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Bulgaria’s Accession to the Eurozone: What Companies Should Prepare For

Bulgaria’s Accession to the Eurozone: What Companies Should Prepare For

From January 1, 2026, the euro will become Bulgaria’s official currency for invoicing, financial reporting, and all monetary transactions, replacing the lev at the fixed exchange rate of 1 euro = 1.95583 leva, as determined by the European Council. Our team has summarized the most important information for companies regarding the introduction of the euro […]

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Chambers Europe has released its 2025 guide, ranking KDP among the best Bulgarian law firms

Chambers Europe has released its 2025 guide, ranking KDP among the best Bulgarian law firms

Chambers Europe has released its 2025 guide, ranking KDP among the best Bulgarian law firms at Corporate & Commercial and Employment. In the individual lawyer categories, our Managing Partners Ilya Komarevski and Venelin Dimitrov once again were recognized as a leading professional, earning the following rankings: Ilya Komarevski – Band 1 at Employment; Band 2

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A New Step in Bulgaria's Foreign Direct Investment Screening Mechanism

A New Step in Bulgaria’s Foreign Direct Investment Screening Mechanism

On January 31, 2025, the Regulations for the Organization and Activities of the Inter-ministerial Council for Screening of Foreign Direct Investments (the Regulations) were promulgated. This represents another step in the process of implementing the screening procedure for Foreign Direct Investments (FDI) in the country. Background In 2024, the National Assembly incorporated the screening procedure

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Completion Mechanisms – Locked Box Accounts (Part 3)

Completion Mechanisms – Locked Box Accounts (Part 3)

Unlike the Completion Accounts Mechanism, where the purchase price is finalized after Completion, in the “pure” Locked Box Accounts Mechanism, the purchase price is finalized prior to Signing, when the seller still holds title and control over the Target. Under the Locked Box Mechanism, the Equity Value is determined based typically on the accounts provided

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Amendments to the Cybersecurity Act transposing NIS 2 Directive (EU) 2022/2555 are subject to public consultation until 3 August 2024

Amendments to the Cybersecurity Act transposing NIS 2 Directive (EU) 2022/2555 are subject to public consultation until 3 August 2024

On 4 July 2024, the Minister of e-Government proposed a bill for amendment to the Cybersecurity Act transposing NIS 2 Directive (EU) 2022/2555. All interested parties may publish their comments on the bill in the public consultation process until 3 August 2024. The amendments in the Cybersecurity Act provide only general risk management and reporting

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European Commission Competition Policy Brief on Labour Markets as of 2 May 2024 sheds light on the dos and don’ts in non-solicitation (no-poach) arrangements

European Commission Competition Policy Brief on Labour Markets as of 2 May 2024 sheds light on the dos and don’ts in non-solicitation (no-poach) arrangements

Non-solicitation (no-poach) arrangements may restrict competition between employers, lowering productivity and salaries, restricting expansion or entry of competitors, hindering innovation and even increasing consumer prices. We have outlined those aspects of the non-solicitation arrangements in our previous article on this topic Bulgaria: Non-Solicitation Clauses in Commercial Contracts. Non-solicitation arrangements are widely used in Bulgaria in

European Commission Competition Policy Brief on Labour Markets as of 2 May 2024 sheds light on the dos and don’ts in non-solicitation (no-poach) arrangements Read More »

Bulgaria introduces a foreign direct investments (FDI) screening regime

Bulgaria introduces a foreign direct investments (FDI) screening regime

When will the FDI screening rules become applicable? On 08.03.2024 amendments to the Bulgarian Investment Promotion Act (“IPA”) were promulgated in the State Gazette, introducing criteria for foreign direct investments in Bulgaria, which will be subject to preliminary screening. However, the FDI screening will not yet be applicable in practice until the Council of Ministers

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Personal data protection - new interpretations in the case law of the Court of Justice of the European Union

Personal data protection – new interpretations in the case law of the Court of Justice of the European Union

At the end 2023 the Court of Justice of the European Union announced two judgments on issues related to the application of the General Data Protection Regulation (“GDPR“). Although adopted under specific cases, the judgments provide interpretations that are binding on all national law enforcement authorities within the European Union. Therefore, both judgements should be

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