Name of law Law amending and supplementing the law on payment services and payment systems Named Bill a bill amending and supplementing the law on payment services and payment systems acceptance date 17/12/2010 number/year Official Gazette 101/2010 Decree No 345

On the grounds of art. 98, paragraph 4 of the Constitution of the Republic of Bulgaria

I DECLARE:

To be published in the Official Gazette the law amending and supplementing the law on payment services and payment systems adopted by the National Assembly of the HLI 17 December 2010.

Issued in Sofia on 22 December 2010.

The President of the Republic: Georgi Parvanov

Stamped with the State seal.

Minister of Justice: Margarita Popova

LAW

amending and supplementing the law on payment services and payment systems (promulgated, SG. 23 of 2009; amend., SG. 24 and 87 from 2009.)

§ 1. In art. 1 make the following amendments and additions:

1. In paragraph 5, after the words "line" and "licensing" added.

2. a new item 6: ' 6. settlement finality in payment and securities settlement systems; ".

3. The former item 6, 7 and 8 shall become item 7, 8 and 9.

§ 2. In art. 2 make the following amendments and additions:

1. In paragraph 8. 1, item 2, the words "fully available" are deleted.

2. in the Al. 2, after the word "chapters" are added "and" heel "and a comma.

§ 3. In art. 3, al. 1 is hereby amended as follows:

1. In paragraph 2, the words "the law on credit institutions" shall be replaced by the words "this Act".

2. Section 5 is repealed.

§ 4. In art. 18, al. 1 2 Add "within the meaning of Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009.

§ 5. In art. 20, para. 3 the words "art. 74, para. 2 "are replaced by" article. 76, para. 2. "

§ 6. In art. 21, para. 3 Finally, the comma and added "a return by the liquidator in proportion received from payment service users ' funds."

§ 7. In art. 29, para. 6, after the words "will use the" insert "or used".

§ 8. In art. 49, para. 5, the words "and the user of the payment service user is not" shall be deleted and add "and in art. 63, para. 4. "

§ 9. In Chapter five "Electronic money" created "Section I" General provisions ".

§ 10. Article 74 is amended as follows:

"Electronic money issuers

Art. 74. (1) the Publishers of electronic money within the meaning of this law are:

1. banks within the meaning of art. 2 of the law on credit institutions;

2. companies for electronic money, obtained a licence for the purposes of this Act;

3. The European Central Bank and the national central banks of the Member States, when not acting in their capacity as monetary policy authorities or bodies carrying out public functions.

(2) the provisions of this chapter shall not apply to:

1. monetary value stored in the tools that can be used to acquire goods or services only in the premises of the issuer or under a commercial agreement with the issuer within a limited network of payment service providers or to acquire limited by type of goods or services;

2. the monetary value that is used to perform payment transactions executed by means of telecommunication, digital or information device, where the goods or services purchased are delivered to and used by telecommunication, digital or information device and provided that the telecommunication, digital or information services does not act only as an intermediary between the payment service user and the supplier of goods and services. "

§ 11. Article 75 shall be amended as follows:

Issuing and redemption

Art. 75. (1) the electronic money issuers issue electronic money at par value upon receipt of funds.

(2) at the request of the holder of the electronic money issuers of electronic money redeemed anytime and at face value the monetary value of the electronic money.

(3) the contract between the issuer and the holder of the electronic money shall be indicated clearly and unambiguously the conditions for redemption, including all related fees, as the holder of the electronic money provides information about these conditions before it can be bound by the contract or contract quote.

(4) For redemption may be charged a fee only if this is specified in the contract in accordance with para. 3 and if there is at least one of the following conditions:

1. where redemption is requested before the expiry of the contract;

2. where the contract provides for the expiration date and the electronic money holder terminates the contract before that date;

3. where redemption is requested for more than one year after the date of expiry of the contract.

(5) the fee referred to in paragraph 1. 4 is proportional and proportionate to the actual cost incurred by the issuer of electronic money.

(6) where redemption is requested before the expiry of the contract, the holder of the electronic money may request redemption of part of or the entire amount.

(7) where redemption is requested by the holder of the electronic money on the date of expiry of the agreement or within one year after that, the company for electronic money:

1. buy back the full value of the electronic money held or


2. buy back all the funds requested by the holder of the electronic money, electronic money if the company carries out other activity within the meaning of art. 77 e, para. 1, item 5, and the share of funds intended to be used as electronic money is not known in advance.

(8) Notwithstanding the provisions of paragraphs 1 and 2. 5, 6 and 7, the rights of redemption by users of various persons who accept payment by electronic money, are governed by the contract between the issuers of electronic money and the persons concerned. "

§ 12. After art. 75 is created, named "Section" II "Licensing.

§ 13. Article 76 shall be amended as follows:

"Society for electronic money

Art. 76. (1) the society for electronic money is a legal person, which is authorised to issue electronic money in accordance with this section.

(2) electronic money are cash value stored in electronic, including magnetic form, which is making to the Publisher, to be issued on receipt of funds for the purpose of carrying out payment transactions and is taken by a natural or legal person other than the issuer of electronic money.

(3) a person who intends to issue electronic money, electronic money as a company, you must obtain a license to perform activities such as the society for electronic money before starting to issue electronic money. "

§ 14. Article 77 is amended as follows:

"Conditions for the issuance, refusal, revocation of license and termination of activity

Art. 77. (1) the Bulgarian National Bank shall issue a license to perform activities such as the society for electronic money, where the registered office of the applicant is in the Republic of Bulgaria. The Bulgarian National Bank shall issue a license if the applicant has submitted all required information and documents in accordance with the requirements of this Act and the regulations for its implementation and, if at the discretion of the BNB the applicant fulfils the conditions for the issuing of a licence.

(2) the conditions for the issuance, refusal, revocation of license and termination of the operation shall apply mutatis mutandis the provisions of art. 10 – 17.

(3) the Bulgarian National Bank shall issue a decree on the implementation of this article. "

§ 15. In Chapter five after art. 77 to create art. 77 and 77 (b) and section III "business requirements" with art. 77 c-77 (g):

"Initial capital

Art. 77. (1) at the time of receipt of electronic money license the company needs to have an initial capital in an amount not less than 700, 000.

(2) the items to be included in the initial capital shall be determined by the Ordinance under art. 77, para. 3.

Own funds

Art. 77 (b). (1) the own funds of the electronic money Association may not fall below the greater of the values determined under para. 2 – 6 or under art. 77.

(2) in respect of the activities referred to in article 1. 77 e, para. 1, item 1, which are not related to the issuance of electronic money, the amount of own funds of the electronic money shall be calculated in accordance with art. 9, para. 1 and 2.

(3) in respect of the activity of issuing electronic money, the amount of own funds of the electronic money should amount to 2 percent of the average value of electronic money in circulation.

(4) average value of electronic money in circulation shall mean the average of the total amount of financial liabilities related to electronic money issued at the end of each calendar day for the preceding 6 calendar months, calculated on the first calendar day of each calendar month and applied for the same calendar month.

(5) the company for electronic money offers at any time with private capital may not fall below the amount of the required dimensions, referred to in paragraph 1. 2 and 3.

(6) on the basis of an assessment of the processes of risk management on the basis of the risks of data loss and the mechanisms of internal control of the company for electronic money BANK may require from the company that electronic money has its own funds which exceed by up to 20 percent the amount obtained in determining the amount in accordance with art. 9, para. 1 and 2, or to allow the electronic money the company has its own funds which is up to 20 per cent less than the amount that is obtained by fixing the amount pursuant to art. 9, para. 1 and 2.

(7) the structure and the elements, ways and methods of its calculation, periodicity, format and content of reports on the amount of own funds shall be determined by an Ordinance of the BNB.

Section III

Requirements for the activity

A ban on deposits and charging interest

Art. 77. (1) the society for electronic money cannot accept deposits or other repayable funds within the meaning of the law on credit institutions.

(2) the society for electronic money funds of the electronic money holder shall immediately be exchanged against electronic money. These funds do not constitute a deposit or other repayable funds within the meaning of the law on credit institutions.

(3) the society for electronic money may not charge interest or to provide any other benefits related to the duration of the period for which the holder of the electronic money holds electronic money.

(4) For accounting and auditors of the company for electronic money shall apply accordingly to art. 22, 23 and art. 24, para. 1.

Protection measures art. 77. (1) the society for electronic money apply to funds received in Exchange for electronic money, the protective measures referred to in art. 21.


(2) funds received in the form of payment with the payment instrument shall not be subject to protective measures under para. 1 until they are certified by the payment account of the company for electronic money or not be available otherwise the company for electronic money in accordance with the requirements for the period of performance, referred to in art. 64, para. 2. in all cases, these funds are subject to protective measures not later than 5 business days after the issuance of electronic money.

(3) electronic money, the company shall inform the BANK in advance of any substantial modification in the measures taken to protect the funds that were received in Exchange for electronic money issued.

Additional activities art. 77 (1) in addition to the issuance of electronic money electronic money, the company shall have the right to carry out the following activities:

1. the provision of payment services under art. (4);

2. provision of credit related to payment services referred to in art. 4, item 4, 5 or 7, where the conditions provided for in art. 19;

3. provision of operational services and closely related ancillary services in respect of the issuance of electronic money or the provision of payment services listed in item 1;

4. doing business as an operator of the payment system with the exception of payment systems, providing the settlement finality Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009. without prejudice to the provisions of art. 85 and 86;

5. other activity subject to the regulatory requirements for its implementation.

(2) a credit under para. 1, item 2 could not be provided by the funds received in Exchange for electronic money and held in accordance with art. 77 in.

(3) in respect of the means that have been received for the provision of payment services under art. 4, outside the activity of issuing electronic money shall apply accordingly to art. 20 and 21.

(4) where a company for electronic money other than issuance of electronic money and the provision of payment services and carry out other business, the BANK has the right to require the separation of the company into a business of issuing electronic money and/or the provision of payment services, if in the opinion of the BANK or other activity may affect the financial stability of the company for electronic money or possibility of Bulgarian National Bank as a supervisory body to monitor the implementation of the requirements of this Act.

Representatives, affiliates and subcontractors

Art. 77. (1) the society for electronic money electronic money can be issued through representatives.

(2) the company may distribute electronic money and buys back electronic money through representatives – traders, acting on his behalf.

(3) the representatives and branches of society for electronic money shall apply accordingly to art. 25, para. 2-5, art. 26 and 27, and of the subcontractors shall apply accordingly to art. 27 and 28.

(4) the society for electronic money may provide through the payment service representatives, if the conditions are met, respectively, of art. 25, para. 2-5, art. 26 and 27, or entrusted with the implementation of the operational functions relating to payment services, respectively, are fulfilled the terms of art. 27 and 28.

(5) the society for electronic money, licensed in the Republic of Bulgaria shall act, either directly or through a branch within the territory of another Member State in accordance with art. 29. electronic money Company, licensed in another Member State, may carry on business directly or through a branch within the territory of the Republic of Bulgaria by the procedure of art. 30.

(6) the society for electronic money, licensed in the Republic of Bulgaria, can spread and purchased back electronic money on the territory of another Member State through an agent in accordance with art. 29. electronic money Company, licensed in another Member State, it can spread and buys back electronic money on the territory of the Republic of Bulgaria through a representative in accordance with art. 30.

(7) the society for electronic money, licensed in the Republic of Bulgaria may provide payment services on the territory of another Member State through an agent in accordance with art. 29. electronic money Company, licensed in another Member State, can provide payment services on the territory of the Republic of Bulgaria through a representative in accordance with art. 30.

Qualifying holding

Art. 77. (1) a natural or legal person, as well as persons acting in concert, may not, without prior approval by the Bulgarian National Bank to acquire, directly or indirectly, shares or voting rights in shares/units in society for electronic money, licensed in the Republic of Bulgaria, if, as a result of the acquisition, participation becomes a qualified or if this participation reaches or exceeds the thresholds of 20, 30 or 50 percent of the shares/units or of the voting rights in the shares/units as well as electronic money when the company became a subsidiary.

(2) any natural or legal person who proposes to dispose, directly or indirectly, his qualifying holding in an electronic money company, licensed in the Republic of Bulgaria, or to reduce his qualifying holding so that shares/shares or voting rights in the shares/shares fall respectively under 20, 30 or 50 percent of the capital shall notify BNB about the amount of equity participation which holds before the transfer, and the amount of equity participation, which will own after the transfer.


(3) in the cases referred to in para. 1 or 2 shall apply accordingly to art. 28, 28A, 28B, 31, 32 and 34 of the law on credit institutions.

(4) if the approval under paragraph 1. 1 don't be requested within or is refused, may temporarily deprived of voting rights a shareholder/partner and/or to order him in writing to transfer the shares/units within 30 days.

(5) where shareholders are temporarily deprived of voting rights pursuant to para. 4, the amount of shares held by them shall not be taken into consideration when calculating the quorum required for holding the general meeting of shareholders/members and the decision of this meeting. In these cases, if danger arises for reliability or safety in the management of the company for electronic money, may restrict the company's business, like his ban to carry out certain activities or prohibit the payment of dividends or in another form the allocation of capital. "

§ 16. Article 78 shall be repealed.

§ 17. A chapter 5 ' a ':

"Chapter five" a "SETTLEMENT FINALITY in payment and SECURITIES SETTLEMENT SYSTEMS

General

Art. 78. (1) a payment system and a system for the settlement of securities under Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems, as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009, hereinafter referred to as "system with the finality of settlement" , is a system that meets both of the following conditions:

1. constitute a written agreement between three or more participants, not including the system operator of this system, as well as the settlement agent, the central counterparty (CCP) clearing house, or indirect participant, if any, with common rules and standardised procedures for clearing through central counterparty (CCP), or no such or for the execution of orders for translations between the participants;

2. the participants have chosen the law of a Member State provides for the agreement for the system;

3. rules and procedures of the system comply with the requirements for finality of settlement under this chapter.

(2) the participants in the system with the finality of settlement may choose the Bulgarian legislation to govern the agreement for the system only if the seat and address of management in at least one of them is located on the territory of the Republic of Bulgaria.

(3) system with the finality of settlement is served by the system operator. The system operator can act as settlement agent, central counterparty (CCP) or clearing house.

(4) the agreement concluded between interoperable systems shall not constitute a system with finality of settlement.

(5) the Ministry of Finance shall notify the European Commission about the systems under para. 1 for system operators under para. 3, when the Bulgarian legislation shall govern the agreement for the system after it has been examined for conformity to the rules and procedures of systems with the requirements of the settlement finality directive.

The settlement of agent system with settlement finality

Art. 78 (b). (1) a settlement agent is a person providing to institutions and/or a central counterparty (CCP) participating in the system, settlement accounts through which transfer orders are governed in this system, and providing appropriate credit to those institutions and/or central counterparty (CCP) for the purposes of settlement.

(2) account for settlement within the meaning of this chapter's account with the Central Bank, settlement agent or the CCP used to hold funds or securities and the settlement transactions between participants in the system.

Participants in the system with the finality of settlement

Art. 78. (1) a participant in the system with the finality of settlement can only be:

1. The Bulgarian National Bank and the Central Bank of another Member State;

2. settlement agent;

3. central counterparty (CCP);

4. the clearing house;

5. the institution within the meaning of § 1, item 8 of the supplementary provisions;

6. a system vendor.

(2) in accordance with the rules of the system the same participant may act as a central counterparty (CCP), settlement agent or clearing house system settlement finality directive or to carry out some or all of these functions.

(3) at the request of persons who have a legitimate interest, the institutions shall inform the settlement finality directive to systems that involve, and provide information about the basic rules governing the operation of those systems.

Remedial measures or suspension procedures against a participant in a system with settlement finality

Art. 78. (1) the reorganisation measures or the suspension procedures against a participant in a system with the finality of settlement are the Bank measures or procedures under art. 133 of the law on credit institutions, and any other provided for in the legislation measure applied by an administrative authority or by the Court against a participant in a system, including suspension or imposition of restrictions on its transactions or payments.

(2) the moment of imposing remedial measures, or to detect prekratitelnata procedure is the moment when the Court or administrative body deciding on the imposition of the measures or the opening of the procedure.


(3) in making a decision to impose remedial measures or the opening of the prekratitelna procedure against a participant in a system with the finality of settlement for a court or administrative authority concerned shall immediately notify the Ministry of finance, which shall inform the other Member States.

(4) the imposition of the reorganisation measures or the opening of prekratitelna procedure have no retroactive effect on the rights and obligations of the participants and may not lead to recalculation of claims and obligations of the participants, arising out of or relating to their participation in the system with the finality of settlement before the time of the imposition of measures or the opening of the procedure under paragraph 1. 2. This rule shall apply to the rights and obligations of a participant in an interoperable system or system operator of an interoperable system which is not a participant.

(5) in the case of application of reorganisation measures or the opening of the prekratitelna procedure against a participant in a system with the finality of settlement rights and obligations, arising out of or in connection with their participation shall be determined by the law governing that system.

The execution of transfer orders and netting

in a system with settlement finality

Art. 78 (1) transfer orders and netting give rise to legal action and be binding on third parties, even in the event of reorganisation measures or the suspension procedures against a participant in a system with the finality of settlement, provided that transfer orders were entered into a system before the moment of application of reorganisation measures or the opening of the prekratitelna procedure under art. 78 d, para. 2. This rule shall also apply to remedies or proceedings against a participant in the prekratitelna system with the finality of settlement or in an interoperable system or remedies or proceedings against prekratitelna system operator of an interoperable system which is not a participant.

(2) when the transfer orders are entered into the system with the finality of settlement after the remedial measures or the opening of the prekratitelnata procedure and shall be implemented within the framework of the working day, they give rise to legal action and be binding on third parties only if the system operator can prove that at the time the transfer orders become irrevocable , was not aware and was not supposed to know about the opening of this procedure.

(3) the timing of the entry of a transfer order into a system with the finality of settlement shall be determined by the rules of the system.

(4) in case of interoperable systems each system determines in its own rules the time of entering into the system, so as to ensure that the rules of the interoperable systems are consistent in this regard. The rules of the system on the moment of entry shall not be affected by any rules of the other systems with which it is interoperable, unless the rules of all systems, from which it is composed s″vmestimiât operational mechanism, expressly provided otherwise.

(5) upon the imposition of a remedial measure or detect prekratitelna procedure against a participant or system operator of an interoperable system available on the account of a participant in the settlement system with the finality of settlement cash amounts or securities may be used for the performance of his duties in the system or in the interoperable system during the working day of the imposition of the reorganisation measures or the opening of prekratitelna procedure.

(6) the rules of the system may provide for the use of credit facilities by the participant against the provision of available and existing collateral to cover the obligations of that participant in the system or in an interoperable system.

 (7) the working day for the purposes of this article, the settlement covers both by day and by night, and include all events occurred during the operating cycle of the system with the finality of settlement.

(8) the provisions of the legislation in force relating to Declaration of nullity or uniŝožaemostta of transactions and payments made prior to the time of the imposition of a remedial measure or detect suspension procedures, shall not apply to netting and cannot lead to annulment of the netting.

Irrevocability of transfer order

Art. 78. (1) a participant in the system with the finality of settlement or a third person may not cancel the order after the time limit laid down in the rules of the system time.

(2) in the case of interoperable systems, each system determines in its own rules the moment of irrevocability so as to ensure, as far as possible, that all rules of interoperable systems are consistent in this regard. The rules of the system on the moment of irrevocability shall not be affected by any rules of the other systems with which it is interoperable, unless the rules of all systems, from which it is composed s″vmestimiât operational mechanism, expressly provided otherwise.

Collateral protection


Art. 78. (1) the rights of a system operator or a participant in a system with the finality of settlement on the in conjunction with the system or with the interoperable system security and the rights of central banks of the Member States or of the European Central Bank on the guarantee may not be affected by the reorganisation measures or the suspension procedures against the security predostaviliâ participant , system operator of an interoperable system which is not a participant, the counterparty of the Central Bank of a Member State or of the European Central Bank, as well as against any third person who provides the security. The collateral can be used for the satisfaction of these rights.

(2) where the securities, including rights in securities as collateral, are provided to the participant, the system operator or of the Central Bank of a Member State or of the European Central Bank in accordance with para. 1 and their right or the right of the person indicated by them – an intermediary or a third party acting on their behalf in relation to the securities is legally recorded in the register, the central depository accounting system or located in a Member State, the resulting legal relationships are governed by the law of the State in which the collateral is registered.

(3) the Collateral is every realiziruem asset, including financial security within the meaning of art. 4 of the law on financial collateral agreements provided as collateral, including the pledge of a pecuniary claim, transaction repurchase (repo transaction) or other similar agreement concluded in order to ensure the rights and duties relating to a system with the finality of settlement or submitted to the Central Bank of a Member State or of the European Central Bank. "

§ 18. Articles 80 and 81 are hereby repealed.

§ 19. In art. 82 following amendments and supplements shall be made:

1. in the title, add "in the payment system".

2. in the Al. 1, after the word "settlement" insert "in the payment system", and the word "settlement-accounts" shall be replaced by "accounts for settlement".

3. in the Al. 2 the word ' settlement account ' shall be replaced by "settlement account".

4. a new para. 4:

"(4) For payment systems with the finality of settlement, when the Bulgarian legislation shall govern the agreement for the system, the settlement agent is."

5. the Previous para. 4 and 5 become respectively al. 5 and 6.

6. The current paragraph. 6 it al. 7 and in her words "under para. 5 ' shall be replaced by "under para. 6. "

7. The current paragraph. 7 it al. 8.

§ 20. Article 83 is repealed.

§ 21. In art. 84 the word "submission" be replaced by "enter".

§ 22. In art. 85, para. 2 in the text before item 1 the words "operators of payment" shall be replaced by "Payment".

§ 23. In art. 86, item 1 the words "hereinafter referred to as Directive 98/26/EC" shall be replaced by the words "as amended by Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009.

§ 24. In art. 87, para. 2, item 9, the word ' settlement accounts "shall be replaced by" accounts for settlement ".

§ 25. In section II of Chapter vi, "settlement finality directive" with art. 88, 89, 90, 91, 92 and 93 shall be repealed.

§ 26. In chapter six, in the title of section III finally added with finality of settlement ".

§ 27. In art. 94, para. 1, the words "which operates in dollars" are replaced by "with the settlement finality directive, when the Bulgarian legislation governs the agreement for the system".

§ 28. In art. 95 the following endorsements are added:

1. In paragraph 8. 1:

a) in item 5, after the words "payment system" is added with finality of settlement ";

(b) in point 7), after the word "system" is added with finality of settlement ";

c) in item 9, finally added with finality of settlement ";

(d) in point 12), after the word "system" is added with finality of settlement ".

2. in the Al. 2, after the words "payment system" is added with finality of settlement ".

§ 29. In art. 97 everywhere after the word "system" is added with finality of settlement ".

§ 30. Art is created. 97 (a):

"Register of operators of payment systems

Art. 97. (1) the Bulgarian National Bank shall maintain a register of operators of payment systems with the finality of settlement.

(2) the registry of operators of payment systems with the finality of settlement is public and includes: 1. the number of the licence issued by the BNB;

2. the name and identification code of the operator;

3. the name and type of the operated system;

4. the withdrawal, the discontinuance of the operation of the issued licence or termination of its activities as an operator of the system.

(3) operators of payment systems with settlement finality cannot start NAT activity before entering them in the register.

(4) the register shall be accessible electronically and is updated on a regular basis. "

§ 31. In art. 98 following amendments and supplements shall be made:

1. In paragraph 8. 1, after the word "system" is added with finality of settlement ".

2. in the Al. 2, the words "under art. 81 ' shall be replaced by "referred to in art. 97.

3. a para. 3:

"(3) the Auditors of a payment system operator referred to in paragraph 1. 1 shall apply accordingly to art. 23 and 24. "

§ 32. In art. 99 after the word "system" is added with finality of settlement ".

§ 33. In art. 100 in the text before paragraph 1, after the word "system" is added with finality of settlement ".

§ 34. In art. 101 the following endorsements are added:

1. In paragraph 8. 1 everywhere after the words "payment system (s)" "is added with finality of settlement".

2. in the Al. 3, after the word "system" is added with finality of settlement ".

§ 35. In art. 102 the following endorsements are added:

1. In paragraph 8. 1, after the word "system" is added with finality of settlement ".

2. in the Al. 2, after the words "the payment system" is added with finality of settlement ".


§ 36. In art. 103, para. 2, after the word "system" is added with finality of settlement and the word "settlement" accounts "is replaced by" accounts for settlement ".

§ 37. In art. 105 the following modifications are made:

1. In paragraph 8. 2 the word "settlement-accounts" shall be replaced by "accounts for settlement".

2. in the Al. 3 the word "settlement-the Bills ' is replaced by ' settlement accounts" and the word "settlement account" shall be replaced by "settlement account".

3. in the Al. 4 the word ' settlement accounts "shall be replaced by" accounts for settlement ".

4. in the Al. 5 the first sentence the word "settlement account" shall be replaced by "settlement account".

§ 38. In art. 106, paragraph 1, the word ' settlement accounts "shall be replaced by" accounts for settlement ".

§ 39. In art. 109, para. 1, first sentence, the word ' settlement account ' shall be replaced by "settlement account".

§ 40. In art. 110, para. 1 the word "settlement-accounts" shall be replaced by "accounts for settlement".

§ 41. In art. 112 following amendments and supplements shall be made:

1. In paragraph 8. 2 item 4 is created:

"4. the electronic money."

2. a new paragraph. 3:

"(3) for the issue of licences and permits, resulting from the exercise of supervision payments, persons subject to supervision – payment, paid to the BANK charges in order and in the dimensions specified by the Management Board of the BANK."

3. the Previous para. 3 and 4 become Al respectively. 4 and 5.

§ 42. In art. 115, para. 1, after the word "institutions" shall be inserted "and companies for electronic money '.

§ 43. In art. 116, para. 2, the first sentence in the end a comma and add "or members".

§ 44. In art. 117, para. 1 the following endorsements are added:

1. In paragraph 2 (c), after the words "payment institution" shall be added "or the society for electronic money" and after the words "payment institution" shall be added "or the society for electronic money '.

2. In paragraph 4, after the words "the liquidators of a payment institution" shall be added "or the society for electronic money" and after the words "control over the payment institution" shall be added "or the society for electronic money '.

3. In paragraph 5, after the words "reports of a payment institution" shall be added "or the society for electronic money" and add "or the society for electronic money '.

4. In paragraph 7, after the words "the insolvency of the payment institution" shall be added "or the society for electronic money" and after the words "control over the payment institution" shall be added "or the society for electronic money '.

5. In paragraph 8, after the words "the accounts of payment institutions" shall be inserted "or companies for electronic money" and add "or companies for electronic money '.

§ 45. In art. 118, para. 1, after the word "institutions" shall be inserted "and companies for electronic money '.

§ 46. In art. 122 following amendments and supplements shall be made:

1. In paragraph 8. 2, after the words "payment service user" shall be inserted "or holder of electronic money", after the word "law" the Union "or" shall be deleted and the comma after the words "implementing" shall be inserted "or of Council Regulation (EC) no 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the community and repealing Council Regulation (EC) No 2560/2001 (OJ , L 266/11 from 9 October 2009).

2. in the Al. 3, after the word "service" is add "or holder of electronic money".

§ 47. In art. 123 the following endorsements are added:

1. in the title, add "and companies for electronic money '.

2. After the words "payment institutions" is added "and electronic money".

§ 48. In art. 124 following amendments and supplements shall be made:

1. In paragraph 8. 1, paragraph 4, after the word "service" is add "or engaging in the business of issuing electronic money.

2. paragraph 2 is repealed.

§ 49. In art. 125 following amendments and supplements shall be made:

1. in the title, add "and electronic money".

2. in the Al. 1:

(a)) in the text before paragraph 1, after the words "payment institution" shall be added "or the society for electronic money";

b) in paragraph 1, after the word "institution" shall be added "or the society for electronic money" and the word "done" is replaced by "conduct";

c) in paragraph 2, after the word "institution" shall be added "or the society for electronic money", and the words "she" and "her" are replaced with "them" and "their";

d) in paragraph 3, after the word "institution" shall be added "or the society for electronic money", the word "her" is replaced by "them" and the word "done" is replaced by "perform";

e) in paragraph 4, after the word "institution" shall be added "or the society for electronic money";

f) in item 5 Finally add "or the society for electronic money '.

3. in the Al. 2, after the words "the application of the" added "extra".

4. in the Al. 3, after the words "the application of the" added "extra".

§ 50. In art. 126 point 8 shall be replaced by the following:

"8. endangerment or affect the safety and financial soundness of a financial institution or company for electronic money, including due to the carried out by them another commercial activity unrelated to the provision of payment services, respectively, with the issuance of electronic money."

§ 51. In art. 127 creates al. 4:

"(4) paragraphs 1-3 shall apply to electronic money."

§ 52. In art. 128, para. 1 Finally a comma and add "as well as between electronic money issuers and their customers in connection with the implementation of this law, the regulations for its implementation and Regulation (EC) no 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the community and repealing Council Regulation (EC) No 2560/2001".

§ 53. In art. 134, para. 2 the words "the full numerical composition of the Commission" shall be replaced by ' composition, which examines the conciliation proceedings ".

§ 54. In art. 137, para. 1 the words "under art. 12, 14, 15, 97, 100 and 101 ' is replaced by ' referred to in art. 12, 14, 15, 77, 97, 100 and 101.

§ 55. In art. 138 establishes al. 8:


"(8) Which operates electronic money as a company without a license, if the Act constitutes a crime, or to carry out any other activity without permission, for which the law requires permission, is punishable by a fine of up to 20 000 BGN, and for repeated infringement – 20 000 to 40 000. If the offender is a legal person, the penalty payment in the amount of up to 40 000 BGN, and for repeated infringement – from 40 000 to 80 000. "

§ 56. Article 139 shall be replaced by the following: "financial penalties to infringements of Regulation (EC) No 1781/2006 and Regulation (EC) no 924/2009

Art. 139. For infringements of Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds, and Regulation (EC) no 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the community and repealing Council Regulation (EC) No 2560/2001 on the payment service provider shall impose penalty payment of up to $ 8000. and, for repeat offenders, from 8000 to 15000 euro. "

§ 57. In the additional provisions the following amendments and additions:

1. In paragraph 1:

a) point 8 shall be replaced by the following:

"8." institution "is participating in the system with the settlement finality directive and responsible for fulfilling the financial obligations arising from transfer orders within the system:

a) Bank within the meaning of art. 2, al. 5 of the law on credit institutions, credit institution within the meaning of art. 4 (1) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast), including the institutions listed in article 2. 2 of the directive;

(b) the investment firm) under the law on markets in financial instruments and art. 4, paragraph 1, item 1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, with the exception of the institutions listed in article 2. 2 (1) of the directive. ';

b) point 12 shall be replaced by the following:

"12." transfer order "means any instruction by a participant in a system settlement finality directive to place at the disposal of the recipient an amount of money by recording in the accounts of a credit institution, a Central Bank, the CCP or the settlement agent, or any other order, leading to the assumption or the performance of a payment obligation in accordance with the rules of the system, as well as the instructions of the participant to transfer the right of ownership or interest on security or securities by recording in a register or in any other way. ";

in point 14) shall be amended as follows:

"14." indirect participant "is an institution, CCP, the settlement agent, a clearing house or a system operator who are in contractual relationships with a participant in the system with the settlement finality directive, executing transfer orders which enables the indirect participant to submit transfer orders through the system, provided that the indirect participant is known to the system operator.";

(d)) that are created and 15 and 16 (b):

"15A." interoperable "systems are systems with two or more settlement finality directive whose system operators have concluded among themselves an agreement providing for the execution of transfer orders between different systems.

15B. "payment system" is a system operator who bears legal responsibility for the functioning of the payment system. ";

e) in item 17, the words "cash" shall be replaced by "funds";

is created that is):

"29." system operator "is the entity or entities which bear the legal responsibility for the functioning of a system.";

(g)) a new item 34:

"34." securities "are financial instruments within the meaning of art. 3 of the law on markets in financial instruments directive. ";

(h)) the current item 34 becomes t. 35 and in her words "the system" shall be replaced by "system with the finality of settlement".

2. paragraph 2 is replaced by the following:

㤠2. This law introduces provisions to:

1. Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 95/7/EC (OJ L 319/1 of 5 December 2007);

2. Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems and directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims (OJ L 143/37 of 10 June 2009);

3. Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions and amending directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267/7 of 10 October 2009). "

Transitional and final provisions

§ 58. Payment systems with the settlement finality directive, notified to the European Commission before the entry into force of this law shall continue to be considered for such systems.

§ 59. Transfer orders entered into the system with the finality of settlement before the entry into force of this law, the settlement that runs after that time shall continue to be considered as transfer orders within the meaning of § 1, item 12 of the supplementary provisions.


§ 60. The Management Board shall adopt the Decree on the application of Chapter five in three months from publication of this law in the Official Gazette.

§ 61. The Bulgarian National Bank (official SG. 46 of 1997; amended and 49/153 of 1998 No. 20 and 54 of 1999, 109/2001, no. 45 of 2002, no. 10 and 39 since 2005 and no. 37, 59 and 108 of 2006, 52 and 59/2007 and no. 24 , 42 and 44 of 2009.) make the following changes and additions:

1. In art. 2 create al. 7:

(7) the Bulgarian National Bank regulates and supervises the activities of the operators of payment systems payment institutions and electronic money in the country. "

2. In art. 16:

a) point 15 is replaced by the following:

"15. issue, refuses to issue licenses and takes the banks of operators of payment systems of payment institutions and electronic money to companies under the conditions and in accordance with procedures laid down by law;"

(b) in paragraph 16), the words "and electronic money companies" shall be deleted;

c) item 17 shall be inserted:

"17. consider and resolve other matters of the activity of the Bank."

3. In art. 20 Al is created. 4:

"(4) the supervisor on operators of payment systems on payment institutions and electronic money is carried out by podupravitelâ, the supervising administrator" Banking ", in turn, defined in the law and in the normative acts for its implementation. In the exercise of supervisory powers, he independently apply the measures provided for in law measures for impact and sanctions. "

§ 62. In the law on credit institutions (official SG. 59 06; amend., 105/2006, no. 52, 59 and 109 from the 2007 No. 69 since 2008, no. 23, 24, 44, 93 and 95 of 2009 and no. 94 from 2010) make the following amendments and additions:

1. In art. 1 al. 2 is repealed.

2. In art. 2:

(a)) in the Al. 1, after the word "Bank" shall be inserted "(credit institution)";

(b)) in the Al. 2 creates a new item 13:

"13. the issuance of electronic money;"

in previous item) 13, 14, 15 and 16 shall become item 14, 15, 16 and 17;

(d)) paragraph 6 is hereby repealed.

3. In art. 3, al. 1 paragraph 1 shall be replaced by the following:

"1. in art. 2, al. 2, item 1, 2, 6 and 13; ".

4. Chapter five "special rules for the society for electronic money ' with art. 48, 49 and 50 shall be repealed.

5. In art. 69, the words "and electronic money ' shall be deleted.

§ 63. In the public offering of securities (official SG. 114 since 1999; amend., SG. 63 and 92 of 2000, issue 28, 61, 93 and 101 in 2002, no. 8, 31, 67 and 71 in 2003, 37/2004, no. 19, 31, 39, 103 and 105 by 2005, issue 30, 33, 34, 59 , 63, 80, 84, 86 and 105, 2006, issue. 25, 52, 53 and 109 from 2007, PCs. 67 and 69 by 2008, PCs. 23, 24, 42 and 93 from 2009 and PCs. 43 of 2010.) make the following changes and additions:

1. In chapter seven, in the title of section IV, the words "securities" shall be replaced by "financial instruments within the meaning of art. 3 of the law on markets in financial instruments directive ".

2. In art. 109a:

(a)) in the Al. 1 the words "securities" shall be replaced by "financial instruments within the meaning of art. 3 of the law on markets in financial instruments directive ";

(b)) is hereby set up al. 4:

"(4) the rules of chapter v of the law on payment services and payment systems shall apply accordingly to the settlement of transactions in the Al. 1. "

3. Articles 109 (b) and 109 c shall be repealed.

§ 64. National debt Act (promulgated, SG. 93 of 2002; amended 34/2005, no. 52 of 2007 and no. 23 of 2009) the following amendments and supplements shall be made:

1. In art. 35:

(a)) in the Al. 1 item 2 is amended as follows:

2. set up and organized system for the registration of Government securities and servicing of trade leads and records of participants in the system, which can be primary dealers, poddepozitari of Government securities and other persons approved by the Minister of finance and the Governor of the Bulgarian National Bank by the order of the Ordinance under art. 36, para. 1, and creates conditions for the development of a secondary market; "

(b)) a new para. 2:

"(2) the Bulgarian National Bank leads, taking into account individual accounts held by each participant Government securities, and general accounts for the customers of Government securities participants. The Bulgarian National Bank shall issue, at the request of the participants extracted from records that reflects the size and movement of vehicles owned by them and by their total government securities clients. ";

in the past) Al. 2 it al. 3 and shall be amended as follows:

"(3) Poddepozitari of State securities issued on the domestic market could only be banks and branches of foreign banks operating in the territory of the Republic of Bulgaria, the license includes the activities under art. 2, al. 2, item 4 and 9 of the law on credit institutions. ';

(d)) shall be al. 4 and 5:

(4) Government securities Poddepozitarite lead systems for the registration of Government securities held by customers of poddepozitarite and by customers of participants in the system under paragraph 1. 1, item 2, not poddepozitari, as well as individual accounts, which take into account Government securities held by these clients.

(5) For the certification of holdings Government securities poddepozitarite of Government securities issued registered certificates of natural persons, and on request – an extract from the under par. 4 accounts of legal entities. "

2. In art. 35 and the words "of art. 83 and ' shall be deleted and the words "the sixth, section II" are replaced by "five" a ".

3. In art. 36, para. the words "under art. 35, para. 2 "shall be replaced by" referred to in art. 35, para. 3. "

§ 65. In the postal services Act (promulgated, SG. 64 since 2000; amend., SG. 112 of 2001 and 45/76 of 2002, no. 26 of 2003, issue 19, 88, 99 and 105 by 2005, issue 17, 34, 37, 80 and 86 by 2006, issue 41, 109 and 53 of 2007, 109/2008 and no. 35 , 87 and 93 from 2009.) in § 1, item 9 of the additional provision, after the word "translation" is added "on paper".


§ 66. In the law on measures against money laundering (official SG. 85 of 1998; amend., issue 1 and 102 from 2001, no. 31 of 2003, issue 103 and 105 by 2005, issue 30, 54, 59, 82 and 108 of 2006, issue 52, 92 and 109 in 2007, issue 16, 36, 67 and 69 of 2008. , PC. 22, 23 and 93 from 2009 and PCs. 88 by 2010.) in art. 3, al. 2, paragraph 1, the word ' home ' is replaced by ' institutions '.

§ 67. In the law on financial collateral agreements (official SG. 68 of 2006; amend., issue 24 of 2009) made the following changes and additions:

1. In art. 2:

(a)) in the Al. 1, after the word "property" there shall be added "or all rights";

(b)) in the Al. 2 in the first sentence, after the word "property" there shall be added "or all rights on financial collateral;

in) in the Al. 3 in the first sentence, after the word "property" there shall be added "or all rights" and the second sentence shall be deleted;

(d)) in the Al. 4 the word "right" is replaced by "full or limited right" and after the word "property" there shall be added "or all rights";

(e)) paragraph 5 shall be repealed.

2. In art. 3:

(a)) in the Al. 1:

AA) in paragraph 3 the word "multilateral" is replaced by "international";

BB) point 4 is replaced by the following:

"4. a credit institution pursuant to art. 2, al. 5 of the law on credit institutions, credit institution pursuant to art. 4 (1) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions, including the institutions listed in article 2. 2 of the directive; "

BB) in paragraph 5, add "in accordance with the law on credit institutions and financial institutions within the meaning of art. 4 (5) of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions ";

yy) into finally "is added under the insurance code, pursuant to art. 1 (a) of Directive 92/49/EEC of 18 June 1992 on the coordination of laws, regulations and administrative provisions relating to direct insurance other than life assurance and amending Directives 73/239/EEC and 88/357/EEC (third non-life insurance directive), and in accordance with art. 1 (1) (a) of Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance ";

DD) including 7 Add "in accordance with the law on markets in financial instruments and art. 4, paragraph 1, item 1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC;

EE) in item 17, after the words "sole trader" is added "or a company which is not a legal entity" and a comma;

(b)) in the Al. 2, after the words "can be" added "by a Member State".

3. In art. 4:

(a)) in the Al. 1, after the word "claims" a comma and the words "and financial instruments" is replaced by "financial instruments and credit claims";

(b)) a new para. 6: "(6) credit claims within the meaning of para. 1 are monetary claims arising from the contract, under which the credit institution granted credit in the form of a loan. ";

in the past) Al. 6 it al. 7.

4. In art. 5, al. 2, first sentence, the word "come" is replaced by "certified" after the words "the said account" shall be inserted in the "Bank" and after the words "the relevant account" is added "according to art. 6, al. 3. "

5. Article 6 shall be amended as follows:

"Proving

Art. 6. (1) the contract of financial security shall be evidenced in writing.

(2) the provision of financial collateral shall be evidenced in writing, enabling the identification of the financial collateral to which it refers. For this purpose it is enough to prove that:

1. book-entry securities are certified by the relevant account, stakes are accordingly marked on the account;

2. monetary claims are certified by the said account in a Bank, the stakes are accordingly marked on the account.

(3) the appropriate account register or account is the central depository, in the Bulgarian National Bank system for the registration of Government securities and servicing of trade with them or in poddepozitarite of government bonds, which carry out bookings through which financial collateral in the form of book entry securities collateral is provided to the collateral taker. The register or account can be fought and from the collateral taker.

(4) the inclusion of the claim under loan in the list provided to the collateral taker in writing, it is sufficient for the customisation of the credit and to demonstrate the fact of making it available as financial collateral between the parties before the debtor and as against third parties. The provision of credit claims as financial collateral effect against the debtor and third parties after the notification of the debtor.

(5) the debtors in making credit may opt in writing of: 1. rights of set-off in relation to creditors by making a loan to the persons creditors have transferred, pledged or otherwise have provided the credit claim as collateral;

2. your rights arising from banking secrecy rules, the application of which would hinder or limit the ability of the lender to obtain a loan to provide information about the loan or the debtor for the purposes of using the credit claim as financial security. "

6. In art. 8 create al. 8:

(8) the right of use in the pledge contract shall not apply to credit claims as financial collateral provided. "


7. In art. 9, para. 6, after the words "replace financial collateral" Union "or" is replaced by a comma and after the word "size" is added "or, in the case of credit claims, the right to collect the proceeds from them."

8. In art. 11:

(a)) in the Al. 1 item 3 is created:

3. sell or acquire credit claims, such as intercept or settle with their financial obligations value. ";

(b)) in the Al. 2, after the word "instruments" shall be added "and claims" and after the word "security" is added "the";

in paragraph 5) shall be replaced by the following:

"(5) in the case of a procedure against the collateral provider prekratitelna person has the right to realise the financial collateral pursuant to para. 1-4. ";

(d)) paragraph 6 shall be replaced by the following:

(6) failure to be extinguished the obligation of the collateral taker to return the collateral provider financial collateral granted on the basis of contract, prehv″rlitelen and the collateral person satisfies, retaining the right to property, including the suspension procedures against the collateral provider ";

(e)) paragraph 7 is hereby repealed.

9. in art. 13 al. 1 is repealed.

10. In art. 15, para. 1 the words "art. 6, al. 2 "are replaced by" article. 6, al. 3. "

11. The additional provision:

the name) shall be replaced by the following: "additional provisions";

(b)) § 1:

AA) paragraph 1 shall be amended as follows:

"1." multilateral development banks "are: the International Bank for reconstruction and development, the International Finance Corporation, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, Development Bank of the Council of Europe (the Fund for the Council of Europe), the black sea trade and Development Bank, the Nordic Investment Bank, the Caribbean Development Bank, the European Bank for reconstruction and development , The European Investment Bank, the European Investment Fund, the International Agency for insurance and investments, the international financing facility for immunization, the Islamic Development Bank, the Inter-American Investment Corporation, the Central American Bank for economic integration. ";

BB) points 2 and 3 are repealed;

BB) point 5 is replaced by the following:

"5." Default "is the default on financial obligations or other similar event, agreed between the parties on the occurrence of which, under a contract for a financial collateral arrangement or by operation of law, the collateral taker is entitled to realise or to acquire financial security or enter into force clause netting.";

yy) that shall be 6:

"6." written form "also includes recording by electronic means or on any other durable medium. ';

in § 1 shall be inserted):

"§ 1 (a). This law introduces provisions of Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements and of Directive 2009/44/EC of the European Parliament and of the Council of 6 May 2009 amending Directive 98/26/EC on settlement finality in payment and securities settlement systems and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit claims ( OJ L 146/37 of 10 June 2009). "

§ 68. In the law on deposit insurance in banks (official SG. 49 of 1998; amend., SG. 73, 153 and 155 of 1998 No. 54 of 1999, 109/2001, no. 92 and 118 of 2002, no. 31 and 39 since 2005, issue 59, 64 and 86 by 2006, 67/98 and by 2008 and no. 42 and 44 of 2009) in art. 4, al. 1 ' 100 000 ' is replaced by ' 196 000 ".

§ 69. The law shall enter into force by 30 June 2011, with the exception of: 1. paragraphs 1-16, § 41-56 and § 62 and 66, which shall enter into force on 30 April 2011;

2. paragraphs 60 and 68, which shall enter into force on 31 December 2010.

The law was adopted by 41-Otto National Assembly on December 17, 2010 and is stamped with the official seal of the National Assembly.

President of the National Assembly Tsetska Tsacheva:

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