November 25, 2010


The act requires the companies dealing with electronic payments and applying for a license to have an initial capital of not less than BGN 700 000. Deputies adopted the above provision with the first reading of the amendments to the Payment Services and Payment Systems Act, which was tabled by the Government. When a company dealing with electronic money payments engages at the same time with other business activities the National Bank may ask it to separate the electronic money trade in another entity. The Bulgarian National Bank is authorized to undertake the measure when there is a high risk that the other business activities may undermine the financial stability of the company. The bill is introduced with the aim at harmonizing the Bulgarian legislation with amendments already adopted in several European Directives. The changes also broaden the scope of services (transactions) provided by the companies for electronic payments.

With amendments, passed at first reading to the 2011 Census of the Population and Housing Fund in Bulgaria Act the parliament decided that the latter is to take place in the period between February 1 to February 28, 2011. For the first time in Bulgaria an electronic census filling will be held. The amendments provide that the census may be conducted online by completing the electronic form starting at 0.00 am on February 1 and ending at 12 pm on February 9, 2011. In the period between 8.00 am of 10 February to 8 pm of 28 February 2011, the census will be conducted by visits paid to households, buildings and residencies. The movers of the bill explain that it was deemed necessary to conduct the census earlier in 2011 in order to have all the necessary complete, accurate and relevant statistical data on the population and the economy of the country before the preparation of the strategic documents for the future development of Bulgaria until 2020 and with the view of Europe’s 2020 Strategy and the new EU five - year budget period 2013-2017 and the necessary funds for Bulgaria.