Law on the Public Offering of Securities

LAW on the Public Offering of Securities
Published in State Gazette No. 114 of 30.12.1999, effective from 31.01.2000, amended No. 63 of 01.08.2000, No. 92 of 10.11.2000, effective from 01.01.2001, No. 28 of 19.03.2002, amended and supplemented No. 61 of 21.06.2002, amended No. 93 of 01.10.2002, No. 101 of 29.10.2002, effective from 01.01.2003, No. 8 of 28.01.2003, effective from 01.03.2003, supplemented No. 31 of 04.04.2003, effective from 04.04.2003, amended No. 67 of 29.07.2003, supplemented No. 71 of 12.08.2003, amended No. 37 of 04.05.2004, effective from 04.08.2004, supplemented No. 19 of 01.03.2005, No. 31 of 08.04.2005, effective from 08.10.2005, amended and supplemented No. 39 of 10.05.2005, amended No. 103 of 23.12.2005, effective from 01.01.2006, No. 105 of 29.12.2005, effective from 01.01.2006, No. 30 of 11.04.2006, effective from 12.07.2006, No. 33 of 21.04.2006, amended and supplemented No. 34 of 25.04.2006, effective from 01.01.2008, No. 59 of 21.07.2006, effective from the day of entry into force of the Treaty of Accession of the Republic of Bulgaria to the European Union, No. 63 of 04.08.2006, effective from 04.08.2006; amended No. 84 of 17.10.2006, effective from 01.01.2007; amended and supplemented No. 86 of 24.10.2006, effective from 01.01.2007; amended No. 105 of 22.12.2006; effective from 01.01.2007; amended and supplemented No. 25 of 23.03.2007; amended and supplemented No. 52 of 29.06.2007, effective from 01.11.2007; amended No. 109 of 2007, effective from 01.01.2008; amended No. 67 of 29.07.2008; amended No. 69 of 05.08.2008; amended and supplemented No. 23 of 27.03.2009, effective from 27.03.2009; amended No. 24 of 31.03.2009, effective from 31.03.2009; supplemented No. 42 of 05.06.2009; amended No. 93 of 24.11.2009, effective from 25.12.2009; amended and supplemented No. 43 of 08.06.2010; amended No. 101 of 28.12.2010, effective from 30.06.2011; amended and supplemented No. 57 of 26.07.2011; amended and supplemented No. 77 of 04.10.2011; amended and supplemented No. 21 of 13.03.2012; amended No. 94 of 30.11.2012, effective from 01.01.2013; amended and supplemented No. 103 of 28.12.2012; amended and supplemented No. 109 of 20.12.2013, effective from 20.12.2013; amended and supplemented No. 34 of 12.05.2015; amended No. 61 of 11.08.2015; amended and supplemented No. 62 of 14.08.2015, effective from 14.08.2015; amended No. 95 of 08.12.2015, effective from 01.01.2016; amended No. 102 of 29.12.2015, effective from 01.01.2016; amended No. 33 of 26.04.2016, effective from 26.04.2016; amended and supplemented No. 42 of 03.06.2016; supplemented No. 62 of 09.08.2016, effective from 09.08.2016; amended No. 76 of 30.09.2016, effective from 30.09.2016; amended and supplemented No. 62 of 01.08.2017; supplemented No. 91 of 14.11.2017; amended and supplemented No. 95 of 28.11.2017, effective from 01.01.2018; amended No. 7 of 19.01.2018; amended and supplemented No. 15 of 16.02.2018, effective from 16.02.2018; amended No. 20 of 06.03.2018, effective from 06.03.2018; amended No.
24 of 16.03.2018; supplemented No. 77 of 18.09.2018, effective from 01.01.2019; amended No. 17 of 26.02.2019; amended and supplemented No. 83 of 22.10.2019, effective from 24.04.2020; amended No. 94 of 29.11.2019; amended No. 102 of 31.12.2019; amended and supplemented No. 26 of 22.03.2020; amended No. 28 of 24.03.2020, effective from 13.03.2020; amended No. 34 of 09.04.2020, effective from 09.04.2020; affected by the Supplementary Amendment to the Health Act, No. 44 of 13.05.2020, effective from 14.05.2020; amended and supplemented No. 64 of 18.07.2020, effective from 21.08.2020; amended No. 12 of 12.02.2021, effective from 12.02.2021; amended and supplemented No. 21 of 12.03.2021; amended and supplemented No. 16 of 25.02.2022; amended No. 25 of 29.03.2022, as the amendments by the Supplementary Amendment to the Law on Financial Instruments and the Law on the Capital Market enter into force on 29.03.2022 and 08.07.2022 respectively; amended and supplemented No. 51 of 01.07.2022; supplemented No. 8 of 25.01.2023; supplemented No. 65 of 28.07.2023; amended No. 84 of 06.10.2023, effective from 06.10.2023; amended No. 70 of 20.08.2024, effective from the date determined in a Decision of the Council of the European Union for the adoption of the euro by the Republic of Bulgaria, adopted in accordance with Article 140(2) TFEU, and a Council Regulation of the European Union, adopted in accordance with Article 140(3) TFEU; amended and supplemented No. 72 of 27.08.2024, effective from 06.07.2024; amended and supplemented No. 54 of 04.07.2025; amended and supplemented No. 67 of 15.08.2025; amended and supplemented No. 99 of 21.11.2025; amended No. 16 of 10.02.2026; amended and supplemented No. 25 of 10.03.2026; amended No. 51 of 05.06.2026, effective from 05.06.2026; amended No. 62 of 07.07.2026, effective from 07.07.2026

Part One

GENERAL PROVISIONS
Chapter One
SECURITIES
Art. 1. (Amended - State Gazette No. 61 of 2002; amended and supplemented No. 86 of 2006, effective from 01.01.2007; amended No. 52 of 2007, effective from 01.11.2007; amended No. 77 of 2011; supplemented No. 103 of 2012; amended No. 62 of 2017; amended No. 83 of 2019, effective from 24.04.2020; entry into force amended on 24.10.2020, No. 28 of 2020, effective from 13.03.2020; entry into force amended on 20.08.2020, No. 64 of 2020, effective from 18.07.2020; amended and supplemented No. 64 of 2020, effective from 21.08.2020; amended and supplemented No. 51 of 2022; amended No. 62 of 2026, effective from 07.07.2026.) (1) (Amended - State Gazette No. 52 of 2007, effective from 01.11.2007) This Law regulates:

1. (Amended - State Gazette No. 52 of 2007, effective from 01.11.2007; amended and supplemented No. 64 of 2020, effective from 21.08.2020) the public offering of securities, the admission of securities to trading on a regulated market, as well as the issuance and disposal of dematerialized securities;
2. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007; amended No. 52 of 2007, effective from 01.11.2007; amended No. 77 of 2011; supplemented No. 103 of 2012; amended No. 83 of 2019, effective from 24.04.2020; entry into force amended on 24.10.2020, No. 28 of 2020, effective from 13.03.2020; entry into force amended on 20.08.2020, No. 64 of 2020, effective from 18.07.2020) the activities of "Central Depository" AD, including the central securities register maintained by it, as well as the requirements for central securities depositories in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257/1 of 28 August 2014), hereinafter referred to as "Regulation (EU) No 909/2014";
3. the requirements for public companies and other issuers of securities;
4. (Supplemented - State Gazette No. 39 of 2005; repealed No. 62 of 2017; new No. 83 of 2019, effective from 24.04.2020; entry into force amended on 24.10.2020, No. 28 of 2020, effective from 13.03.2020; entry into force amended on 20.08.2020, No. 64 of 2020, effective from 18.07.2020) the activities of the Investor Compensation Fund;
5. (New - State Gazette No. 51 of 2022) the requirements for the provision of crowdfunding services, including for the organization, licensing and supervision of crowdfunding service providers, for the activities of crowdfunding platforms, for transparency and marketing communications in connection with the provision of crowdfunding services;
6. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007; previous item 5, No. 51 of 2022) state supervision to ensure compliance with this Law.
   (2) (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007) The purpose of this Law is:
7. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007) to ensure protection of investors in securities, including by creating conditions for increasing their awareness of the capital market;
8. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007) to create conditions for the development of a fair, open and efficient capital market;
9. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007) to maintain stability and public trust in the capital market.
   (3) (New - State Gazette No. 86 of 2006, effective from 01.01.2007; amended No. 52 of 2007, effective from 01.11.2007; amended No. 62 of 2026, effective from 07.07.2026) This Law does not apply to the issuance, acquisition, repayment and transactions with government securities, the registration and settlement systems for them, as well as to other financial transactions carried out for the purpose of managing the state debt.

Art. 2. (Amended and supplemented - State Gazette No. 86 of 2006, effective from 01.01.2007; amended No. 52 of 2007, effective from 01.11.2007; supplemented No. 91 of 2017; amended No. 83 of 2019, effective from 24.04.2020; entry into force amended on 24.10.2020, No. 28 of 2020, effective from 13.03.2020; entry into force amended on 20.08.2020, No. 64 of 2020, effective from 18.07.2020; amended No. 62 of 2026, effective from 07.07.2026.) (1) (Amended and supplemented - State Gazette No. 86 of 2006, effective from 01.01.2007; supplemented No. 91 of 2017; amended No. 83 of 2019, effective from 24.04.2020; entry into force amended on 24.10.2020, No. 28 of 2020, effective from 13.03.2020; entry into force amended on 20.08.2020, No. 64 of 2020, effective from 18.07.2020; amended No. 62 of 2026, effective from 07.07.2026) Securities are transferable rights registered in accounts in the central securities register, and where applicable, in a central securities depository, and for government securities and securities issued by the Bulgarian National Bank - registered in accounts in the Bulgarian National Bank or in participants in the system under Art. 35(1)(2) of the State Debt Act, or in foreign institutions performing such activities (dematerialized securities), or documents materializing transferable rights (physical securities), which can be traded on the capital market, excluding payment instruments, such as:

1. (Supplemented - State Gazette No. 39 of 2005) shares in companies and other securities equivalent to shares in capital companies, personal companies and other legal entities, as well as depositary receipts for shares;
2. bonds and other debt securities, including depositary receipts for such securities;
3. (Supplemented - State Gazette No. 61 of 2002) other securities that give the right to acquire or sell such securities or that lead to a monetary payment determined by securities, exchange rates, interest rates or yield, goods or other indices or indicators.
   (2) Debt securities within the meaning of this Law express transferable claims for a predetermined or determinable income against the issuer of the securities, arising from monetary funds or other property rights lent to them. Debt securities may also express other rights, provided this does not contradict the law. (3) (Amended and supplemented - State Gazette No. 86 of 2006, effective from 01.01.2007) Equity securities within the meaning of this Law are:
4. shares in companies;
5. other securities equivalent to shares in companies;
6. other types of securities that give the right to acquire shares and equivalent securities through their conversion or exercise of rights under them, provided that securities of this type are issued by the issuer of the underlying securities or by a legal entity belonging to the group of this issuer.
   (4) (New - State Gazette No. 86 of 2006, effective from 01.01.2007) Non-equity securities are all securities that are not equity securities within the meaning of paragraph 3.

Art. 3. The public offering of:

1. physical securities is prohibited, except in cases provided for by law;
2. dematerialized securities, for the transfer of which restrictions or conditions are provided, is prohibited.

Art. 4. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007; amended No. 62 of 2017; amended No. 64 of 2020, effective from 21.08.2020.) (1) (Amended - State Gazette No. 61 of 2002; amended No. 86 of 2006, effective from 01.01.2007; amended No. 62 of 2017; amended No. 64 of 2020, effective from 21.08.2020) Public offering of securities is a concept within the meaning of Art. 2(g) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168/12 of 30 June 2017), hereinafter referred to as "Regulation (EU) 2017/1129". (2) (Repealed - State Gazette No. 64 of 2020, effective from 21.08.2020). (3) (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007) There is no public offering when securities are offered in cases of liquidation, enforcement proceedings or insolvency proceedings in the manner determined by law.

Art. 5. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007.) (1) (Previous text of Art. 5 - State Gazette No. 61 of 2002) Initial public offering is an offering under the conditions of Art. 4 of:

1. securities for subscription from their issuer or an investment intermediary authorized by them (subscription), or
2. securities for initial sale by an investment intermediary under a contract with their issuer for underwriting;
3. (Supplemented - State Gazette No. 39 of 2005; repealed No. 86 of 2006, effective from 01.01.2007).
   (2) (New - State Gazette No. 61 of 2002; repealed No. 86 of 2006, effective from 01.01.2007).

Art. 6. (Amended - State Gazette No. 61 of 2002; supplemented No. 86 of 2006, effective from 01.01.2007; repealed No. 52 of 2007, effective from 01.11.2007)

Art. 7. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007; repealed No. 52 of 2007, effective from 01.11.2007)

Chapter Two
FINANCIAL SUPERVISION COMMISSION

Art. 8. (Amended - State Gazette No. 61 of 2002; amended No. 86 of 2006, effective from 01.01.2007; amended and supplemented No. 64 of 2020, effective from 21.08.2020; amended and supplemented No. 51 of 2022; amended and supplemented No. 67 of 2025; amended No. 99 of 2025.) (1) (Amended - State Gazette No. 8 of 2003; supplemented No. 39 of 2005; amended No. 86 of 2006, effective from 01.01.2007; amended No. 99 of 2025) The regulation and supervision of persons, activities and transactions under Art. 1(1) are carried out by the Financial Supervision Commission, hereinafter referred to as "the Commission", as well as by the Vice-President heading the "Supervision of Investment Activities" Directorate, hereinafter referred to as "the Vice-President". (2) (New - State Gazette No. 64 of 2020, effective from 21.08.2020) The Commission is the competent authority for the implementation of Regulation (EU) 2017/1129. (3) (New - State Gazette No. 51 of 2022) The Commission is the competent authority within the meaning of Art. 29 of Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for businesses and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (OJ L 347/1 of 20 October 2020), hereinafter referred to as "Regulation (EU) 2020/1503", and exercises the powers under Art. 2(2) and (3), Art. 12(5)-(10), Art. 13, Art. 16(2), Art. 17, Art. 23(5) and (14), Art. 28(1)-(3), (7) and (8), Art. 30, Art. 31(1)-(7), Art. 32(1)-(3), Art. 33, 37 and 38 of Regulation (EU) 2020/1503 with regard to crowdfunding services, except for cases that are expressly assigned to the competence of the Bulgarian National Bank under the Credit Institutions Act. (4) (New - State Gazette No. 51 of 2022; amended No. 99 of 2025) The Vice-President is the competent authority within the meaning of Art. 29 of Regulation (EU) 2020/1503 and exercises the powers that are not assigned to the exclusive competence of the Commission with regard to the provision of crowdfunding services. (5) (New - State Gazette No. 51 of 2022; amended No. 99 of 2025) With regard to the provision of crowdfunding services, notifications and reports under Art. 15(3) and Art. 16(1) of Regulation (EU) 2020/1503 are made to the Commission. (6) (New - State Gazette No. 67 of 2025) The Commission is the competent authority within the meaning of Art. 44(1) of Regulation (EU) 2023/2631 of the European Parliament and of the Council of 22 November 2023 on European green bonds and on voluntary disclosure of information for bonds offered on the market as environmentally sustainable, and for sustainability-linked bonds (OJ L 2023/2631 of 30 November 2023), hereinafter referred to as "Regulation (EU) 2023/2631", and exercises the powers of the competent authority for issuers' compliance with the requirements under Arts. 10-15, 18, 19 and 21 of the same regulation. (7) (New - State Gazette No. 67 of 2025) The Vice-President is the
competent authority within the meaning of Art. 44(2) of Regulation 2023/2631 and exercises the powers of the competent authority for initiators' compliance with the requirements under Arts. 10-15, 18 and 19 of the same regulation, except for cases that are expressly assigned to the competence of the Bulgarian National Bank under the Credit Institutions Act. (8) (Amended - State Gazette No. 39 of 2005; previous paragraph 2, No. 64 of 2020, effective from 21.08.2020; previous paragraph 3, No. 51 of 2022; previous paragraph 6, No. 67 of 2025; amended No. 99 of 2025) In performing its functions, the Commission adopts clear and consistent decisions, is open and accountable for its actions, assesses the burden of regulatory restrictions and the expected benefit from them, and stimulates fair competition.

Art. 9. (Amended - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 10. (Amended and supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 11. (Repealed - State Gazette No. 8 of 2003, effective from 01.03.2003).

Art. 12. (Repealed - State Gazette No. 8 of 2003, effective from 01.03.2003).

Art. 13. (Amended and supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 14. (Repealed - State Gazette No. 8 of 2003, effective from 01.03.2003).

Art. 15. (Amended and supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 16. (Supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003)

Art. 16a. (New - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 17. (Amended and supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 18. (Supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Art. 19. (Amended and supplemented - State Gazette No. 61 of 2002; repealed No. 8 of 2003, effective from 01.03.2003).

Part Two
REGULATED MARKETS FOR SECURITIES
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Chapter Three
STOCK EXCHANGE
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)
Section I
Establishment and Management
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Art. 20. (Amended and supplemented - State Gazette No. 61 of 2002; supplemented No. 71 of 2003; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 21. (Amended - State Gazette No. 86 of 2006; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 22. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 23. (Supplemented - State Gazette No. 86 of 2006, effective from 28.10.2006; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 24. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 25. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 26. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 27. (Amended - State Gazette No. 86 of 2006, effective from 01.01.2007; repealed No. 52 of 2007, effective from 01.11.2007).

Section II
Issuance and Revocation of License
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Art. 28. (Amended - State Gazette No. 61 of 2002; amended and supplemented No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 29. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 30. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 31. (Amended - State Gazette No. 39 of 2005, No. 34 of 2006, effective from 01.01.2008; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 32. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 33. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 34. (Amended and supplemented - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 35. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 36. (Amended - State Gazette No. 39 of 2005, amended and supplemented No. 34 of 2006, effective from 01.01.2008; repealed No. 52 of 2007, effective from 01.11.2007).

Section III
Membership and Stock Exchange Arbitration
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Art. 37. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 38. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 39. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 40. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 41. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 42. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 43. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Chapter Four
UNOFFICIAL MARKET FOR SECURITIES
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Art. 44. (Amended - State Gazette No. 39 of 2005; amended No. 86 of 2006, effective from 01.01.2007; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 45. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 46. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 47. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 48. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 49. (Amended - State Gazette No. 39 of 2005, No. 34 of 2006, effective from 01.01.2008; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 50. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 51. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 52. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 53. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Part Three
TRANSACTIONS WITH SECURITIES

Chapter Five
INVESTMENT INTERMEDIARIES

Section I
General Provisions
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Art. 54. (Supplemented - State Gazette No. 61 of 2002; amended No. 39 of 2005, effective from 01.01.2006; No. 59 of 2006; No. 86 of 2006, effective from 01.01.2007; amended No. 25 of 2007; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 55. (Amended - State Gazette No. 39 of 2005, effective from 01.01.2006; amended No. 86 of 2006, effective from 01.01.2007; repealed and supplemented No. 52 of 2007, effective from 01.11.2007)

Art. 56. (Amended and supplemented - State Gazette No. 61 of 2002; No. 39 of 2005, effective from 01.01.2006; amended No. 25 of 2007; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 56a. (New - State Gazette No. 39 of 2005; amended No. 59 of 2006; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 57. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Art. 58. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 59. (Amended - State Gazette No. 39 of 2005; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 60. (Amended and supplemented - State Gazette No. 39 of 2005; amended No. 25 of 2007; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 61. (Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007).

Section II
Issuance and Revocation of License
(Repealed - State Gazette No. 52 of 2007, effective from 01.11.2007)

Art. 62. (Amended and supplemented - State Gazette No. 39 of 2005; supplemented No. 86 of 2006, effective from 01.01.2007, amended and supplemented No. 25 of 2007; repealed No. 52 of 2007, effective from 01.11.2007).

Art. 63. (Amended and supplemented - State Gazette No. 39 of 2005; No. 25 of 2007;