Order No. 15 of 05.05.2004 on the Maintenance and Preservation of Registers by the Commission on Financial Supervision and on Circumstances Subject to Registration

Order No. 15 of 05.05.2004 on the Maintenance and Preservation of Registers by the Commission on Financial Supervision and on Circumstances Subject to Registration Published - State Gazette, No. 54 of 23.06.2004; effective from 01.10.2004; amended, No. 15 of 15.02.2005; effective from 01.01.2005; amended and supplemented, No. 12 of 07.02.2006; No. 53 of 30.06.2006; amended and supplemented, No. 22 of 13.03.2007; amended and supplemented, No. 63 of 15.07.2008; amended and supplemented, No. 68 of 01.08.2008; amended and supplemented, No. 13 of 17.02.2009; amended, No. 49 of 29.06.2010, effective 31.08.2010; amended and supplemented, No. 68 of 15.08.2014, effective from 01.11.2014; amended, No. 90 of 31.10.2014, effective from 31.10.2014; amended and supplemented, No. 95 of 28.11.2017, effective from 28.11.2017; amended and supplemented, No. 101 of 07.12.2018; supplemented, No. 41 of 21.05.2019; amended and supplemented, No. 55 of 12.07.2019; amended and supplemented, No. 30 of 31.03.2020; amended and supplemented, No. 61 of 10.07.2020; amended and supplemented, No. 48 of 08.06.2021; amended and supplemented, No. 60 of 20.07.2021; amended and supplemented, No. 97 of 19.11.2021, effective from 01.01.2022; amended and supplemented, No. 47 of 24.06.2022; amended and supplemented, No. 101 of 20.12.2022, effective from 01.01.2023; amended and supplemented, No. 70 of 20.08.2024; amended and supplemented, No. 109 of 16.12.2025, effective from 16.12.2025. Adopted by Decision No. 21-N of 05.05.2004 of the Commission on Financial Supervision
Chapter One
GENERAL PROVISIONS
Art. 1. This Order establishes the procedure for maintaining and preserving the registers under Art. 30, para. 1 of the Law on the Commission on Financial Supervision (LCFS) by the Commission on Financial Supervision, hereinafter referred to as "the Commission", as well as the circumstances subject to registration. Art. 2. (Amended and supplemented - State Gazette, No. 22 of 2007; amended, No. 63 of 2008; amended and supplemented, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; amended, No. 55 of 2019; amended and supplemented, No. 30 of 2020; supplemented, No. 61 of 2020; amended, No. 47 of 2022; supplemented, No. 109 of 2025, effective from 16.12.2025.) The Commission maintains registers for:
1. (amended - State Gazette, No. 63 of 2008; supplemented, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020.) regulated markets for financial instruments, multilateral trading facilities, organized trading facilities, and growth markets;
2. investment intermediaries;
3. public companies and other securities issuers;
4. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014.) collective investment schemes;
5. (supplemented - State Gazette, No. 12 of 2006; amended, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014.) management companies;
6. (new - State Gazette, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014.) national investment funds;
7. (new - State Gazette, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; supplemented, No. 101 of 2018; amended, No. 30 of 2020.) persons managing alternative investment funds, and the alternative investment funds managed by them, including venture capital funds, social entrepreneurship funds, or long-term investment funds;
8. (new - State Gazette, No. 101 of 2018.) tied agents;
9. (new - State Gazette, No. 101 of 2018; amended, No. 47 of 2022.) approved reporting mechanisms and approved publication mechanisms under Art. 1, item 3 of the Law on Markets in Financial Instruments (LMFI);
10. (new - State Gazette, No. 101 of 2018.) benchmark administrators licensed or registered by the Commission in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks for the purposes of financial instruments and financial contracts or for measuring the performance of investment funds, and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ, L 171/1 of 29 June 2016) (Regulation (EU) 2016/1011);
11. (repealed, replaced by former item 6, amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; former item 8, No. 101 of 2018; amended, No. 30 of 2020.) financial instrument brokers and investment consultants;
12. (supplemented - State Gazette, No. 53 of 2006; former item 7, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; former item 9, No. 101 of 2018.) insurers and reinsurers;
13. (new - State Gazette, No. 95 of 2017, effective from 01.03.2018; former item 10, No. 101 of 2018.) special purpose entities for alternative transfer of insurance risk;
14. (new - State Gazette, No. 109 of 2025, effective from 16.12.2025.) organizations conducting professional training for insurance broker employees;
15. (supplemented - State Gazette, No. 53 of 2006; former item 9, No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; former item 10, No. 95 of 2017, effective from 01.03.2018; former item 11, No. 101 of 2018; amended, No. 55 of 2019; former item 14, No. 109 of 2025, effective from 16.12.2025.) insurance brokers, insurance agents, and intermediaries offering insurance products as an ancillary activity;
16. (new - State Gazette, No. 22 of 2007; repealed, replaced by former item 10, as amended in No. 68 of 2014, effective from 01.11.2014; effective from 01.01.2015 - State Gazette, No. 90 of 2014, effective from 31.10.2014; former item 11, No. 95 of 2017, effective from 01.03.2018; former item 12, No. 101 of 2018; former item 15, No. 109 of 2025, effective from 16.12.2025.) supplementary pension insurance companies, funds managed by them, and occupational schemes;
17. (former item 11, amended, No. 22 of 2007; former item 12, No. 95 of 2017, effective from 01.03.2018; former item 13, No. 101 of 2018; former item 16, No. 109 of 2025, effective from 16.12.2025.) insurance intermediaries for supplementary pension insurance companies;
18. (new - State Gazette, No. 53 of 2006; former item 12, amended, No. 22 of 2007; former item 13, No. 95 of 2017, effective from 01.03.2018; former item 14, No. 101 of 2018; former item 17, No. 109 of 2025, effective from 16.12.2025.) persons with recognized professional qualification as a responsible actuary;
19. (new - State Gazette, No. 61 of 2020; former item 18, No. 109 of 2025, effective from 16.12.2025.) authorized advisors.
Art. 3. (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) (1) The registers are based on a unified electronic database and a card index of registered persons.
(2) (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Only information regarding the circumstances and changes thereto, as determined by this Order or another normative act, is subject to registration in the registers.
(3) (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Registrations in the registers provide publicity to the information contained therein.
Chapter Two
MAINTENANCE OF REGISTERS
Art. 4. (Amended and supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; supplemented, No. 55 of 2019.) (1) (Supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) The registration procedure is initiated upon application by a person under Art. 2, their authorized or legal representative, or on the initiative of the Commission, respectively the Deputy Chairpersons heading the three main directorates of the Commission, hereinafter referred to as "the Deputy Chairpersons of the Commission", unless another procedure is provided by a normative act. (2) (Supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) Persons under Art. 2 are obliged to apply for registration in the Commission's registers of information regarding the circumstances subject to registration under Art. 2, as determined in this Order or another normative act, and changes thereto. (3) (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 95 of 2017, effective from 28.11.2017; supplemented, No. 55 of 2019.) The obligation under para. 2 is fulfilled no later than 7 days from the adoption of the decision, respectively from the occurrence or knowledge of the circumstance subject to registration, and when it is subject to registration in the commercial register and the register of non-profit legal entities - no later than 7 days from such registration, unless another deadline is provided by a normative act. (4) (New - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) The Commission on Financial Supervision determines the registrations under this Order that are carried out entirely electronically in compliance with the Law on Electronic Document and Electronic Authentication Services. Art. 5. (Supplemented - State Gazette, No. 63 of 2008; amended and supplemented, No. 68 of 2014, effective from 01.11.2014; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020.) (1) (Supplemented - State Gazette, No. 63 of 2008; amended, No. 101 of 2018; amended, No. 30 of 2020.) Registrations in the registers are carried out by order of the respective member of the Commission or duly authorized employees, unless another procedure is provided by a normative act. (2) Registration orders are issued based on documents containing the information subject to registration, submitted by applicants or officially collected or issued by the Commission and its bodies. (3) (Amended - State Gazette, No. 101 of 2018.) When the application is submitted on paper, original documents or copies certified with "True to original" by the person signing the application are submitted to the Commission, unless another certification is required by a normative act. Upon request, originals of documents are also provided. (4) (Amended - State Gazette, No. 68 of
2014, effective from 01.11.2014; amended, No. 101 of 2018.) The Commission, respectively the Deputy Chairpersons of the Commission, may approve mandatory paper forms and electronic registration forms, in which applicants fill in the information subject to registration in the specified format and structure. (5) (Amended - State Gazette, No. 101 of 2018.) Electronic registration forms under para. 4 are electronic documents within the meaning of Art. 3, para. 1 of the Law on Electronic Document and Electronic Authentication Services, prepared in accordance with the standards, procedures, and rules under Art. 6, para. 8. (6) (New - State Gazette, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 101 of 2018.) When the application is submitted electronically, it is signed with a qualified electronic signature. If necessary, the Commission or its bodies may require that received electronic documents also be submitted on paper. (7) (New - State Gazette, No. 101 of 2018.) Certified copies of documents subject to publication in the register under Art. 2, in which personal data other than those required by law are deleted, are also submitted with the application. Art. 6. (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020.) (1) For each person subject to registration, the registrations provided by this Order are carried out in the electronic database. (2) (Amended - State Gazette, No. 30 of 2020.) For each record in the electronic database under para. 1, the date, type of registration, and names of the official who carried out the registration are noted. (3) (Amended - State Gazette, No. 101 of 2018; amended, No. 30 of 2020.) Subsequent registrations in the electronic database of the registers under Art. 2 are carried out such that the information contained in previous registrations is updated with newly received information. (4) (Repealed - State Gazette, No. 101 of 2018). (5) (Amended - State Gazette, No. 101 of 2018.) Errors made during registration are corrected based on an order of the respective member of the Commission, with the correction noted in the corresponding record. (6) Correction of errors and inaccuracies in submitted electronic registration forms is carried out by submitting a new electronic form. (7) The Commission builds and maintains an automated information system for submitting information by persons under Art. 2, as well as for reviewing and distributing electronically the information contained in the registers under Art. 2. (8) The standards, procedures, and rules for the organization and functioning of the automated information system are determined by the Chairman of the Commission. Art. 7. (1) For each person subject to registration, a file is opened in the card index, in which all orders for registration concerning them, as well as the information subject to registration, documented on paper, are classified in chronological order of
receipt. (2) Each file has a unique number, matching the record number of the registered person. (3) All documents classified in the file are accompanied by an inventory, on which the date of receipt of the listed documents is placed. The inventory is certified by an official who maintains the card index of registered persons. Art. 8. (Amended and supplemented, No. 68 of 2014, effective from 01.11.2014.) (1) (Supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Registration of information in the records of registered persons and classification of documents in their files are carried out by officials determined by an order of the Chairman of the Commission, in compliance with normatively defined or established by the Chairman of the Commission rules. (2) (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Registrations in the registers are carried out within three working days after the issuance of the registration order, unless another deadline is determined by a normative act. Art. 9. (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) (1) Everyone has the right to free access to the information contained in the registers under Art. 2. (2) (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Access to the information contained in the electronic database is provided through the Commission's official website on the internet. (3) Access to review the information contained in the card index of registered persons is provided on-site at the Commission's building, designated by an order of the Chairman of the Commission. Art. 10. (1) Everyone may request the preparation of a certificate for information registered in the registers under Art. 2 on paper or electronic media. (2) Requests to review information registered in the registers under Art. 2, as well as to prepare a certificate under para. 1, are addressed to an official determined by an order of the Chairman of the Commission.
Chapter Three
PRESERVATION OF REGISTERS
Art. 11. (Supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Actions for preserving the registers are carried out by the officials maintaining the registers under Art. 2, or under their direction and supervision in compliance with normatively defined or established by the Chairman of the Commission rules. Art. 12. (Amended and supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014.) (1) The electronic database is preserved in a manner that guarantees the integrity of the information and controlled access for registration and review in accordance with the requirements of this Order. (2) Copying information from the database to electronic media and from the card index of registered persons to paper media, outside the cases under Art. 10, is carried out only with the permission of the Chairman of the Commission. (3) (Amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) Information contained in the electronic database is archived in a manner determined by the Chairman of the Commission. (4) (Repealed - State Gazette, No. 68 of 2014, effective from 01.11.2014). Art. 13. (1) The card index is preserved in a manner that guarantees its physical integrity. (2) Files from the card index may be removed from the premises where they are stored, or provided for review, only in a manner established by the Commission.
Chapter Four
CIRCUMSTANCES SUBJECT TO REGISTRATION
Section I
Circumstances Subject to Registration, Common to All Registers Art. 14. (Amended and supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; supplemented, No. 55 of 2019; amended, No. 30 of 2020; amended and supplemented, No. 97 of 2021, effective from 01.01.2022.) (1) In the record of each legal entity, regardless of the register in which it is maintained, the following are registered:
1. (amended - State Gazette, No. 101 of 2018.) the name, as well as data on changes in the name, if any have occurred after the registration of the legal entity in the corresponding register under Art. 2;
2. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 95 of 2017, effective from 28.11.2017.) the Unique Identification Code (EIC) and, where applicable, the Legal Entity Identifier (LEI) code;
3. the legal-organizational form;
4. (supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; repealed, No. 30 of 2020.) ;
5. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) the correspondence address, telephone, fax, e-mail address, and internet website;
6. (supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014.) the seats and addresses of branches or offices, if any;
7. the date and manner of establishment;
8. (repealed - State Gazette, No. 30 of 2020.) ;
9. the term for which the legal entity is established, if any;
10. (repealed - State Gazette, No. 30 of 2020.) ;
11. (repealed - State Gazette, No. 30 of 2020.) ;
12. (repealed - State Gazette, No. 30 of 2020.) ;
13. (repealed - State Gazette, No. 30 of 2020.) ;
14. (repealed - State Gazette, No. 30 of 2020.) ;
15. (repealed - State Gazette, No. 30 of 2020.) ;
16. (amended - State Gazette, No. 101 of 2018; repealed, No. 30 of 2020.) ;
17. (amended - State Gazette, No. 101 of 2018; repealed, No. 30 of 2020.) ;
18. (amended - State Gazette, No. 101 of 2018; repealed, No. 30 of 2020.) ;
19. (supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
20. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) the transformation of the legal entity;
21. (repealed - State Gazette, No. 30 of 2020.) ;
22. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014.) the register or registers of the Commission in which the person is maintained;
23. (amended and supplemented - State Gazette, No. 101 of 2018.) information on compulsory administrative measures applied by the Commission, respectively a Deputy Chairperson of the Commission, as well as their cancellation, the grounds for their application, the number and date of the decision;
24. (amended and supplemented - State Gazette, No. 101 of 2018.) information on pecuniary sanctions imposed by the Chairman of the Commission, respectively a Deputy Chairperson of the Commission, the legal provisions that were violated, the number and date of the penalty order;
25. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended and supplemented, No. 101 of 2018.) information on fines imposed on persons authorized to manage and represent the legal entity, by the Chairman of the Commission, respectively a Deputy Chairperson, the legal provisions that were violated, the number and date of the penalty order;
26. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; supplemented, No. 55 of 2019; repealed, No. 30 of 2020.) ;
27. (supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
28. (amended - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; amended, No. 30 of 2020.) the date and number of the Commission's decision to remove the legal entity from the corresponding register.
(2) (Supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014.) In cases where some of the data under para. 1 are inapplicable to a specific person, they are replaced with the corresponding information if available.
(3) (New - State Gazette, No. 101 of 2018.) The Legal Entity Identifier (LEI) code is also registered for any person whose circumstances are registered in the record of a person registered in a register under Art. 2, when the person holds such a code.
(4) (New - State Gazette, No. 101 of 2018; amended and supplemented, No. 97 of 2021, effective from 01.01.2022.) Information on a applied compulsory administrative measure, respectively information on an imposed pecuniary sanction or fine, is published in the registers under Art. 2 after the decision, respectively penalty order, enters into force, unless otherwise provided by a normative act. Publication of information under the preceding sentence is carried out in a volume, under conditions, and in a manner, consistent with the requirements in the corresponding normative act, if any.
Section II
Circumstances Subject to Registration in the Register for Regulated Markets for Financial Instruments (Heading amended - State Gazette, No. 63 of 2008; supplemented, No. 68 of 2014, effective from 01.11.2014.)
Art. 15. (Amended - State Gazette, No. 12 of 2006; fully amended, No. 63 of 2008; amended and supplemented, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020; amended, No. 47 of 2022.) (1) In the register for regulated markets, the following are registered:
1. (supplemented - State Gazette, No. 95 of 2017, effective from 28.11.2017.) the Commission's decision issuing a license to carry out activities as a regulated market, and the license number;
2. the name, EIC, seat, and management address of the market operator;
3. the capital amount of the market operator;
4. (supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
5. (supplemented - State Gazette, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
6. (amended - State Gazette, No. 101 of 2018.) the names of natural persons elected as members of the board of directors, management board, and supervisory board of the market operator;
7. the name, EIC, seat, and management address of legal entities elected as members of the board of directors, management board, and supervisory board of the market operator;
8. (amended - State Gazette, No. 101 of 2018.) the names of natural persons representing the legal entities, members of the board of directors, management board, and supervisory board of the market operator;
9. (amended - State Gazette, No. 101 of 2018.) the names of all other persons authorized to manage and represent the market operator;
10. (repealed - State Gazette, No. 68 of 2014, effective from 01.11.2014.) ;
11. the rules of operation of the regulated market;
12. (repealed - State Gazette, No. 101 of 2018.) ;
13. (amended - State Gazette, No. 101 of 2018; repealed, No. 30 of 2020.) ;
14. (amended - State Gazette, No. 101 of 2018.) the approval of the Minister of Finance and the Governor of the BNB under Art. 153, para. 2 LMFI;
15. (amended - State Gazette, No. 101 of 2018.) the approval under Art. 187, para. 2, item 2 LMFI for carrying out settlement of transactions through a system other than the one applied by the regulated market;
16. (amended - State Gazette, No. 101 of 2018.) the approval under Art. 188, para. 2 LMFI for carrying out clearing and/or settlement of transactions concluded on the regulated market through a central counterparty, clearing house, and settlement system in another member state;
17. the Commission's decision to revoke the license to carry out activities as a regulated market;
18. (amended - State Gazette, No. 101 of 2018.) the names of appointed receivers.
19. (new - State Gazette, No. 101 of 2018.) persons acting as market-makers on the corresponding regulated market;
20. (new - State Gazette, No.