Банкеръ Weekly



The draft project for rules concerning the functioning of an inofficial securities market won't be implemented in the way it was prepared by the management of the Bulgarian Stock Exchange. However, its provisions will be used so as a new chapter of the current regulation for the Exchange's activity to be added. The Bulgarian Stock Exchange (BSE) and the State Securities Exchange Commission (SSEC) reached this compromise after a month's consideration. The decision was unleashed by a letter of BSE's Chairman Ljubomir Velkov from September 3 which pointed out 8 incongruities between the draft and the Public Offering of Securities Act. At that point the SSEC asked for a month's time to clear out all lapses. Yet the term will probably be extended till end-October.Perhaps the most debatable moment of discussion will be the allowed limit of variations of prices of securities traded at the inofficial market. The Board of Directors of BSE has submitted a proposal for a limit +/-50%. Currently, at the free market which is the actual equivalent of the future inofficial market, the limit is +/-30%. The Association of Commercial Banks, which includes a number of sharehoders of the exchange, has come out with an offer that the percentage should be changed.The requirement for the establishment of an inofficial securuties market was included in the regulations of the Public Offering of Securities Act, enforced on January 31. A present we have the so-called free market which unites all issues excluded from the official one.

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