Name of law
Law amending the Law on Credit Institutions




Name Bill
Bill amending the Law on Credit Institutions





Date of adoption
20/12/2011



Number / year Official Gazette
105/2011







DECREE № 305
Pursuant to Art. 98 pt. 4 of the Constitution of the Republic of Bulgaria
DECREE:
To be published in the "Official Gazette" Law amending the Law on Credit Institutions adopted by HLI National Assembly on December 20, 2011 || | Released in Sofia on December 27, 2011
President of the Republic, Georgi Parvanov
stamped with the state seal.
Minister of Justice Diana Kovacheva

Law amending the Law on Credit Institutions (prom. SG. 59 of 2006 .; amend. Pcs. 105 2006 pcs. 52, 59 and 109 of 2007, pcs. 69 of 2008, pcs. 23, 24, 44, 93 and 95 of 2009, pcs. 94 and 101 of 2010, pcs. 77 2011)
§ 1. In art. 3a be made the following amendments:
1. In para. 1, p. 1, 'paid in cash capital amounting defined "be replaced with" equity structure and size specified. "
2. A par. 7:
"(7) The ordinance under par. 1 pt. 1 shall be determined and the conditions under which the Bank may waive the entry in the register of financial institutions engaged in activities under Art. 3, para. 1 funds allocated for the implementation of targeted projects and programs of the European Union. "
§ 2. In art. 15, para. 7, after the words "European Commission" shall be added "and the European Banking Authority (EBA)."
§ 3. In art. 17, para. 4 after the words "European Commission" a comma and add "EBA".
§ 4. In art. 23, para. 7, after the words "European Commission" shall be added "and EBA."
§ 5. In art. 37 be made the following amendments:
1. In para. 3, first sentence the words "published in the" Official Gazette "are replaced by" announced in the commercial register ".
2. In para. 4 after the words "European Commission" shall be added "and EBA."
§ 6. In art. 39, para. 2 is amended as follows:
1. In item. 2 the words "settlement risk and counterparty risk" are deleted.
2. In item. 3 the words "Monetary and Commodities" are replaced by "currency, commodity and settlement."
§ 7. In art. 40, para. 4 words "second order" shall be deleted.
§ 8. In art. 56 para. 1 finally put a comma and added "as well as payment institutions and electronic money lending under Art. 19 of the Law on Payment Services and Payment Systems. "
§ 9. In art. 62, para. 6 pt. 7 and par. 8, after the words "Chief Directorate" Combating Organized Crime "shall be replaced with the word" and "and the words" and the Chief Directorate "Pre" are deleted.
§ 10. In art. 64 para. 1 created item. 11:

"11. European Systemic Risk Board (ESRB) where this information is necessary for carrying out its functions in accordance with Regulation (EC) № 1092/2010 of the European Parliament and the Council of November 24, 2010 prudential oversight of the financial system of the European Union macro and establishing a European systemic risk Board (OJ, L 331/1 of 15 December 2010), hereinafter referred to as "Regulation (EU) № 1092/2010", including in the event of an emergency under Art. 93, para. 1. "
§ 11. In art. 65, para. 2 after the word "States" insert "and the EBA."
§ 12. In art. 76 is amended as follows:
1. Paragraph 3 shall be repealed.
2. In para. 5 'of the superseded Banking Act (prom. SG. 52 of 1997 .; suppl. SG. 15 of 1998 .; amend., SG. 21, 52, 70 and 98 1998 pcs. 54, 103 and 114 of 1999, pcs. 24, 63, 84 and 92 of 2000, pcs. 1, 2001, issue. 45, 91 and 92, 2002, issue. 31 2003 pcs. 19, 31, 39 and 105 of 2005, pcs. 30, 33 and 34 of 2006) or "shall be deleted and the words" application "is replaced by" application ".
§ 13. In art. 79a be made the following amendments:
1. The previous text becomes para. 1 and in it:
a) t. 1, 'the Committee of European Banking Supervisors (CEBS) "is replaced by" EBA ";
B) in item. 2 abbreviation "CEBS" is replaced by "EBA".
2. A par. 2:
"(2) The Bulgarian National Bank shall cooperate with EBA and provide all necessary information to perform its obligations under the terms and conditions of Regulation (EC) № 1093/2010 of the European Parliament and the Council of November 24, 2010 on establishing a European Supervisory authority (European Banking authority), amending Decision № 716/2009 / EC and repealing Decision 2009/78 / EC (OJ, L 331/12 of December 15, 2010) , hereinafter "Regulation (EU) № 1093/2010". "
§ 14. in art. 82, para. 7, after the words "European Commission" shall be added "and EBA."
§ 15. In art. 83, para. 1, second sentence after the words "European Commission" a comma and add "EBA".
§ 16. In art. 87a be made the following amendments:
1. A new paragraph. 4:
"(4) If before expiry of the term under par. 2 The question was referred to the EBA, the National Bank postponed the decision under par. 3 and await any decision that EBA may take in accordance with Art. 19, paragraph 3 of the Regulation (EU) № 1093/2010. In this case the Bank decides under par. 3 in accordance with the decision of EBA. "
2. Former para. 4 and 5 become par. 5 and 6.
§ 17. In art. 87b para. 2, the second sentence: "If the Bank determines that a joint solution can not be reached before the deadline, it may refer the matter to the EBA."
§ 18. In art. 88 word "bilateral" shall be deleted and the words "third country" is replaced by "third countries".
§ 19. In art. 90, para. 7, after the words "European Commission" shall be added "and EBA."
§ 20. In art. 92 be made the following amendments:

1. In para. 2 words "para. 6 "is replaced with" para. 7 '.
2. Created al. 3 and 4:
"(3) Where the competent authorities do not cooperate with the Bank to the extent necessary for fulfilling the Bank under par. 1, BNB may refer the matter to the EBA.
(4) Where the consolidating supervisor from another Member State does not fulfill assigned by national legislation functions equivalent to those under par. 1, BNB may refer the matter to the EBA. "
§ 21. In art. 92a be made the following amendments:
1. A new paragraph. 4:
"(4) If before expiry of the term under par. 1 issue is referred to the EBA Bank postponed a decision under par. 3 and await any decision that EBA may take in accordance with Art. 19, paragraph 3 of the Regulation (EU) № 1093/2010. In this case the Bank decides under par. 3 in accordance with the decision of EBA. "
2. Former para. 4 becomes para. 5.
§ 22. In art. 92b creates par. 3:
"(3) If the Bank determines that a joint solution can not be reached before the deadline under par. 2, it may refer the matter to the EBA. "
§ 23. In art. 92b are made the following amendments:
1. In para. 3, second sentence abbreviation "CEBS" is replaced by "EBA".
2. A new paragraph. 4:
"(4) If before expiry of the term under par. 2 The question was referred to the EBA, the National Bank postponed the decision under par. 3 and await any decision that EBA may take in accordance with Art. 19, paragraph 3 of the Regulation (EU) № 1093/2010. In this case the Bank decides under par. 3 in accordance with the decision of EBA. "
Third. Former para. 4 and 5 become par. 5 and 6.
§ 24. In art. 92g following amendments and additions:
1. In para. 2 after the word "When" insert "within four months" and the abbreviation "CEBS" is replaced by "EBA".
2. In para. 3 abbreviation "CEBS" is replaced by "EBA". 3
. A new paragraph. 4:
"(4) If before expiry of the term under par. 2 The question was referred to the EBA Bank postponed a decision under par. 3 and await any decision that EBA shall take in accordance with Art. 19, paragraph 3 of the Regulation (EU) № 1093/2010. In this case the Bank decides under par. 3 in accordance with the decision of EBA. "
4. Former para. 4 becomes para. 5.
§ 25. In art. 92g following amendments and additions:
1. In para. 2 pt. 1 shall be added "between competent authorities and the EBA in accordance with Art. 21 of Regulation (EU) № 1093/2010 ".
2. In para. 3, first sentence the words "cooperate with" insert "and EBA." 3
. In para. 5 after the word "participate" insert "EBA" and a comma.
4. In para. 8 abbreviation "CEBS" is replaced by "EBA".

§ 26. In art. 93, para. 1 after the word "including" insert "in the cases of art. 18 of Regulation (EU) № 1093/2010 or "words" which potentially jeopardizes "are replaced by" potentially threatening "and then the word" inform "add" EBA, the ESRB and ".
§ 27. In art. 94 made the following amendments:
1. In para. 2 and 3 after the word "agreement" insert "under Art. 28 of Regulation (EU) № 1093/2010 ".
2. In para. 4 "European Commission" are replaced by "EBA".
§ 28. In art. 95 be made the following amendments:
1. A new paragraph. 6:
"(6) The Bulgarian National Bank may turn to the EBA where:
1. competent authority of a Member State has not provided the BNB information;
2. request to exchange relevant information is denied or not fulfilled within a reasonable time. "
2. Former para. 6 becomes para. 7.
third. Former para. 7 becomes para. 8 and the words "para. 6 pt. 2 "is replaced with" para. 7 pt. 2 ".
4. Former para. 8 becomes para. 9 and it everywhere the words "para. 6 and 7 "shall be replaced with" para. 7 and 8 ".
§ 29. In art. 99, para. 2, second sentence after the word "States" conjunction "and" is replaced by a comma and the words "European Commission" shall be added "and the EBA."
§ 30. In art. 101 made the following amendments:
1. In para. 3, second sentence, the words "the Committee" are replaced by "and EBA."
2. In para. 8, after the words "European Commission" a comma and add "EBA".
§ 31. In art. 102, para. 3 "European Commission" are replaced by "EBA".
§ 32. In art. 103 made the following amendments:
1. In para. 2:
a) in Item. 5, the third sentence: "In determining the additional capital requirement into account:
a) the qualitative and quantitative characteristics of the process for assessing the bank's capital under Art. 73a;
B) the current adequacy of internal governance and control Art. 15, para. 1 pt. 4 and 6;
C) the result of the supervisory review and evaluation of art. 79, para. 2. ";
B) in Item. 12 after the words "cost the bank" a comma and the words "and / or prohibit the payment of bonuses, premiums, bonuses and other forms of additional compensation to the administrators of the bank beyond basic pay contracts their management "is replaced by" including variable remuneration as a percentage of total net revenues when it is inconsistent with the maintenance of sufficient equity capital and / or prohibit the payment of wages ";
C) t. 14, the words "board of management or board of directors" are replaced by "the management board, board of directors or the supervisory board" and the words "National Bank may remove him from office" insert "and may appoint another in his place for the time to conduct appropriate choice. "
2. Paragraph 5 shall be amended as follows:

"(5) The Bulgarian National Bank has the right to declaration of implementing acts measures under par. 2, respectively registration of circumstances subject to entry resulting from the imposition of these measures in the commercial register. "
§ 33. In art. 104 is amended as follows:
1. In para. 1 in the first sentence the words "published in the" Official Gazette "are replaced by" announced in the Commercial Register "and placed point and the text until the end of the sentence is deleted.
2. In para. 2 words "promulgation in the" Official Gazette "are replaced by" the invitation in the commercial register ". 3
. In para. 4 words "promulgation in the" Official Gazette "are replaced by" announcement in the commercial register ".
4. In para. 5 'publication in the "Official Gazette" are replaced by "announcement in the commercial register".
§ 34. In art. 110, para. 2 words "promulgation in the" Official Gazette "are replaced by" announcement in the commercial register ".
§ 35. In art. 119, para. 1, 'the publication in the "Official Gazette" are replaced by "announcement in the commercial register".
§ 36. In art. 131, para. 5 in the first sentence the words "published in the" Official Gazette "are replaced by" announced in the commercial register ".
§ 37. In art. 151, para. 2 finally added "as the registration procedures in the commercial register in respect of these instruments is not stopping."
§ 38. In art. 152 is amended as follows:
1. Paragraphs 2 and 3 are amended as follows:
"(2) If the offender under par. 1 is a bank, a pecuniary sanction of 50 000 to 200 000 lev, and for repeated offense - from 200 000 to 500 000 Levs.
(3) If the offender under par. 1 is a legal person other than a bank, a pecuniary sanction from 5,000 to 20,000 lev, and for repeated offense - from 20 000 to 50 000 Levs. "
2. Paragraph 4 is repealed.
§ 39. A Art. 152a:
"Art. 152a. (1) Whoever spreads false information or circumstances for the bank, which undermine the reputation of the bank and its credibility is punishable by a fine of 2,000 to 5,000 lev, and for repeated offense - from 3,000 to 10,000 lev. || | (2) If the offense under par. 1 is committed through mass media, a fine of 5,000 to 10,000 lev, and for repeated offense - from 8,000 to 20,000 lev.
(3) If the offender under par. 1 or 2 is a legal entity financial penalties as follows:
1. in cases under par. 1 - up from 10 000 to 30 000 Levs and for repeated violation - from 30 000 to 50 000 Levs .;
2. in cases under par. 2 - up from 20 000 to 50 000 Levs, and for repeated offense - from 50 000 to 150 000 Levs. "
§ 40. In art. 153, para. 1 after the words "Art. 152 "insert" and 152a ".

§ 41. In § 4 of the additional provisions after '(amendment) "conjunction" and "is replaced with a comma and finally adds" and Directive 2010/78 / EC of the European Parliament and the Council of November 24, 2010 , amending Directives 98/26 / EC, 2002/87 / EC, 2003/6 / EC, 2003/41 / EC, 2003/71 / EC, 2004/39 / EC, 2004/109 / EC, 2005 / 60 / EC, 2006/48 / EC, 2006/49 / EC and 2009/65 / EC as regards the powers of the European Supervisory authority (European Banking authority), the European Supervisory authority (European insurance and occupational Pensions authority) and the European Supervisory authority (European securities and markets authority) (OB, L 331/120 of December 15, 2010). " Final provisions

§ 42. In the Law on Supplementary Supervision of Financial Conglomerates (prom. SG. 59 of 2006 .; amend., SG. 52 of 2007 and SG. 77 of 2011 .) the following amendments:
1. In art. 4 para. 3, second sentence, the words "European Commission" are replaced by "Joint Committee of European Supervisory Authorities (JCESA)."
2. In art. 13 para. 2, the pt. 4:
"4. procedures for participation in existing schemes and plans for rescuing and restructuring and, if necessary - in developing ones; These procedures are subject to regular review. "
third. In art. 16:
a) in para. 4 after the words "European System of Central Banks" conjunction "and" is replaced with a comma and finally added "and the European Systemic Risk Board";
B) a new paragraph. 9:
"(9) The Bulgarian National Bank and Financial Supervision Commission cooperate with the JCESA as promptly provide all information necessary to perform its obligations under the terms and conditions of Art. 35 of Regulation (EC) № 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision № 716/2009 / EC and repealing Decision 2009 / 78 / EC (OJ, L 331/12 of 15 December 2010), hereinafter referred to as "Regulation (EU) № 1093/2010", Art. 35 of Regulation (EC) № 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision № 716/2009 / EC repealing Decision 2009/79 / EC (OJ, L 331/48 of 15 December 2010), hereinafter referred to as "Regulation (EU) № 1094/2010", and Art. 35 of Regulation (EC) № 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision № 716/2009 / EC and repealing Decision 2009/77 / EC (OJ, L 331/84 of 15 December 2010), hereinafter referred to as "Regulation (EU) № 1095/2010.";
C) the former para. 9 and 10 become par. 10 and 11.
4. In art. 18 para. 1 is amended as follows:
"(1) Persons falling within the scope of supplementary supervision, regardless of whether they are or are not regulated entities can exchange:

1. each other any information necessary to fulfill the requirements of this Act;
2. European Supervisory Authorities and JCESA information necessary to fulfill their obligations under the terms and conditions of Art. 35 of Regulation (EU) № 1093/2010, Art. 35 of Regulation (EC) № 1094/2010 and art. 35 of Regulation (EU) № 1095/2010. "
5. In art. 22:
a) in para. 2 the words "Committee on Financial Conglomerates of the European Union" are replaced by "with the JCESA"
B) a new paragraph. 3:
"(3) If the Bank or FSC disagrees with the decision taken by another competent authority in respect of a parent undertaking of its supervised person under par. 1 may refer the matter to the relevant European Supervisory Authority in accordance with Regulation (EU) № 1093/2010, Regulation (EU) № 1094/2010 and Regulation (EU) № 1095/2010. ";
C) the previous paragraph. 3 becomes para. 4 and the words "para. 6 "is replaced with" para. 7 ';
D) the previous paragraph. 4 becomes para. 5;
E) the previous paragraph. 5 becomes para. 6 and the words "para. 4 "are replaced with" para. 5 ';
F) the former para. 6 becomes para. 7 and the words "para. 4 "are replaced with" para. 5 ".
6. In § 3 of the Supplementary Provisions finally adds "and Directive 2010/78 / EC of the European Parliament and of the Council of 24 November 2010 amending Council Directives 98/26 / EC, 2002/87 / EC, 2003/6 / EC, 2003/41 / EC, 2003/71 / EC, 2004/39 / EC, 2004/109 / EC, 2005/60 / EC, 2006/48 / EC, 2006/49 / EC and 2009/65 / EC respect of the powers of the European Supervisory authority (European Banking authority), the European Supervisory authority (European insurance and occupational Pensions authority) and the European Supervisory authority (European securities and markets authority) (OB, L 331/120 of December 15, 2010 years). "
§ 43. In the Bank Insolvency Act (prom. SG. 92 of 2002 .; amend., SG. 67 of 2003 pcs. 36 2004 pcs. 31 and 105 of 2005 SG. 30, 34, 59 and 80, 2006, issue. 53 and 59 of 2007 and SG. 67 of 2008) in art. 21 is amended as follows:
1. In para. 1, 'the publication in the "Official Gazette" are replaced by "announcement in the commercial register".
2. In para. 3 the word "publication" is replaced by "the Commercial Register."
§ 44. In the Law on Payment Services and Payment Systems (prom. SG. 23 of 2009 .; amend., SG. 24 and 87 of 2009 and No.. 101 of 2010) The following amendments and additions:
1. In art. 78a para. 5 "European Commission" are replaced by "the Authority Securities and Markets Authority."
2. In art. 78d para. 3 finally put a comma and added "European Systemic Risk Board Authority and the European Securities and Markets Authority." 3
. In § 2 of the Supplementary Provisions shall be created item. 4:

"4. Directive 2010/78 / EC of the European Parliament and of the Council of 24 November 2010 amending Council Directives 98/26 / EC, 2002/87 / EC, 2003/6 / EC, 2003/41 / EC, 2003/71 / EC, 2004/39 / EC, 2004/109 / EC, 2005/60 / EC, 2006/48 / EC, 2006/49 / EC and 2009/65 / EC as regards the powers of the European Supervisory authority (European Banking authority) , the European Supervisory authority (European insurance and occupational Pensions authority) and the European Supervisory authority (European securities and markets authority) (OB, L 331/120 of December 15, 2010). "
law was passed by 41st National Assembly on December 20, 2011 and was affixed with the official seal of the National Assembly.
Chairman of the National Assembly Tsetska Tsacheva 13,456