RegAlert2011-10-20
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Ordinance No. 44 of 20.10.2011 on Requirements for the Activity of Collective Investment Schemes, Management Companies, National Investment Funds, Alternative Investment Funds and Managers of Alternative Investment Funds
The Commission for Financial Supervision issued Ordinance No. 44 to regulate the operational requirements for collective investment schemes, management companies, national investment funds, and alternative investment funds in Bulgaria. The ordinance mandates strict liquidity management protocols, defines eligible assets including specific criteria for money market instruments and derivatives, and standardizes contractual obligations between investment companies, managers, and depositaries. It further establishes detailed rules for asset valuation, conflict of interest prevention, and investor protection measures to ensure market stability and transparency.
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ORDINANCE No. 44 of 20.10.2011 on the Requirements for the Activity of Collective Investment Schemes, Management Companies, National Investment Funds, Alternative Investment Funds and Persons Managing Alternative Investment Funds
(Title amended - State Gazette, No. 63 of 2016; amended, No. 55 of 2022)
Published - State Gazette, No. 85 of 01.11.2011, effective from 01.11.2011; amended, No. 52 of 10.07.2015; amended and supplemented, No. 63 of 12.08.2016; amended and supplemented, No. 55 of 15.07.2022; amended and supplemented, No. 36 of 21.04.2023; amended and supplemented, No. 38 of 28.04.2023; amended and supplemented, No. 52 of 18.06.2024; amended and supplemented, No. 90 of 25.10.2024; amended, No. 20 of 11.03.2025, effective from the date of introduction of the euro in the Republic of Bulgaria; amended, No. 65 of 08.08.2025, effective from 08.08.2025; amended and supplemented, No. 63 of 10.07.2026.
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Source: Financial Supervision Commission Bulgaria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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