Regulatory Alerts2025-12-09
Ordinance No. 5 of the Ministry of Finance and the BNB of 9 December 2025 on the Terms and Procedure for Acquisition, Registration, Redemption and Trade in Government Securities
The Ministry of Finance and the Bulgarian National Bank issued Ordinance No. 5 to establish the legal framework for the acquisition, registration, redemption, and trading of dematerialized government securities. The regulation defines eligibility criteria, application procedures, and operational requirements for participants in the Electronic System for Registration and Trading of Government Securities (ESROTS) and the Auction and Subscription System (ADCTS). It further details the procedures for primary market auctions, including bid submission, classification, and settlement via TARGET2, while governing the admission and termination of participant access.
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