Trade Unions and Employers' Organizations Do Not Support the Draft Law on "Dormant Shares" and Insist on Its Withdrawal
The National Council for Trilateral Cooperation (NCTC) held an extraordinary online meeting which was convened by Deputy Prime Minister Mariana Nikolova.
Under the second item on the agenda, the draft Law on Relationship Settlement Mechanism concerning Personal Accounts of Demand-Free Securities was also discussed. They are kept in the Central Securities Depository by Central Depository AD, as submitted by the Ministry of Finance. The trade unions CITUB and LC "Support" and the employers in the person of BICA, BCCI, BIA, and SSE do not support the draft law and insist on its withdrawal, announced the Bulgarian Chamber of Commerce. CEIBG expressed the opinion that the submitted project needs to be amended.
In his expose to the members of the NCTC, the Secretary General of BCC Dobri Mitrev emphasized that "this law is an extreme injustice to over 2 million Bulgarian citizens, mostly people of pre-retirement and retirement age." According to him, the bill is "lobbying, unconstitutional, discriminatory, serving the interests of a narrow circle of private legal entities."
"This bill will give an extremely bad signal to all local and foreign investors, the prices of stock indices will fall which will not benefit anyone," said Dobri Mitrev adding that the impact assessment is "an insult to all those reading the document".
"I call upon the Ministry of Finance to withdraw this bill and look for an option in which people are fully informed about the opportunities they are facing as well as to make efforts to facilitate the procedures," the Secretary General of BCC concluded and informed that the Chamber reserves the right to signal its arguments in a report to the European Securities and Markets Authority.