Development of capital markets Policy

- "Capital Referendum" Program - when developing investment projects of significant public interest, including participation in international companies, construction of energy and industrial capacities, as well as infrastructure projects, financing should also be done by raising resources on an organized capital market (e.g. Bulgarian Stock Exchange - Sofia) by means of issues of equity and/or debt securities subject to restrictions on the amount of direct state financing, consistent with the public effect. Thus, possible doubts regarding the effectiveness and expediency of specific management (including political) decisions will be answered unambiguously in the best and market-motivated way;

  1. Realization of privatization transactions primarily through the stock exchange, including minority shares of state-owned companies such as: "Bulgarian Sports Totalizator", "ADIS", Bulgarian Energy Holding (BEH), "Kozloduy" NPP, NEC, Bulgargaz, Bulgartransgaz, Electricity System Operator, "Port of Varna";
  2. Supporting the work of the National Commission for Corporate Governance as a permanent independent body established on the principle of public-private partnership to carry out consultations and cooperation at the national level on issues of corporate governance;
  3. Popularization of the Corporate Governance Code developed with the active participation of BICA:
  • Actions to support the adoption and implementation of the Code by AIKB members and all public companies;
  • Development of mechanisms to promote the exchange of good practices within the Association;
  • Develop and present best practice guidelines in specific areas of corporate governance.
- Approving mechanisms for monitoring the implementation of the Code and imposing an obligation for its compliance on large state-owned enterprises;
- Development of recommendations to regulatory authorities to improve corporate governance;
- Approving a system of encouraging good practices and voluntary implementation to complement the existing purely sanctioning mechanism;
- Active participation in the improvement of the legislation in the field of capital markets, as well as in the preliminary mandatory assessment of the impact of the adopted normative acts;
- Active participation in the development of issues related to the regulation and integration of the European capital markets, while guaranteeing the protection of the interests of the Bulgarian public companies;
- Revision in the direction of reducing the amount of fees and commissions collected by the Financial Supervisory Service (CFO), "BFE - Sofia" and "Central Depository";
- Simplified de-registration of companies delisted from the CFO Register under certain conditions/criteria;
- Professional management of public assets (public funds, companies, properties);
- Revision of the restrictions on investment of the funds of the pension funds, including the "Silver" Fund, introduction of multi-funds at SIPP and introduction of minimum limits for investments in shares, bonds or units issued by Bulgarian companies traded on BSE - Sofia.

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