MPs have backed changes to the law on public offerings of securities in a first vote. Deputy finance minister Lyudmila Petkova said the changes will make it easier for firms to raise capital, while founders will not lose control. 178 MPs voted for the bill, and seven from the Vazrazhdane parliamentary group abstained.

This report follows our earlier story on the decision of parliament's budget committee to allow trading in shares that carry more than one vote.

The bill comes from the Council of Ministers. It brings EU Directive 2024/2810 into Bulgarian law. There was no debate in the chamber.

Companies that raise capital through a multilateral trading facility (MTF), including an MTF growth market, will be able to attract new investors. Founders and main shareholders will not automatically lose control of strategic management. To make this possible, the bill introduces a share structure with multiple-vote rights.

Minority shareholders will be protected by a double threshold for a qualified majority. Under the Commercial Act, some decisions of the general meeting need a qualified majority. These will now need that majority both among the votes cast and among the shares represented at the meeting.

Petkova said the bill has three aims: better access to capital for firms, protection for investors and more openness in the market. She added that it updates the rules of Bulgaria's capital market.

Companies will have to publish details of the different classes of shares and the rights and limits that come with them. The same applies to holders of multiple-vote shares when they hold more than 5% of the voting rights.