Development policy of the capital markets

Capital Referendum Programme – funding for the development of investment projects of substantial public interest, including participation in international companies, creation of energy, industrial facilities and infrastructure projects shall be made also by recruiting resource of organized capital market (e.g. “Bulgarian Stock Exchange-Sofia” AD) through issues of equity and/or debt securities with limits on the amount of direct government funding, consistent with public effect. This is the best and most market-driven way to give a definite answer to any doubts about the effectiveness and appropriateness of specific management (including political) decisions;
– Implementation of privatization deals mainly through the stock exchange, including minority stakes in state companies, such as: Bulgarian Sports Totalizator, Sofia Airport EAD, ADIS EOOD, Bulgarian Navy, Bulgarian Energy Holding (BEH), Kozloduy Nuclear Power Plant, National Electric Company, Bulgargaz, Bulgartransgaz, Electricity System Operator, Maritsa east 2 TPP, Port Varna EAD, Port Burgas EAD;
– Support of the National Corporate Governance Commission as a permanent independent body established on the principle of public-private partnership for implementation of consultations and cooperation at national level on the issues on corporate governance;
– Promotion of the Code of corporate governance established with the active participation of BICA:
◊◊ Actions to support the adoption and implementation of the Code by BICA members and all public companies;
◊◊ Construction of a training institute for the management of public companies;
◊◊ Development of mechanisms to encourage the sharing of best practices within the Association;
◊◊ Development and presentation of guidelines for best practice in specific areas of corporate governance
– Development of mechanisms to monitor the implementation of the Code;
– Development of recommendations to regulators to improve corporate governance;
– Establishment of a system of encouragement of best practices and voluntary compliance to complement the existing purely sanctioning mechanism;
– Active participation in the improvement of the legislation on capital markets as well as in the pre-compulsory assessment of the impact of the adopted legislation;
– Active participation in the development of issues related to the regulation and integration of European capital markets, while ensuring protection of the interests of Bulgarian public companies;
– Downward revision in the amount of fees and commissions charged by the Financial Supervision Commission, Bulgarian Stock Exchange – Sofia AD and Central Depository AD;
– Lighter removal from the register of the FSC under certain conditions/criteria for companies taken off the Bulgarian Stock Exchange;
– Professional management of public assets (public funds, companies, real estate);
– Review of the restrictions on investment of assets of pension funds, including the Silver Fund and the introduction of minimum limits on investments in stocks, bonds or shares issued by Bulgarian companies, traded on the Bulgarian Stock Exchange – Sofia.