MPs are debating changes to the Public Offering of Securities Act today in a first reading. The Council of Ministers put them forward. It is the first item on the adopted agenda. The bill would allow companies whose shares trade on a multilateral trading facility to set up a structure with shares that carry extra voting rights.
The changes bring EU Directive 2024/2810 into Bulgarian law. The Council of Ministers says the aim is to update the rules of Bulgaria's capital market. Firms that raise money on a multilateral trading facility, including the growth market, will be able to attract new investors. Founders and main shareholders will not automatically lose control of management.
Minority shareholders are protected by a double threshold for a qualified majority. When the Commercial Act requires a qualified majority for a decision of the general meeting, the decision will have to pass by both the votes cast and the shares represented at the meeting.
Companies will have to publish details of their share classes and of the rights and limits that come with them. They will also have to name holders of shares with extra voting rights if they hold more than 5% of the voting rights.
The agenda also includes a bill to ratify an agreement between the International Bank for Economic Co-operation (IBEC) and the Bulgarian government. The agreement settles for good the mutual claims and obligations that arise from Bulgaria's withdrawal from the agreement on the organisation and work of IBEC, and from its membership of the bank.
Seven ministers will appear in the regular parliamentary oversight session: Ivan Demerdzhiev, Velislava Petrova-Chamova, Nikolay Naydenov, Natalia Efremova, Katya Ivkova, Ivan Shishkov and Rositsa Karamfilova-Blagova.