000;

      Shareholder VALEA FOUNDATION - number of exercised rights: 32 270 700; number of subscribed shares: 11 734 800;

      The deadline for subscription of shares from the capital increase of FIB is July 3, 2020.

 

      Equity Day will be held on June 25, 2020.

      June 01, 2020 - Bulgarian Stock Exchange and Central Depository organise the sixth edition of the Equity Day with the purpose to encourage the individual investors to actively take part in the capital market, to improve the investment culture and increase the knowledge of equity instruments as a form of investment in Bulgaria. “The initiative has increasingly established itself and especially in the current situation is expected with even greater impatience by individual investors in our country. Equity Day is a catalyst for their activity and role in the financial markets. Our expectations for this year's edition are that at least three times more transactions will be realised compared to the regular days,” said Assoc. Prof. Manyu Moravenov, CEO of BSE. “On June 25, individual investors who wish to dispose of their shares will be able to do so completely free of charge. We will be glad to observe the traditional activity this year as well and to draw people's attention to the opportunities for realising profitability through our capital market," added Vasil Golemanski, Executive Director of the Central Depository. On Equity Day all individual investors (natural persons), who are direct clients of investment intermediaries, will be able to purchase or sell shares on the BSE Main Market without fees and commissions to the Exchange, Central Depository and the investment intermediaries, supporting the initiative. The special feature will apply to at most 15 executed orders per individual during the Equity Day, having turnover of no more than BGN 2,000 per single executed order. All investment intermediaries, who support BSE and Central Depository in the Equity Day initiative, will not charge their clients (natural persons), whose transactions meet the aforementioned conditions. Further information on the Equity Day is available at website of the Exchange.

  
     
 

      Central Depository calls on companies in COVID-19 emergency situation to use its Electronic General Meeting Platform (EPOS)

      Sofia, March 24, 2020 – The Central Depository calls on the companies in COVID-19 emergency situation to use its Electronic General Meeting Platform (EPOS) . The platform allows all activities related to organization, generation of the shareholders’ / bondholders’ book and holding general meetings electronically. The benefits for the shareholders / bondholders of the companies are in the ability to pre-vote, appoint a proxy and, above all, attend general meetings without being physically present. EPOS provides an automated calculation of the results of votes at meetings, as well as the provision of statistical information, including a preliminary version of the Protocol with the main requisites.

      One of the most important advantages of EPOS is the ability to check the legitimate shareholders of a company, since only the Central Depository as a register maintains an up-to-date database of shareholders in public companies.

      "We believe that in the state of emergency in which Bulgarian business is, the Central Depository's electronic platform is the most appropriate way to hold general meetings. EPOS enables at the same time to comply with all requirements of the Bulgarian legislation, not to postpone events from the corporate calendars of companies and to meet the European standards for holding general meetings. That way, companies will be able to focus on their core business most effectively", said Vasil Golemanski, CEO of the Central Depository.

      EPOS is designed to hold general meetings of public companies, and non-public companies can benefit from its functionality. The platform is accessed through Qualified Electronic Signature (QES) and the user can use it in several ways, such as: a company that organizes the general meeting, a shareholder in the company or a proxy appointed by him and the administrator of the meeting. EPOS is supported in two languages - Bulgarian and English, which allows the participation of foreign shareholders in general meetings through the platform.

      The platform is accessible on the website of the Central Depository from the link: http://epos.csd-bg.bg

 

 

      June 12, 2019 – Equity Day

      Equity day will be held on June 12, 2019. Bulgarian Stock Exchange and Central Depository organise the fifth edition of the Equity day - an initiative in favour of individual investors. The purpose of the initiative is to improve the investment culture and increase the knowledge of equity instruments as a form of investment.

      The initiative has been established for five years and is eagerly awaited by individual investors in the country. "Equity Day" is a powerful tool to promote their activity and role in financial markets. Our expectations for the anniversary are that we will again have 3-4 times more transactions compared to the rest of the days," said Ivan Takev, CEO of BSE.

      Nearly 20,000 people have checked ownership of shares since the beginning of the year so far through the electronic services of the Central Depository. On June 12, individual investors who wish to dispose of their shares will be able to do it completely free of charge," added Vassil Golemanski, Executive Director of the Central Depository.

      On Equity day all local individual investors (natural persons) will be able to purchase or sell shares on the main market of the BSE without fees and commissions to the Exchange, Central Depository and exchange members, supporting the initiative.

      The special feature will apply to at most 15 entered and executed during the Equity day orders per individual, having turnover of no more than BGN 2,000 per single executed order.

      All exchange members, who support BSE and Central Depository in the Equity day initiative, will not charge their local individual customers, whose transactions meet the aforementioned conditions.

      Further information on the Equity day is available at: https://www.bse-sofia.bg/en/equity-day

 

European GMs E-MIG: Bulgaria is one of the most modern markets in Europe

      Sofia, 13 December 2018 - Bulgaria is one of the most modern markets in Europe, this acknowledgment was received at the annual meeting of the European Market Implementation Group of General Meetings (GMs E- MIG), which was hosted by the Central Depository in Sofia. The high rating for Bulgaria and the Central Depository came after the presentation of the innovative Electronic Platform for General Meetings (EPOS).

      “We accept the assessment as a huge recognition of our country and an even more serious commitment to the development of the European aspects of the Central Depository activity. As an institution that leads the trends, we are already responsible not only to observe but to participate in the establishment of best European practices " said Vassil Golemanski, CEO of the Central Depository.

      Among the main focus of the meeting was the implementation of the Market Standards for General Meetings in the EU member states. The implications of the Commission implementing regulation laying down minimum requirements implementing the provisions of Directive 2007/36 as regards the identification of shareholders, the transmission of information and the facilitation of the exercise of shareholder rights on the General Meetings Standards were discussed. Opinions were exchanged on the implementation of the revised Shareholders Rights Directive and the Implementing Regulation in the EU Member States as well as in the EEA countries or those non-EU countries with an equivalent regime.

      Mentor of the meeting was Mr. Markus Kaum, Chairman of GMs E-MIG. The Forum was attended by nearly 40 top-level representatives from the European Association of Central Depositories - ECSDA, Euroclear, Clearstream, Iberclear, JP Morgan, Citibank Europe, Societe Generale, Deutsche Bank and as well as the representatives of National Market Implementation Groups from the depository institutions of the EU Member States.

 

Central Securities Depository joined the elite club of European depositories

The institution fulfilled comprehensive regulatory requirements governing the organization of CSDs in the EU and acquired a license to operate in the member states of the Union directly or via links with other depositaries

 

      Sofia, September 19, 2018 – The Central Securities Depository has acquired a license to operate in the EU member states directly or via links with other depositories. The license issued by the Financial Supervision Commission certifies that the Depository is compliant with Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on the improvement of the securities settlement in the European Union and for Central Securities Depositories, and amending Directives 98/26 / EC and 2014/65 / EU and Regulation (EU) No 236/2012.

      Thus, the Bulgarian institution becomes the fifth in the Union, which already holds such a license together with the depositories in Austria (OeKB), Denmark (VP Securities), Latvia - for all Baltic countries (NASDAQ) and Portugal (Interbolsa), according to the ECSDA.

      “Joining the EU's elite club of depositaries means prestige and recognition for Bulgaria and our capital market, confirms that the Central Securities Depository applies the leading European practices in the field and best recognizes the high professionalism of our team. We are thankful for the expert support of our colleagues and the management of the Commission's Investment Activity Supervision Division, with whom we together have achieved this strategic goal in the name of our country.", said Vasil Golemanski, CEO of the Central Securities Depository.

      The licensing of the Central Securities Depository is part of the Strategy for Development of the Capital Market in Bulgaria. It focuses on the internal potential based on organic growth and the development of a wide range of services to attract international investors to the market in our country. The aim is to ensure that market participants do not have to look for foreign post-trading services providers, as the solutions offered in Bulgaria are attractive to international investors operating on the local financial market.

      About Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014

      The main objective of CSDR is to increase the safety and efficiency of securities settlement and settlement infrastructures (CSDs) in the EU by providing, among others, for the following: shorter settlement periods; settlement discipline measures (mandatory cash penalties and ‘buy-ins’ for settlement fails); an obligation regarding dematerialisation for most securities; strict prudential and conduct of business rules for CSDs; strict access rights to CSD services; and increased prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement

 

Establishment of a Council for Bulgarian Capital Markets Development. 

      Today, Oct 10th 2016, based on the initiative of the Central Securities Depository, the Financial Supervision Commission (the FSC), and Mr. Delyan Dobrev, MP and in partnership with numerous NGOs was established the Bulgarian Capital Markets Development Council.

      The initiative is backed by the Association of Banks in Bulgaria, the Association of Bulgarian Insurers, the Association of Bulgarian Investor Relations Directors, the Special Investment Purpose Companies Association, the Bulgarian Industrial Capital Association, the Bulgarian Association of Supplementary Pension Security Companies, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Asset Management Companies, the Bulgarian Industrial Association, the Bulgarian Stock Exchange, the Confederation of the Employers and Industrialists in Bulgaria and the Bulgarian National Corporate Governance Committee. Management representatives of the aforementioned institutions and organisations signed today the Memorandum on the establishment of the Council.

      The Council is established to act as an official platform for cooperation among the organisations operating in the non-banking financial sector. Among its priorities are elaboration of an overall strategy and roadmap for capital markets development in the mid- and long-term, attracting new listings and higher trading volumes, improved regulatory framework, creation of conditions for financing of small- and medium-sized enterprises, introduction of new financial instruments and stimulating public offerings via EU operational programmes and funds.

      A Steering Committee will implement all Council’s priorities and its members will be the representatives of the organisations who signed the Memorandum. The functions to be performed by the Steering Committee are analysis of capital markets, preparation of assessments and forecasts, initiation of public debates and research on discussion topics, elaboration of a national program for raising financial literacy of the key financial services customer groups and preparation of proposals for legislative changes. The Steering Committee will act based on rules of equal treatment of all participants in order to adopt common positions on significant issues and will carry out constructive consultations by not allowing conflicts of sectoral interests and individual cases of the Council’s members to prevail.

      The Memorandum has been signed for an indefinite period and other stakeholders of the non-banking financial sector, who share its principles, may join the Council. The American Chamber of Commerce in Bulgaria already joined as an associated member.

      The entire Memorandum and the Council's Guiding Principles can be found here and here.

 

      Dear Sir/Madam,

      With reference to article 6 of directive 98/26/EC on settlement finality, please be informed that on 17 May 2013 at 05:31 pm compulsory administrative liquidation procedure as regard as Credito Aretuseo Banca di Credito Cooperativo - Societa cooperativa (ICRAITRRUJ0) was opened.

 

Kind regards,
Fabrizio Palmisani  
Head of Payment System Department


  
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
 

 

  
     
     
     

 

             
 
 
 
 
 
 
 
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