Regulatory Alerts2025-12-09
Added · Updated
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
This Ordinance establishes the terms and procedures for the acquisition, registration, redemption, and trade of book-entry government securities issued in the domestic market by the Minister of Finance, effective January 1, 2026. It outlines the roles of the Bulgarian National Bank (BNB) in organizing sales, maintaining electronic systems (GSAS, ESROT, GSSS), and registering securities. The document specifies eligibility requirements and application procedures for participants in the Electronic System for Registration and Servicing Trade in Government Securities (ESROT) and the System for Conducting Auctions and Sale Subscriptions of Government Securities (GSAS), including primary dealers, sub-depositories, investment intermediaries, and banks. It also details auction rules, bid types, and maximum acquisition limits for competitive bids: 15 percent for short-term, 35 percent for medium-term, and 50 percent for long-term government securities.
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