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

1 Ordinance No 5 of the BNB Ordinance No 5* of the MF and the BNB of 9 December 2025 on the Terms and Procedure for Acquisition, Registration, Redemption and Trade in Government Securities (published in the Darjaven Vestnik, issue 109 of 16 December 2025; effective as of 1 January 2026) Chapter One GENERAL PROVISIONS Article 1. (1) This Ordinance shall establish the terms and procedure for acquisition, registration, redemp￾tion and trade in book-entry government securities, hereinafter referred to as government securities, issued in the domestic market by the Minister of Finance. This Ordinance shall not apply to trade in government securi￾ties in regulated markets and multilateral trading facilities. (2) This Ordinance shall also apply to registration of government securities transactions concluded in a regulated market or a multilateral trading facility (MTF). (3) Book-entry government securities shall be government securities which are not issued in a physical form but exist in the form of accounting and electronic entries in programme systems certifying the ownership over these government securities. Article 2. (1) Government securities shall be issued by a decision of the Minister of Finance. (2) Government securities may be:

1. short-term government securities – with a redemption term of up to one year inclusive;
2. medium-term government securities – with a redemption term from one to five years inclusive;
3. long-term government securities – with a redemption term of over five years. (3) Government securities may generate income in the form of a discount from the nominal value and/or interest. (4) The Bulgarian National Bank (BNB) shall:
4. organise the activities in relation to the sale of government securities on behalf and for the account of the government and publish information thereof; therefore, it shall establish and maintain a System for Conducting Auctions and Sale Subscriptions of Government Securities (GSAS);
5. adopt a tariff on fees and commissions charged on government securities transactions in the primary and secondary markets upon coordination with the Ministry of Finance;
6. establish and maintain the Electronic System for Registration and Servicing Trade in Government Securi￾ties (ESROT);
7. establish and maintain the Government Securities Settlement System (GSSS). (5) All government securities issued by the Minister of Finance shall be registered by the BNB in the systems under paragraph 4, items 3 and 4. (6) Government securities issued by the Minister of Finance in the domestic market, registered by the BNB under paragraph 5, may be transferred in central securities depositories established in Member States subject to the conditions for direct participation of the respective central securities depository within the meaning of Article 3, paragraph 1, item 5. (7) ESROT participants and their customers may transfer and hold the government securities owned by them in central securities depositories established in Member States subject to the provisions of paragraph 6. In the cases under the first sentence, all government securities owned by ESROT participants and their cus￾tomers on accounts with a central securities depository established in another Member State shall be subject to the laws in force in the respective Member State and applicable to the respective account of the central securities depository from the date of the registration of these securities. (8) The Bulgarian National Bank shall organise the activity under paragraphs 4 and 5 pursuant to an agency contract signed with the Minister of Finance. (9) All transactions conducted under this Ordinance with flows on TARGET2-Securities dedicated cash accounts in the Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET) shall be carried out in accordance with the delivery versus payment (DVP) principle.

• Unofficial translation provided for information purposes only. The Bulgarian National Bank bears no responsibility whatsoever as to the accuracy of the translation and is not bound by its contents.

2 Ordinance No 5 of the BNB (10) Government securities issued by the Minister of Finance in the domestic market and registered by the BNB under paragraph 5 may constitute eligible assets in accordance with the General Conditions of the BNB for the Implementation of the Eurosystem Monetary Policy. Article 3. (1) Participants in the ESROT may be:

1. primary dealers of government securities;
2. sub-depositories of government securities;
3. investment intermediaries other than the entities under item 1 whose licenses provide for the services and activities under Article 6, paragraph 2, items 1, 2 or 3 of the Law on Markets in Financial Instruments, including investment intermediaries from other Member States;
4. banks other than the entities under items 1 and 2 whose licenses provide for the services and activities under Article 2, paragraph 2, item 9 of the Law on Credit Institutions, including those from other Member States;
5. Member States’ central securities depositories (CSDs);
6. the Bulgarian National Bank and other members of the European System of Central Banks;
7. the Ministry of Finance;
8. other entities approved by the Minister of Finance and the BNB Governor. (2) Primary dealers shall be the entities approved by the Minister of Finance under Ordinance No 15 of 2007 on the Control over Transactions in Government Securities (Ordinance No 15 of 2007). (3) Sub-depositories of government securities issued in the domestic market may be banks and foreign bank branches operating in the territory of the Republic of Bulgaria, whole license includes the activities referred to in Article 2, paragraph 2, items 4 and 9 of the Law on Credit Institutions, and institutions authorised in a Member State to carry out activities as a central securities depository. (4) ESROT participants shall also participate in the GSSS. Article 4. (1) ESROT participants shall meet the following requirements:
9. the entities except for those under Article 3, paragraph 1, items 6, 7 and 8 shall hold a license issued by the relevant competent authority;
10. to have a TARGET2-Securities dedicated cash account in TARGET or specify such an account in TAR￾GET of a bank that they will use for the cash settlement of their transactions in government securities on the basis of a contract with the bank;
11. to have technical communication facilities necessary to send instructions for and notifications of transac￾tions in government securities in the secondary market, as well as to receive notifications and confirmations on behalf of the BNB. (2) Technical communication facilities which can be used shall be: SWIFT and the ESROT web-based inter￾face when using a qualified electronic signature in accordance with Regulation (EU) No 910/2014 of the Euro￾pean Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257 of 28 August 2014). (3) Other technical facilities may be used upon a notification by the Ministry of Finance and the Bulgarian National Bank that they are ready to introduce them. (4) To facilitate the direct participation in ESROT, the participants under Article 3, paragraph 1, item 5 may specify a local sub-depository of government securities to act as a technical operator of the ESROT connection on behalf and for the account of the respective participant under Article 3, paragraph 1, item 5, that, on the basis of an agreement concluded between them, shall be responsible for the entire communication with the ESROT. Article 5. (1) A Commission appointed by the Deputy Governor in charge of the Banking Department at the BNB, which consists of three permanent and three reserve members shall decide on the eligibility for participa￾tion in the ESROT. (2) Those willing to participate in the ESROT shall submit an application on paper drawn up according to the sample form (Appendix 1) to the Fiscal Services Directorate at the BNB, signed by the persons authorised to represent the entity. The following documents shall be attached to the application:
12. a unique identifier code or an excerpt from the Commercial Register issued not more than one month pre￾viously, effective as of the date of the application submission; an applicant willing to participate in the ESROT and established in another Member State or in a third country shall enclose a relevant document equivalent to the excerpt from the Commercial Register issued by a judicial or administrative authority of the State where it is established; where the relevant national legislation of the applicant does not provide for such a document, he shall submit another document certifying the status; the participants under Article 3, paragraph 1, items 6 and 7 shall not submit such an excerpt;

3 Ordinance No 5 of the BNB 2. notary certified specimens of the signatures of the persons authorised to represent the entity; 3. a copy of the relevant license of a bank, an investment intermediary and a central securities depository; 4. an application for opening government securities settlement accounts (Appendix 1 to Article 9 of Ordi￾nance No 31 of 2007 on Government Securities Settlement); 5. the participant’s business identification code (BIC) to be used for communication with the ESROT and data on qualified electronic signature certificates of users (issuer, holder, series number, type and validity) au￾thorised by the participant to establish connections via the ESROT web-based interface; 6. a list of authorised contact persons in the events of problems with government securities transactions of the participant. (3) For the purposes of cash settlement of government securities transactions in the primary and secondary markets:

1. banks participants shall indicate the number of the TARGET2-Securities dedicated cash account in TAR￾GET-BNB or in another system component of TARGET;
2. participants that do not have a TARGET2-Securities dedicated cash account in TARGET shall attach a declaration in accordance with the sample form (Appendix 2) about an available concluded contract with a settlement bank of their choice to make payments on transactions in government securities via a TARGET2- Securities dedicated cash account of the bank in a system component of TARGÉT;
3. for the purposes of cash settlement, each settlement bank participating in the system component TAR￾GET-BNB or in another system component of TARGET shall file an application to the BNB or another central bank for connecting its TARGET2-Securities dedicated cash account in TARGET with one or more government securities settlement accounts. (4) The ESROT operator shall ex-officio debit/credit the TARGET2-Securities dedicated cash accounts in TARGET used by the participants for their transactions in government securities. (5) ESROT participants under Article 3, paragraph 1, items 1, 3 and 4, that are not sub-depositories of gov￾ernment securities, shall enclose a declaration by a chosen bank according to the sample form (Appendix 3) on the basis of a contract concluded with it where the government securities transferred to the customers will be deposited. (6) The Commission under paragraph 1 shall examine the application and the documents attached thereto, and the BNB shall reply to the applicant within one month of receipt of all necessary documents. (7) In the case of an application submitted by an applicant pursuant to Article 3, paragraph 1, item 5 for the purpose of establishing a connection between the ESROT and the applying central securities depository, the Commission under paragraph 1 shall examine the application and the documents attached thereto, and the Bulgarian National Bank shall provide a reply to the applicant within three months of receipt of all necessary documents. (8) Upon submitting the required documents and conducting successful tests for the technical preparedness of the participant for communication with the ESROT via SWIFT and/or an ESROT web-based interface when using a qualified electronic signature, an agreement for participation in the ESROT shall be signed between the BNB and the participant in a form approved by the BNB. Where necessary, the ESROT participants under Article 3, paragraph 1, items 5, 6, 7 and 8 shall sign specific participation agreements depending on the nature of the services used. (9) The Bulgarian National Bank shall refuse access to an applicant for the ESROT only by giving written reasons for its decision and on the basis of the overall risk assessment. (10) The Bulgarian National Bank shall keep an up-to-date list of ESROT participants which shall be avail￾able on its official website. (11) The documents under this Ordinance issued in a foreign language shall be submitted in the original and accompanied by a certified translation into Bulgarian, and the official documents submitted shall also be legalised in accordance with the requirements of the effective legislation. (12) The participants shall notify the BNB of changes of circumstances under this Article on the date of oc￾currence of the relevant change. Article 6. (1) Participation in the ESROT shall be unilaterally terminated by the BNB where:
4. the license of an ESROT participant has been revoked or insolvency proceedings have been instituted;
5. a decision on termination has been taken by the competent authority of the participant;
6. the participant in the ESROT is transformed through a merger or a takeover with another participant in the system;

4 Ordinance No 5 of the BNB 4. in the cases provided for by the law where measures restricting the provision of investment services or conduct of activities by the participant have been imposed. (2) The Bulgarian National Bank may temporarily limit access to the ESROT or terminate it generally where it finds that a participant no longer fulfils the conditions for participation in the system, that it no longer fulfils its obligations or that, in the cases provided for by law, it is subject to measures limiting, in whole or in part, its activities. (3) In the cases under paragraph 1, government securities held by a participant and collectively by its cus￾tomers, including encumbered, shall be automatically transferred to another participant, sub-depository of gov￾ernment securities, designated by the Ministry of Finance in coordination with the BNB. (4) In the cases under paragraph 1, government securities held by a participant under Article 3, paragraph 1, items 1, 2, 3, 4 and 8 and collectively by its customers registered with central securities depositories of Member States shall be subject to the rules and procedures applicable in the event of a default of a participant in the relevant central depository. (5) In the cases under paragraph 2, the BNB shall decide, in coordination with the Ministry of Finance, that the government securities held by the participant and/or collectively by its customers, including encumbered, may be ex officio transferred to another participant, a sub-depositary of government securities, designated by the Ministry of Finance in coordination with the BNB. (6) Participation in the ESROT may be terminated at the participant’s request upon a one-month prior notice. Within this month, the participant shall transfer the administration of government securities owned by him or by his customers to another ESROT participant. Transactions agreed upon in advance with a value date on or after the date on which the participation is terminated shall not be registered in the ESROT. (7) The adoption of crisis prevention or crisis management measures within the meaning of the Law on the Recovery and Resolution of Credit Institutions and Investment Firms with regard to an ESROT participant shall not be a self-standing ground to consider that the participant is not eligible to participate in the system or does not fulfil the obligations under the ESROT participation agreement, and to that effect, this circumstance shall not constitute a reason to temporarily or permanently terminate participation in the ESROT. Chapter Two ACQUISITION OF GOVERNMENT SECURITIES IN THE PRIMARY MARKET Article 7. (1) Government securities shall be acquired in the primary market through auctions organised and conducted by the BNB via the GSAS. (2) Participants in the GSAS may be the primary dealers of government securities approved by the Ministry of Finance under Ordinance No 15 of 2007 having the technical communication facilities needed to send bids for participation in auctions and to receive notifications by the BNB. Technical communication facilities which can be used shall be: SWIFT and the web-based interface of the GSAS upon using a qualified electronic signa￾ture. Other technical facilities may be used only upon a notification by the Ministry of Finance and the Bulgarian National Bank that they are ready to introduce them. (3) A Commission appointed by the Deputy Governor in charge of the Banking Department at the BNB, which consists of three permanent and three reserve members shall decide on the eligibility of primary dealers for participation in the GSAS. (4) On the basis of the list of primary dealers officially announced by the Ministry of Finance and designated as eligible, the Commission under paragraph 3 shall organise tests which each primary dealer to establish its technical preparedness for submitting bids in line with the system rules and admit the relevant primary dealers that have successfully passed the tests to participate in the GSAS, while granting access of authorised entities to submit bids. Primary dealers that have already participated in the GSAS may not be subject to new tests. (5) Where necessary, upon a prior notification by the Ministry of Finance and the BNB, participants in the GSAS shall pass tests related to the development and improvement of the system. (6) Participation in the GSAS shall be unilaterally terminated by the BNB where:

1. the participant in the GSAS has been excluded from the list of primary dealers by a decision of the Minister of Finance from the date specified in the decision;
2. participation in the ESROT has been terminated pursuant to Article 6;
3. the tests under paragraph 5 have not been performed successfully. (7) The Bulgarian National Bank shall keep an up-to-date list of GSAS participants which shall be available on the BNB website.

5 Ordinance No 5 of the BNB Article 8. (1) The Bulgarian National Bank shall conduct government securities auctions on Monday. By a decision of the Minister of Finance, the BNB may organise auctions on other days of the week. (2) When the day specified under paragraph 1 is not a business day, the auction shall be conducted on the following business day. (3) By a decision of the Minister of Finance, the BNB may organise extraordinary auctions, in which only the primary dealers specified in the decision are allowed to participate. After the receipt of the notification of the Ministry of Finance, the BNB shall inform primary dealers on the terms of the extraordinary auction. (4) Government securities may also be acquired in the primary market by other means as determined by the Minister of Finance in accordance with the effective legislation. Article 9. (1) Only primary dealers participating in the GSAS may take part in the auctions. (2) Primary dealers may participate in the auctions with competitive bids using sample forms according to the respective Appendices to this Ordinance. (3) Primary dealers may participate with competitive bids both on behalf and for the account of themselves and on behalf of themselves but for the account of their customers. (4) By a decision of the Ministry of Finance, primary dealers may participate with non-competitive bids both on behalf and for the account of themselves and on behalf of themselves but for the account of their custom￾ers, which are not banks or investment intermediaries, including such established in another Member State or in a third country. (5) The auctions shall be conducted by the Commission under Article 7, paragraph 3. Article 10. (1) Primary dealers may also participate in the auctions under Article 8 with bids for replacing government securities held by them and repurchased without a definite term under Article 41, paragraph 1. (2) Bids for participation shall be competitive and submitted under Article 12, paragraphs 1 and 2. (3) The total nominal value of any bid shall be equal to the total nominal value of the bid for a repurchase by replacement under Article 41, paragraph 1. Article 11. (1) Within three business days prior to each auction, the BNB shall notify the GSAS participants, based on the information received from the Ministry of Finance, on: government securities’ issue number (ISIN), the offered quantity; the currency of the issue; the interest rate for the respective period if it is interest-bearing; the dates of redemption of interest and the nominal value, the change, if any, in the proportion of government securities offered for competitive and non-competitive bids; the change,if any, in the maximum quantity of gov￾ernment securities which a participant with competitive bids may acquire (including when he participates on his own behalf but for the account of his customers), as well as the terms for government securities redemption where they are different from those under Article 14, paragraph 3. (2) Where primary dealers participate in the auction with non-competitive bids pursuant to Article 9, para￾graph 4, the proportion between competitive and non-competitive bids offered shall be 80 to 20 per cent of the total amount offered. (3) The maximum quantity of government securities which a participant may acquire (including when he participates on his own behalf but for the account of his customers) with competitive bids shall be:

1. for short-term government securities – 15 per cent of the quantity earmarked for sale through competitive bids;
2. for medium-term government securities – 35 per cent of the quantity earmarked for sale through competi￾tive bids;
3. for long-term government securities – 50 per cent of the quantity earmarked for sale through competitive bids. (4) The Minister of Finance may determine proportions other than those specified under paragraphs 2 and 3 upon submission of the information under paragraph 1. Article 12. (1) Primary dealers shall submit their orders to participate in an auction until 10 am on the day of the auction. Bids shall be sent to the BNB Fiscal Services Directorate. An entry check shall be immediately carried out of the bids received, including a check for compliance with the format set in the Appendices, a check of the key words identifying the respective requisites, and a check of the date and time of receipt. Where an er￾ror has been found, a message shall be sent to the primary dealer. The applications tendered may be changed by primary dealers until expiry of the deadline for their receipt. After that, they shall be considered irrevocable. Only the last message received shall be deemed valid. (2) The bidding application shall be drawn up in accordance with the sample forms in Appendices 4, 5, 6, 7, 8 and 9, and shall contain the following requisites:

6 Ordinance No 5 of the BNB

1. the number of the participant’s TARGET2-Securities dedicated cash account in TARGET;
2. the number of the issue of government securities the bid is made for, and in the cases under Article 10, paragraph 1, also the number of the government securities issue to be repurchased by replacement under Article 41, paragraph 1;
3. the nominal value of the bid (in figures);
4. the price/yield at which the bidder is ready to acquire government securities, expressed as a percentage of 100 units nominal value with two digits after the decimal point (in figures). (3) Provided the bid is made for the account of a primary dealer’s customer, in addition to the requisites under paragraph 2, it shall contain data about the customer for whose account the bid is made: for natural per￾sons – the full name and the identity number; for legal entities and sole proprietors – the firm’s name and the identification code under the BULSTAT register. (4) Provided the bid is made for the account of non-residents, the documents specified in the Appendices to this Ordinance shall contain the following:
5. for natural persons – the full name, type, series and number of the identity document, as well as the coun￾try of issue;
6. for legal entities registered abroad – the firm’s name, headquarters’ address, number and date of registra￾tion, court of registration. (5) Non-competitive bids shall specify no price and yield. They shall be determined pursuant to Article 14, paragraph 5, item 2. The aggregate nominal value of a non-competitive bid shall be at least EUR 50 and a multiple of EUR 1 for government securities. The total amount of non-competitive bids tendered by one primary dealer may not exceed the amount determined under Article 11. Provided this requirement is not met, the bids of the respective primary dealer shall not be admitted to the auction. (6) A bidder shall be eligible to tender up to thirty competitive bids per auction, including bids on his own behalf but for the account of his customers. The total nominal value of a competitive bid shall be at least EUR 1000 and a multiple of EUR 1. (7) Bids received under paragraph 1 shall be kept in a manner which ensures the secrecy of the bids until the auction is conducted. Article 13. (1) On the auction day, the Commission under Article 7, paragraph 3 shall carry out a check and shall not admit to the auction the bids which do not comply with the requirements of this Ordinance. (2) The Commission under Article 7, paragraph 3 shall grade the competitive bids of primary dealers ap￾proved for the auction in a descending order according to the price tendered by the bidders or in an ascending order according to the yield tendered by the bidders within the maximum quantity of government securities which one participant may acquire under Article 11. Should there be bids of one and the same price, which is the minimum price set by the Ministry of Finance, or should there be bids of one and the same yield which is the maximum yield set by the Ministry of Finance, the bids shall be graded on a proportional principle through a coefficient formed as a ratio between the quantity remaining for distribution and the sum of these bids upon at￾tainment of the quantity offered for competitive bids under Article 11. When calculating the coefficient, the sum of competitive bids approved and those participating in the proportional principle distribution may not exceed the maximum quantity which one participant may acquire under Article 11. Provided the total amount of com￾petitive bids filed by primary dealers is less than the quantity under Article 11, the remainder shall be distributed among the non-competitive bids. (3) Provided the total amount of non-competitive bids filed by primary dealers exceeds the quantity of gov￾ernment securities under Article 11, all bids received shall be distributed on a pro rata basis upon attainment of the limit as specified in Article 11. Provided the total amount of non-competitive bids filed by primary dealers is less than the quantity under Article 11, the remainder shall be distributed among the competitive bids. (4) Bids approved on a proportional principle shall be rounded off so that the nominal value shall be a mul￾tiple of EUR 1. In case of a remainder after rounding off, it shall be distributed, as follows: provided the issue remains underbid, the remainder shall be added to the first classified bid but shall not exceed the quantity de￾termined for one participant (if the limit is reached, the sum is added consistently to the next bids classified in time); in cases of overbidding the issue, the remainder is deducted from the last bid classified in time. (5) The Minister of Finance may decide on a non-admission of a particular participant with competitive bids or particular competitive bids to participate in the auction, or on a rejection of all or an approval of particular competitive bids. Classified bids shall be approved by the Minister of Finance or by a person designated by him and shall be sent to the BNB.

7 Ordinance No 5 of the BNB (6) Based on the classified bids and the approval under paragraph 5, a report on the results of the conducted auction shall be drawn up by the Commission under Article 7, paragraph 3, and signed by all its members. (7) The Commission under Article 7, paragraph 3 shall notify all bidders about the results of the auction within the time limits as determined jointly by the Ministry of Finance and the BNB. (8) The unsold quantity of the issues offered for sale in the primary market at several auctions for which the Ministry of Finance has not approved the whole quantity offered at a particular auction shall be offered at the last auction announced for the relevant issue. Provided the whole offered quantity is not approved at the last auction, the announced total quantity of the issue shall be decreased by the unsold quantity. This procedure shall apply to the cases where the whole offered quantity at a particular auction is not sold due to the insufficient total amount of primary dealers’ competitive and/or non-competitive bids. Article 14. (1) Primary dealers whose bids have been approved, including when they participate in the auc￾tion with bids on their own behalf but for the account of their customers, are obliged to provide no later than 9.30 am on the payment day the required funds on TARGET2-Securities dedicated cash accounts in TARGET. (2) The requirements under paragraph 1 shall also apply to the approved bids filed under Article 10, para￾graph 1, and in this case, the required funds which primary dealers shall provide on their TARGET2-Securities dedicated cash accounts in TARGET are the positive difference between the amount they shall have to pay for the government securities acquired by them and the amount that the Ministry of Finance shall have to pay for government securities repurchased by replacement under Article 41, paragraph 1. (3) The BNB shall ex officio debit the TARGET2-Securities dedicated cash accounts in TARGET of the pri￾mary dealers whose bids have been approved with the total amount of the government securities acquired by them against payment, whereas for those acquired by replacement – also with the amount calculated under paragraph 2 on the second business day after the auction date. By a decision of the Minister of Finance, the payment may be effected in other time limits preset in the terms and conditions of the auction under Article 11. (4) Should the primary dealers whose bids have been approved have not the required funds on their TAR￾GET2-Securities dedicated cash accounts in TARGET on the payment date and/or should they have not the re￾quired government securities of the issue for replacement or these government securities are pledged/blocked in favour of a third party at the beginning of the payment date, the BNB shall not effect the payment, register these government securities, respectively, resulting in a partial performance of the issues, and the Fiscal Ser￾vices Department shall notify in writing the Ministry of Finance. In such cases, the Minister of Finance may exclude the relevant primary dealer from the list of primary dealers. (5) The government securities acquired at the auction shall be paid for, as follows:

1. for competitive bids – at the price tendered in the bid; in the cases where the auction is based on the yield, at the price corresponding to the yield tendered in the bid;
2. for non-competitive bids – at the average-weighted price, and, in the cases where the auction is based on the yield, at the price corresponding to the average-weighted yield of the approved competitive bids. (6) The settlement date of TARGET2-Securities dedicated cash accounts in TARGET and settlement ac￾counts of government securities shall be considered as the acquisition date of government securities. (7) On the payment date, the BNB Fiscal Services Directorate, after closing the settlement on TARGET2- Securities dedicated cash accounts in TARGET and government securities settlement accounts, shall enter in its registers the government securities acquired by each bidder and all his customers. The Bulgarian National Bank shall maintain registers of ESROT participants. (8) The following information shall be entered in the registers under paragraph 7:
3. the number of the issue (ISIN);
4. the date of the issue;
5. the TARGET2-Securities dedicated cash account in TARGET, as specified by an ESROT participant;
6. the nominal value of the government securities held;
7. the purchase price;
8. the total amount of government securities held as of a particular date. (9) In case of a purchase of government securities with a competitive or non-competitive bid where a cus￾tomer for whose account the primary dealer participates in the auction has not pay the government securities until the end of the issue payment day, the primary dealer shall acquire these government securities. For this purpose, the primary dealer shall send a notification to the BNB about the transfer of the government securities from the customer register to its own register under Article 22, paragraph 2 and the BNB shall enter this change in the register under paragraph 7.

8 Ordinance No 5 of the BNB (10) The BNB shall ex officio effect payments on government securities acquired by ESROT participants in the primary market through a primary dealer chosen by them, directly debiting the TARGET2-Securities dedi￾cated cash account in TARGET with the total amount of government securities acquired and recording them in the register of the participant kept by the BNB. The provisions under paragraphs 1 and 4 shall apply to ESROT participants that have acquired government securities in the primary market through primary dealers chosen by them. Chapter Three ACQUISITION OF GOVERNMENT SECURITIES IN THE SECONDARY MARKET Section I General Provisions Article 15. (1) Transactions made in the secondary market and entered in the registers under Article 14, paragraph 7 shall be, as follows:

1. purchases and sales of government securities;
2. repo agreements in government securities;
3. government securities lending transactions;
4. government securities transfer transactions or operations, including: а) transfers of government securities on registers between participants; b) transfers of government securities on customer registers; c) transfers of government securities on accounts under Article 8, paragraph 1, item 3 of Ordinance No 31 of 2007 on Government Securities Settlement; d) sales of pledged government securities in the cases of foreclosure under Article 37 of the Law on Regis￾tered Pledges; e) transfers of government securities on accounts under Article 8, paragraph 1, item 4 of Ordinance No 31 of 2007 on Government Securities Settlement;
5. other transactions operations in government securities. (2) Transactions under paragraph 1 shall be entered in the registers under Article 14, paragraph 7 after completing the settlement on cash settlement accounts and/or on government securities settlement accounts. Article 16. (1) Transactions in the secondary market under Article 15, paragraph 1, items 1 and 2 between ESROT participants shall be carried out only with a flow on TARGET2-Securities dedicated cash accounts in TARGET. (2) Transactions in the secondary market under Article 15, paragraph 1, items 1 and 2 between ESROT participants and their customers and between ESROT participants’ customers shall be carried out with a flow or without a flow on TARGET2-Securities dedicated cash accounts in TARGET. (3) Transactions referred to in Article 15, paragraph 1, items 3 and 4 shall be carried out without a flow on TARGET2-Securities dedicated cash accounts in TARGET. Article 17. (1) Secondary market transactions under Article 15, paragraph 1, item 1 may be concluded via a multilateral trading facility in accordance with the effective rules of the system. (2) Participants in government securities trading under paragraph 1 may be only:
6. participants in the ESROT within the meaning of Article 3, paragraph 1, item 1: primary dealers of govern￾ment securities approved by the Minister of Finance under the procedure of Ordinance No 15 of 2007;
7. other participants in the ESROT within the meaning of Article 3, paragraph 1, items 2, 3 and 4 following a written notification by the Minister of Finance and the Governor of the BNB. (3) Transactions under paragraph 1 shall be deemed to have been concluded where electronic confirma￾tions are generated and sent by both parties which are transaction participants. Transactions shall be cancelled through an exchange of notifications via a multilateral trading facility between the two parties to the transaction before the end of the trade session. (4) The Minister of Finance and the Governor of the BNB shall approve the rules on the admission to trading on a multilateral trading facility and the closing of transactions at the Bulgarian National Bank. Article 18. (1) Secondary market transactions as defined in Article 15 paragraph 1, item 1 may also be concluded through a regulated market in accordance with the rules applicable to the registration and trading in government securities of the operator of the regulated market.

9 Ordinance No 5 of the BNB (2) The Minister of Finance and the BNB Governor shall approve the rules on the admission, trading and closing of transactions in government securities in the regulated market. Section II Transactions in Government Securities between ESROT Participants Article 19. (1) Registration of secondary market transactions shall be effected on the basis of requests ad￾dressed to the BNB, Fiscal Services Directorate, from the two parties to the transaction: the acquirer and the transferor, the borrower and the lender, respectively. (2) Requests under paragraph 1 shall be drawn up according to a sample form (Appendices 10, 11, 12, 13 and 14) and shall contain:

1. the name of the firm of the transferor, the lender respectively;
2. the code of the register/government securities settlement account of the transferor, the lender respec￾tively;
3. the number of the TARGET2-Securities dedicated cash account in TARGET of the transferor, the lender respectively;
4. the name of the firm of the acquirer, the borrower respectively;
5. the code of the register/government securities settlement account of the acquirer, the borrower respec￾tively;
6. the number of the TARGET2-Securities dedicated cash account in TARGET of the acquirer, the borrower respectively;
7. the number of the issue of government securities being transacted;
8. the nominal value of the transferred government securities (in figures), which shall be at least EUR 1 and a multiple of EUR 0.01.
9. the price (in figures) at which the government securities are transferred (acquired);
10. the value date;
11. the value date and price (in figures) of the repurchase (repo agreements);
12. the maturity date of the loan. (3) In the cases where requests under paragraph 1 refer to transactions/operations in government securities under Article 15, paragraph 1, items 3 and 4 without a flow on TARGET2-Securities dedicated cash accounts in TARGET of the acquirer and the transferor, the borrower and the lender, respectively, no price shall be speci￾fied in the request. (4) The requests under paragraph 1 shall be sent to the BNB and processed within the system day of the ESROT. Upon receipt, the requests shall be subject to an entry check including a check for compliance with the format set in the Appendices to this Ordinance, a check of key words identifying the respective requisites, and a check of the date and time of receipt. Where an error has been found, the request shall be rejected, and the participant shall be informed thereof. Participants may file new requests for the same transactions but only those requests that have successfully passed the entry check shall be admitted to further processing. Article 20. (1) Following a successful entry check under Article 19, paragraph 4, the BNB shall verify if the request data are matching. Within the system day of the ESROT, participants may cancel requests with un￾matched data until the value date of the transaction therein. Where, by the end of the system day of the ESROT on the value date, data are still unmatched, the requests shall be rejected and the participants shall be notified of the reasons thereof. (2) In case of matching requests, they shall become irrevocable. The BNB shall check the registers under Article 14, paragraph 7 as to whether the transferor, the lender, respectively, owns the government securities, subject to the transaction, and whether the said securities are not blocked. The same check-up shall also be made on the value date of the repurchase, the maturity date of the loan, respectively. (3) If the preconditions under paragraph 2 are not fulfilled by the end of the system day of the ESROT, the BNB Fiscal Services Directorate shall take measures in accordance with Chapter Four ‘A’ of Ordinance No 31 of 2007 on the Settlement of Government securities. (4) If the preconditions under paragraph 2 are fulfilled, the BNB shall ex officio debit the TARGET2-Securities dedicated cash account in TARGET of the acquirer and credit the TARGET2-Securities dedicated cash ac￾count in TARGET of the transferor with an amount equal to the price of the requested transaction, or credit the government securities settlement account of the acquirer or borrower, respectively, or debit the government security settlement account of the transferor or lender, respectively, and enter in the registers under Article 14,

10 Ordinance No 5 of the BNB paragraph 7 the flow of the government securities with the value date referred to in the request. In the cases under Article 19, paragraph 3, no operations on TARGET2-Securities dedicated cash account of the transferor and the acquirer, the borrower and the lender, respectively, shall take place, and only government securities flows are recorded in government securities settlement accounts and in the register. (5) If the acquirer does not have the necessary funds on the TARGET2-Securities dedicated cash account in TARGET by the end of the system day of the ESROT, the BNB Fiscal Services Directorate shall take measures in accordance with Chapter Four ‘A’ of Ordinance No 31 of 2007 on the Settlement of Government Securities. Article 21. The Bulgarian National Bank shall send, at the request of ESROT participants, an excerpt from the registers under Article 14 paragraph 7, which reflects the size and/or flows of the government securities owned by them and collectively by their customers. Section III Transactions in Government Securities between ESROT Participants and Their Customers and between Customers of ESROT Participants Article 22. (1) The BNB registers of ESROT participants under Article 14, paragraph 7 shall reflect transac￾tions referred to in Article 15, paragraph 1 between participants and their customers, as well as between par￾ticipants’ customers on the basis of requests/notifications from the participants. (2) Participants shall notify the BNB Fiscal Services Directorate no later than at the close of the system day of the ESROT about the value date, the issue number and the nominal value of the government securities transferred/lent to their customers, repurchased/borrowed from them, respectively, prior to the maturity of the securities and the value date of the repurchase (sale) in the event of a preliminary agreement thereof, the value date of the loan, respectively (Appendices 15, 16, 17 or 18). (3) Participants having a contract with the Ministry of Finance for a sale of target government securities to investors (natural persons) shall notify the BNB Fiscal Services Directorate within the time limits set in the con￾tract of the conducted government securities transactions, as follows:

1. for government securities sold by them – the number of the issue, the total nominal value, the actual sell￾ing price and the average selling price per 100 units nominal value (Appendix 19);
2. for government securities repurchased by them – the date of the repurchase transaction; the number of the issue, the nominal value, the actual purchasing price and the purchasing price per 100 units nominal value (Appendix 20). (4) Where government securities are transferred by a participant’s customer to another participant, the latter shall send a request to effect the transaction (Appendices 21 or 22) addressed to the BNB. (5) Where government securities are transferred by a participant to a customer of another participant, the transferor shall send a request to effect the transaction (Appendices 23 and 24) addressed to the BNB. (6) Should a customer of a participant wishes government securities held by him to be recorded by another participant, the latter shall send a request to effect the transaction (Appendices 25, 26 or 27) addressed to the BNB. (7) Should a customer of a participant wishes to transfer government securities held by him to a customer of another participant, the latter shall send a request to effect the transaction (Appendices 28, 29 or 30) addressed to the BNB. (8) In the cases of transactions under paragraphs 4, 6 and 7, the participant recording government securities of the customer transferor, and of transactions under Article 5, the participant recording government securities of the customer acquirer shall, by the close of the system day of the ESROT on the required value date, send a request to effect the transaction under Appendices provided for in paragraphs 4, 5, 6 and 7. Article 23. (1) Upon receipt of notifications under Article 22, paragraphs 2 and 3 and requests for transac￾tions under Article 22, paragraphs 4, 5, 6, 7 and 8, the BNB shall carry out an immediate entry check, including a check for compliance with the format set in the Appendices, a check of the key words identifying the respec￾tive requisites, and a check of the date and time of the receipt. Where an error has been found, the notifica￾tion/request to effect a transaction shall be rejected, and a message shall be sent to the participant. Partici￾pants may send new notifications/requests about the same transaction, but only those which have successfully passed the entry check shall be further processed. (2) Upon receipt of the requests under Article 22, paragraphs 4, 5, 6, 7 and 8 for processing, the BNB shall check if data therein are matching. Participants may cancel requests with unmatched data within the system day of the ESROT. Provided that by the end of the system day the data in the requests are still unmatched, the

11 Ordinance No 5 of the BNB requests shall be rejected, and the participants shall be informed thereof. (3) Where the preconditions under paragraph 1 concerning the notifications under Article 22, paragraphs 2 and 3 are present and in case data in the request under paragraph 2 match, the requests shall become ir￾revocable. The Bulgarian National Bank shall check the registers under Article 14, paragraph 7 as to whether the transferor owns the government securities that are subject to the transaction. The same check shall also be made on the value date of the repurchase/sale. Where the transferor owns the government securities that are subject to the transaction, the BNB shall enter in the registers under Article 14, paragraph 7 the changes made and shall specify the nominal value of government securities transferred or acquired by each participant or its customers. (4) If the transferor under Article 22, paragraphs 4, 5, 6 and 7 does not have the required government securi￾ties that are subject to the transaction by the close of the system day of the ESROT, the BNB Fiscal Services Directorate shall take measures in accordance with Chapter Four ‘A’ of Ordinance No 31 of 2007 on the Settle￾ment of Government securities. (5) If the acquirer under Article 22, paragraphs 4, 5 and 7 does not have the necessary funds on the TAR￾GET2-Securities dedicated cash account in TARGET by the end of the system day of the ESROT, the BNB Fis￾cal Services Directorate shall take measures in accordance with Chapter Four ‘A’ of Ordinance No 31 of 2007 on the Settlement of Government securities. Article 24. (1) ESROT participants may send requests and notifications for registering government securi￾ties transactions under Article 19, paragraph 1 and Article 22, paragraphs 2, 3, 4, 5, 6, 7 and 8 prior to the value date on which the transaction is to be effected. The received requests and notifications shall immediately be subject to an entry check under Article 19, paragraph 4 and Article 23, paragraph 1. Where an error has been found, the notification/request to effect a transaction shall be rejected, and a message shall be sent to the par￾ticipant. The notifications/requests which have successfully passed the entry check shall be kept until the value date on which they are to be effected. (2) On the required value date, requests and notifications entered under paragraph 1 shall be submitted for further processing under Article 20 and Article 23, paragraphs 2, 3 and 4. Article 25. The ESROT participants that are not government securities sub-depositories shall notify their sub-depository bank of the government securities which the said participants have transferred to their custom￾ers, repurchased from them, respectively, prior to the maturity under this Ordinance. Notifications shall contain all the terms of the transaction across customers and shall be immediately sent upon successful recording of the transaction in the registers kept by the BNB under Article 14, paragraph 7. The responsibility for prepara￾tion and timely submission of the notifications, their grounds and authenticity of the information shall be entirely borne by the ESROT participant that is not a sub-depository. Article 26. (1) Sub-depositories of government securities shall maintain systems for registering government securities wherein individual government securities accounts are kept to record government securities held by their customers and the customers of ESROT participants, that are not sub-depositories, on the basis of a contract concluded with the participant. (2) Data shall be kept in the registration systems for a period of 20 years, unless stated otherwise in another law. Article 27. (1) Sub-depositories of government securities shall issue registered certificates solely to natural persons. At the request of legal entities, their customers and the customers of ESROT participants, that are not sub-depositories, the sub-depositories of government securities shall provide them with statements from the individual accounts kept in the registration systems under Article 26. (2) The certificate under paragraph 1 shall be drawn up on a special paper, size 21/15, according to a sam￾ple (Appendix 31), and shall contain:

1. the inscription ‘certificate’;
2. the certificate number;
3. the sub-depository – issuer of the certificate;
4. information about the acquirer: a) for Bulgarian citizens – the full name and identity number; b) for non-residents – the full name according to the identity document, the type, series and number of the identity document, as well as the country of issue;
5. the number and date of the issue of government securities which are subject to the transaction;
6. the nominal value of the government securities held (in figures and in words);

12 Ordinance No 5 of the BNB 7. the interest rate on the government securities; 8. dates of interest payments; 9. the maturity of the government securities; 10. a space for noting down interest paid (on the reverse of the certificate); 11. the date and place of issuance of the certificate; 12. the signature and seal of the issuing sub-depository. (3) The certificate shall be issued in duplicate, an original and a copy, and the original of the certificate shall be given to the acquirer and the copy of the certificate shall be kept by the sub-depository within five years after the maturity date of the government securities. Where the acquirer is a customer of an ESROT participant, that is not a sub-depository, the original of the certificate may be transmitted to the participant who duly transmits it to the customer. All stamps, signatures and seals under this Ordinance shall be put on both the original and the copy of the certificate. (4) Sub-depositories of government securities shall also record in the registration systems kept by them under Article 26 data on the holders of certificates under paragraph 2, data on the interest paid by the Ministry of Finance, repayments of government securities instalments with a redemption schedule, as well as data from the identity document of the person who has received the interest payments. (5) In sales of government securities earmarked for investors – natural persons (target issues), a registered certificate shall be issued to the acquirer on a special paper, size 21/16, according to the sample of Appendix 32, which shall, in addition to the information under items 1–12 of paragraph 2, contain the following requisites:

1. the inscription ‘Ministry of Finance of the Republic of Bulgaria’;
2. the type of government securities;
3. the date of the issue;
4. the repurchase terms and conditions. Article 28. (1) Natural persons may transfer the acquired government securities to other persons. The trans￾fer shall be effected in the presence of the two parties to the transaction that shall sign a declaration on the transfer of government securities ownership in three copies (Appendix 33). (2) Transactions on the transfer of government securities by customers (natural persons) shall be entered in the register under Article 26, to be effective in respect of the sub-depository – the certificate issuer. (3) Where government securities are transferred by natural persons under paragraph 1, the sub-depository shall issue a new certificate to the acquirer of government securities under Article 27, paragraphs 1 and 2, paragraph 5, respectively, upon submission of the original of the certificate issued to the transferor, and if only part of the securities is to be transferred – the sub-depository (the issuer of the former certificate) shall issue a new certificate to the transferor for the remainder. The original of the former certificate shall be stamped ‘in￾valid’, signed by the officer, sealed, and returned to the transferor by the sub-depository (the issuer of the old certificate). Sub-depositories shall reflect the changes in their registration systems under Article 26. Article 29. (1)The Ministry of Finance shall issue certificates under Article 27, paragraph 1 and/or paragraph 5 to sub-depositories of government securities, including those having a contract with the Ministry of Finance for a sale of target government securities. (2) Sub-depositories of government securities, that have stopped performing the functions of sub-depos￾itories, shall within five business days submit to the Ministry of Finance the unused certificates, a statement from the registration system under Article 26 and copies of the certificates issued, which shall be subsequently transmitted by the Ministry of Finance to a selected sub-depository. Article 30. Sub-depositories of government securities shall submit to the Ministry of Finance information about government securities held by their customers and ESROT participants’ customers that are not sub￾depositories for statistical purposes in the established format and in accordance with the set time frame. Article 31. (1) Requests and notifications about registration of government securities transactions under this Chapter and under Article 34 shall be accepted until 3.30 pm and shall be processed until 3.45 pm of the system day of the ESROT preceding the maturity of the respective government securities issue or interest pay￾ments thereon. (2) The Minister of Finance may effect the transactions under Article 15. (3) All requests and notifications about registration of government securities transactions under this Chapter and under Article 36, for which the required value date is not a business day, or a day when the government securities issue is falling due, shall be rejected, and the participant shall be informed thereof. (4) The nominal value of the transferred government securities under this Chapter shall be at least EUR 1

13 Ordinance No 5 of the BNB and a multiple of EUR 0.01. Chapter Four Pledge of Government Securities Article 32. (1) Where government securities are pledged pursuant to the Law on Registered Pledges, these government securities shall be blocked in the registers under Article 14, paragraph 7 or Article 26. (2) Any person keeping a register of government securities under Article 14, paragraph 7 and Article 26 shall also create a register wherein circumstances of the government securities pledged shall be also entered. (3) If upon receiving a request for a pledge registration the person keeping the register of government securi￾ties under this Ordinance establishes that the pledger does not own the government securities specified in the request, the said registration shall be refused. (4) In the cases under Article 6, paragraphs 3 or 5, where government securities encumbered and blocked under paragraph 1 are transferred from a register under Article 14, paragraph 7 to a register under Article 26, these government securities shall be ex officio unblocked and transferred by the BNB to the customer register of the pledge creditor, if it is an ESROT participant – sub-depository of government securities, and if it is not a participant, to another sub-depository specified by it, which shall immediately block them on the register kept by it under Article 26. The pledge over government securities and registered circumstances concerning the pledge shall remain in full effect. Persons keeping registers shall ex officio record circumstances about this transfer based on an ex officio registration instruction according to a sample form under Appendix 34. (5) In the cases under Article 6, paragraphs 3 or 5, where government securities encumbered and blocked under paragraph 1 are transferred from one to another register under Article 26, the BNB shall ex officio transfer these government securities from the customer register of the participant to the customer register of the other sub-depository which shall immediately block them on the register kept by it under Article 26 based on the in￾formation under Article 39, paragraph 2. The pledge over government securities and registered circumstances concerning the pledge shall remain in full effect. Persons keeping registers shall ex officio enter circumstances concerning this transfer based on an ex officio registration instruction according to a sample form in Appendix 35. Article 33. (1) Upon the maturity of interest and principal payments, the pledge shall be transferred onto the claims on pledged government securities. Foreclosure of the claims on the pledged government securities shall be executed pursuant to the Law on Registered Pledges. (2) The manner of paying interest and principal on the pledged government securities shall be established by virtue of a trilateral contract concluded between the person keeping the register of government securities under this Ordinance, the pledger and the pledge creditor. The trilateral contract shall be signed together with the request for the pledge registration thereof. In the cases under Article 32, paragraphs 4 or 5, a new trilateral contract shall be signed. Article 34. Registration of requests for a pledge of government securities and changes thereof shall be dis￾continued two business days prior to the maturity of the respective issue of government securities or interest payments thereon. Article 35. (1) Disposition transactions in the pledged government securities may be conducted by the pledger solely with the consent of the pledge creditor. (2) Consent to conduct disposition transactions in pledged government securities shall be deemed given by the pledge creditor upon filing a request for unblocking thereof to the person keeping the register of government securities pursuant to this Ordinance. (3) Upon filing a request for blocking of the pledged government securities filed by the pledge creditor to the person keeping the register of government securities pursuant to this Ordinance, disposition with the said government securities by the pledger shall be discontinued. (4) Blocking and unblocking of government securities shall be recorded in the government securities reg￾isters kept under this Ordinance after completing the settlement on the government securities settlement ac￾counts (Appendices 36 and 37). Article 36. (1) The BNB shall block government securities under the procedure of Article 152, paragraph 3 of the Law on Public Finance in the registers of banks – ESROT participants under Article 14, paragraph 7, which shall have an effect of a legal registered pledge in favour of the Ministry of Finance. (2) In the cases under Article 6, paragraphs 3 or 5, where government securities blocked under paragraph 1 are transferred from the register under Article 14, paragraph 7 to the register under Article 26, the BNB shall ex

14 Ordinance No 5 of the BNB officio unblock these government securities and transfer them to the customer register of the other participant – sub-depository, determined by the MF in coordination with the BNB, which shall immediately block them on the register kept by it under Article 26. During the transfer, the legal registered pledge shall remain in full effect. (3) Blocking and unblocking operations may be furthermore effected beyond the cases of government secu￾rities registered pledges (Appendices 36 and 37) within the term provided for in Article 31, paragraph 1. Article 37. The BNB Fiscal Services Directorate shall carry out the mobilisation and demobilisation of gov￾ernment securities (Appendices 38 and 39) in accordance with Article 5 of Appendix 1 to the BNB’s General Terms and Conditions for the Implementation of the Eurosystem Monetary Policy in the registers of banks par￾ticipants in the ESROT, without a change in the ownership of government securities. Chapter Five REDEMPTION OF GOVERNMENT SECURITIES AND INTEREST THEREON Article 38. (1) The Ministry of Finance shall provide the necessary funds for the redemption of government securities and interest thereon on an account opened with the BNB not later than one business day prior to redemption dates thereof. (2) Payments on government securities (the nominal value, principal and/or interest, etc.) shall be effected on the dates specified in the terms and conditions of the respective issue. (3) Where the date under paragraph 2 is not a business day, the payment shall be effected on the next busi￾ness day. (4) Upon maturity of the respective issue of government securities or interest payments thereon, the BNB, on the basis of the registers under Article 14, paragraph 7, shall establish the amount of the government securi￾ties entered on behalf of each participant in the ESROT and in line with the system day schedule:

1. transfer to the TARGET2- Securities dedicated cash account in TARGET specified by the ESROT partici￾pant the funds required for the redemption of government securities held by them and by their customers, with the exception of those mobilised under Article 37; ESROT participants that are not sub-depositories of govern￾ment securities shall immediately transfer the funds received for the redemption of government securities held by their customers to the sub-depositories of their choice;
2. transfer to the TARGET2-Securities dedicated cash account in TARGET, as specified by the BNB, the funds required to pay for the government securities held by the participant, mobilised under Article 37, and the interest thereon. Upon the receipt of the funds in the specified account, the BNB shall act in accordance with Article 10 of Appendix 1 to the BNB’s General Terms and Conditions for the Implementation of the Eurosystem Monetary Policy. (5) Sub-depositories of government securities shall repay interest and the nominal value of the government securities transferred to their customers – natural persons, and to the customers of ESROT participants, that are not sub-depositories, upon submission of the originals of the certificates which they have issued. Repay￾ment of interest shall be certified by a signature of the official who has effected the payment, and by the seal of the sub-depository on the space specified in the original certificate, with an indication of the date of payment and the amount of interest paid. Upon repayment of the nominal value, the original of the certificate shall be stamped ‘paid up’ signed by the official who has effected the payment, sealed by the sub-depository, and re￾turned to the customer. (6) Sub-depositories of government securities shall repay interest and the nominal value of the government securities to their customers – legal entities, and to the customers of ESROT participants, that are not sub￾depositories, based on the registration systems’ data under Article 26 with a value date at maturity (the interest payment). Article 39. (1) Upon maturity of the respective issue of government securities or interest payments thereon, the Bulgarian National Bank may not transfer to the TARGET2-Securities dedicated cash account in TARGET, specified by the ESROT participant, the funds necessary for the repayment of the government securities under Article 38, paragraphs 4, 5 and 6 where measures against the ESROT participant have been initiated under Article 6, and there is a justified proposition by the Minister of Finance thereof driven by information of a delay or inability of the said ESROT participant to fulfil its obligations under Article 38, paragraphs 4, 5 and 6. (2) The Ministry of Finance in coordination with the BNB shall determine the sub-depository that will effect payments on government securities and interest thereon to customers of the participant under paragraph 1, provided it is a sub-depository. The sub-depository under paragraph 1 must immediately submit to the Ministry of Finance unused certificates, a statement from the registration system under Article 26 and the non-original

15 Ordinance No 5 of the BNB copies of the certificates as issued, which shall be given by the Ministry of Finance to the respective sub￾depository as determined. (3) Where an ESROT participant under paragraph 1 is not a sub-depository, payments of government se￾curities and interest thereon to customers shall be effected by the sub-depository with which the participant has concluded a contract. The Bulgarian National Bank shall ex officio enter in the registers under Article 14, paragraph 7 the transfer of the said government securities in the name of the sub-depository as determined, and shall transfer the funds necessary to effect payments under Article 38, paragraph 4. Article 40. (1) In case the original of the registered certificate is lost, the titleholder shall notify in writing the sub-depository – the certificate issuer that shall issue a duplicate under Article 27, paragraphs 1 and 2, corre￾spondingly paragraph 5, declare null and void the originally issued certificate which shall be noted down in the registration system under Article 26, and the copy of the certificate shall be stamped ‘invalid’. (2) Payments of government securities and interest thereon shall be effected on the basis of the duplicate as issued and the data of the registration system under Article 26. (3) Where a titleholder under paragraph 1 is a customer of an ESROT participant, that is not a sub-depos￾itory, the notification of a lost certificate, correspondingly the new original certificate, may be handed and/or accepted by the ESROT participant that duly hands the certificate to the customer. Chapter Six REPURCHASE OF GOVERNMENT SECURITIES PRIOR TO MATURITY Article 41. (1) Repurchases of government securities with or without a definite term prior to maturity shall be effected by a decision of the Minister of Finance at the GSAS auctions held by the BNB through replacing them by government securities of the new issue and/or by redemption of the nominal value and interest thereon. (2) Repurchase auctions shall be held by the Commission under Article 7, paragraph 3. (3) Bids for participation in the auctions shall be competitive. Only primary dealers holding government se￾curities of the issues announced for a repurchase may participate in the auctions under paragraph 1. (4) Primary dealers may participate with competitive bids on their own behalf but for the account of their customers only if the repurchase is effected without a fixed term. Article 42. (1) The repurchase of government securities with or without a fixed term prior to maturity may be effected in other manners determined by the Minister of Finance in accordance with the effective legislation. (2) By a decision of the Minister of Finance, only primary dealers holding government securities of the issues announced for a repurchase may participate in the repurchase under paragraph 1. Article 43. Within three business days prior to each repurchase auction, the BNB shall notify the GSAS participants, based on the information received from the Ministry of Finance, of the terms under which the re￾purchase will be effected. By a decision of the Minister of Finance, the BNB may notify the GSAS participants of the information received from the Ministry of Finance also in another time limit. Article 44. (1) Primary dealers shall submit their orders to participate in an auction until 10.00 am on the day of the auction. Bids shall be sent to the BNB Fiscal Services Directorate. An entry check shall be immediately carried out of bids received, including a check for compliance with the format set in the Appendices, a check of the key words identifying the respective requisites, and a check of the date and time of receipt. Where an error has been found, a message shall be sent to the primary dealer. The applications tendered may be changed by primary dealers until the expiry of the deadline for their receipt, after which they shall be considered irrevocable. Only the last message received shall be deemed valid. (2) The bidding application shall be drawn up in accordance with the sample forms in Appendices 8, 9, 40, 41 and 42 and shall contain the following requisites:

1. the number of the participant’s TARGET2-Securities dedicated cash account in TARGET;
2. the number of the issue, announced for a repurchase;
3. the nominal value of the government securities bid for a repurchase (in figures);
4. the price/yield/annual interest rate at which the bidder wishes the government securities to be repur￾chased, expressed as a percentage of 100 units nominal value with two digits after the decimal point (in figures); (3) Provided the bid is made for the account of a primary dealer’s customer, in addition to the requisites un￾der paragraph 2, it shall contain data about the customer for whose account the bid is made:
5. for natural persons – the full name and the identity number (for non-residents – information under Article 12, paragraph 4, item 1);
6. for legal entities – the firm’s name, identification code under the BULSTAT register (for legal entities reg-

16 Ordinance No 5 of the BNB istered abroad – information pursuant to Article 12, paragraph 4, item 2); (4) In the cases of a repurchase of government securities by replacement, in addition to the requisites under paragraph 2, the bid shall contain the number of the issue by which the replacement is made. (5) In the cases of a repurchase of government securities with a fixed term against payment, in addition to the requisites under paragraph 2, the bid shall contain the auction date and the term of the repurchase in days. (6) A bidder shall be eligible to tender up to 30 competitive bids per a repurchase auction, including bids on his own behalf but for the account of his customers. (7) The total nominal value of a bid shall be at least EUR 1 and a multiple of EUR 0. 01. (8) Bids received under paragraph 1 shall be kept in a manner which ensures the secrecy of the bids until the repurchase auction is conducted. Article 45. (1) On the auction day, the Commission under Article 7, paragraph 3 shall carry out a check and shall not admit to the auction the bids which do not comply with the requirements of this Ordinance. (2) The Commission shall grade the primary dealers’ bids approved for the repurchase auction in an ascend￾ing order according to the price tendered by the bidders or in a descending order according to the tendered annual interest rate or yield. (3) Should there be bids of one and the same price, which is accepted as the maximum price, or annual interest or a yield accepted as minimum interest by the Ministry of Finance, the bids shall be graded proportion￾ally to the quantity remaining for distribution upon attainment of the Ministry of Finance offer pursuant to Article 43 and under the procedure provided for in Article 13, paragraphs 2 and 4. Classified bids shall be approved by the Minister of Finance or by a person designated by him and shall be sent to the BNB. (4) Should there be bids for a repurchase of government securities by replacement with government securi￾ties of a new issue, bids shall be classified only if the applications for acquisition of government securities of the new issues have been approved. (5) The Minister of Finance may not admit to the repurchase auction a particular bidder with competitive bids or particular competitive bids and may reject all or approve, respectively, particular bids. Classified bids shall be approved by the Minister of Finance or by a person designated by him and shall be sent to the BNB. (6) Based on the classified bids and the approval under paragraph 5, a report on the results of the conducted auction shall be drawn up by the Commission and signed by all its members. (7) The Commission shall notify all bidders about the results of the auction within the time limits as deter￾mined jointly by the Ministry of Finance and the BNB. (8) Bidders in the repurchase auction by replacement, whose bids have been approved, shall receive gov￾ernment securities of the new issue under the announced terms and conditions. Article 46. (1) On the repurchase date, the BNB shall, in accordance with the system day schedule, ex of￾ficio effect the payment operations between the Ministry of Finance and the bidders in the repurchase auction whose bids are approved. (2) In case of a repurchase by replacement, the BNB shall effect operations under paragraph 1 by crediting/ debiting the respective TARGET2-Securities dedicated cash accounts in TARGET of the bidders in the repur￾chase auction and of the Ministry of Finance with the balance between the total value of government securities acquired by the bidders from the new issue and the total amount of repurchased government securities by the Ministry of Finance. (3) Primary dealers whose bids have been approved, including when they participate in the auction with bids on their own behalf but for the account of their customers in line with the system day schedule are obliged to provide on the repurchase date the required funds for the payment of the differences under paragraph 2 on their TARGET2-Securities dedicated cash accounts in TARGET. (4) Should the primary dealers whose bids have been approved have not the required government securities of the issue for a repurchase, or these government securities are pledged/blocked in favour of a third party at the beginning of the repurchase date and/or should they have not the required funds on TARGET2-Securities dedicated cash accounts in TARGET to pay the differences under paragraph 2, the BNB shall not effect the payment, register, respectively, the repurchase/replacement of/by new government securities. As a result, is￾sues for a repurchase/replacement shall remain partially effected, and the Fiscal Services Directorate shall notify in writing the Ministry of Finance. In such cases, the Minister of Finance may exclude the primary dealer from the list of primary dealers. (5) On the repurchase/replacement date, the BNB Fiscal Services Directorate, after closing the settlement on TARGET2-Securities dedicated cash accounts in TARGET and government securities settlement accounts,

17 Ordinance No 5 of the BNB shall enter in its registers the government securities repurchased/replaced by each bidder and all his custom￾ers. The date of effecting the settlement shall be considered the date of a repurchase/replacement of/by gov￾ernment securities of the new issue. (6) In case of a repurchase of government securities by replacement where the customer for whose account the primary dealer participates in the auction has not paid the balance due under paragraph 2 until the end of the repurchase day, the primary dealer shall acquire these government securities. For this purpose, the primary dealer shall send a notification to the BNB about the transfer of the government securities from the customer register to its own register under Article 26, paragraph 2, and the BNB shall enter this change in the register under Article 14, paragraph 7. (7) The BNB shall ex officio effect payments on government securities repurchased/replaced by ESROT participants in the primary market which participated in the auction through a primary dealer chosen by them, directly debiting/crediting the TARGET2-Securities dedicated cash account in TARGET specified by the partici￾pant with the amount due under paragraphs 1 and 2, and shall record the repurchased/replaced government securities in the register of the participant kept by the BNB. (8) The provisions of paragraphs 3 and 4 shall also apply to ESROT participants under paragraph 7. ADDITIONAL PROVISION § 1. Within the meaning of this Ordinance:

1. ‘Member State’ shall be the state that is a member of the European Union or any other state of the Euro￾pean Economic Area.
2. ‘delivery versus payment’ shall be the simultaneous transfer of cash from the buyer to the seller, and of government securities vice versa: from the seller to the buyer.
3. ‘blocking’ shall be a prohibition against disposition of government securities.
4. ‘unblocking’ shall be invalidation of the prohibition against disposition of government securities.
5. ‘system day of the ESROT’ shall be a preset period of time within each business day in accordance with the operating schedule of TARGET2-Securities, during which requests and notifications for registering transac￾tions in government securities shall be accepted and processed.
6. ‘repo agreement in government securities’ shall be any agreement in which there is a transfer of govern￾ment securities, subject to a commitment to repurchase them at a specified price on a specified future date. The agreement must not allow the transferor to transfer or pledge government securities to more than one counterparty simultaneously. The agreement is a repo agreement for the party selling the government securi￾ties, and a reverse repo for the party purchasing them.
7. ‘government securities lending’ shall be any transaction in which there is a transfer of government securi￾ties against appropriate collateral. The borrower shall undertake the commitment to return government securi￾ties of the same issue and same amount on a specified future date. The transaction is government securities lending for the party transferring the government securities, and is government securities borrowing for the party to which they are transferred.
8. ‘Business Identifier Code (BIC)’ shall mean an alphanumerical sequence used internationally to uniquely identify business units – financial and non-financial institutions.
9. ‘technical operator’ shall be an ESROT participant and a sub-depository of government securities who in the name and for the account of the participant under Article 3, paragraph 1, item 5 shall be responsible for the entire ESROT communication.
10. TARGET shall mean a Trans-European Automated Real-time Gross settlement Express Transfer sys￾tem of a new generation.
11. TARGET2-Securities dedicated cash account shall be a cash payment account in relation to government securities settlement opened in a TARGET component system.
12. ‘mobilisation of government securities’ shall be a transfer of government securities, without a change in ownership, from a government securities account of an ESROT participant to a government securities account of the BNB in order to collateralise Eurosystem credit operations.
13. ‘multilateral trading facility’ shall be a concept within the meaning of § 1, paragraph 1, item 18, letter ‘a’ of the Additional Provisions of the Law on Markets in Financial Instruments.
14. ‘regulated market’ shall be a concept within the meaning of Article 152 of the Law on Markets in Financial Instruments.

18 Ordinance No 5 of the BNB TRANSITIONAL AND FINAL PROVISIONS § 2. This Ordinance is issued on the grounds of Article 36, paragraph 1 of the Law on the Government Debt and shall enter into force on the date of the introduction of the euro as an official currency in the Republic of Bulgaria. § 3. This Ordinance shall repeal Ordinance No 5 of 2007 on the Terms and Procedure for Acquisition, Reg￾istration, Redemption and Trade in Government Securities (published; Darjaven Vestnik, issue 85 of 2007; amended, issue 100 of 2013, issue 56 of 2015, issue 29 of 2017; issue 77 of 2023 and issue 98 of 2024). § 4. (1) Upon the entry of this Ordinance into force, the incumbent ESROT participants shall preserve their status by signing new agreements for participation in the ESROT until 30 December 2025. (2) Participation in the ESROT of entities which have not signed an agreement for participation in the ESROT under Article 5, paragraph 8 until 30 December 2025 shall be discontinued as of 5 January 2026 and these entities may not participate in the GSAS. § 5. The Minister of Finance and the Governor of the BNB shall give methodological instructions on the im￾plementation of this Ordinance. § 6. The Minister of Finance and the Governor of the BNB, within the remit of their competence, shall ap￾prove the rules for admission to trading and closing of government securities transactions concluded in a regu￾lated market and multilateral trading facility. § 7. The Minister of Finance and the Governor of the BNB, within the remit of their competence, shall approve the rules under Article 17, paragraph 1 within one month following the enactment of this Ordinance.

19 Ordinance No 5 of the BNB Appendix No 1 to Article 5, paragraph 2

20 Ordinance No 5 of the BNB Appendix No 2 to Article 5, paragraph 3, item 2 DECLARATION on the existence of an agreement concluded between the ESROT participant and a settlement bank Herewith, the following ESROT participant declares to the BNB in its capacity as an operator of the government securities registration and settlement system – a participant in the ТАРГЕТ2-Securities system, that it has concluded an agreement with a bank which is a direct participant in TARGET, hereinafter the 'settlement bank', on the execution of payments on transactions in government securities, issued in the domestic market, through the TARGET2-Securities dedicated cash account of the settlement bank in the TARGET component system of the specified national central bank. ESROT PARTICIPANT BIC Name SETTLEMENT BANK Name in Bulgarian Name in English BIC No of TARGET2-Securities dedicated cash account Address Country City Zip/postal code Street and number Phone number E-mail Fax Website Contact persons Name Position Phone number E-mail First name Position Phone number E-mail NATIONAL CENTRAL BANK Address Country City Zip/postal code Street and number Phone number E-mail Fax Website Name in Bulgarian Name in English I/We, the undersigned, hereby declare my/our representative's powers to complete and sign this declaration on behalf of the ESROT participant.

21 Ordinance No 5 of the BNB SIGNATURES:

1. ........................................................................................................... (name and position of the person representing the ESROT participant)
2. ........................................................................................................... (name and position of the person representing the ESROT participant) Date: Note: This document shall also be completed in case of switching the settlement bank.

22 Ordinance No 5 of the BNB Appendix No 3 to Article 5, paragraph 5 DECLARATION by ...................................................................................................................... (name of the sub-depositary bank) We hereby declare that we have concluded an agreement with .............................................................................................................................................., (name of the ESROT participant) Under this agreement we will perform functions of a sub-depository of government securities issued by the Government of the Republic of Bulgaria on the domestic market with respect to the customers of the above ESROT participant. Signatures: 1. .………….……………………………………………… (name and position of the person representing the Bank) 2. …………………….………...……………...…………... (name and position of the person representing the Bank)

23 Ordinance No 5 of the BNB Appendix No 4 to Article 12, paragraph 2 COMPETITIVE BID ON ONE’S OWN ACCOUNT FOR PARTICIPATION IN AN AUCTION FOR SALE AGAINST PAYMENT TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 Nominal value 1300000, Price/yield per 100 units nominal value of the issue for which the auction is held 101.46/5.20 Nominal value 3000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.48/7.20 Nominal value 1000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.46/7.21

24 Ordinance No 5 of the BNB Appendix No 5 to Article 12, paragraph 2 COMPETITIVE BID ON CUSTOMER’S ACCOUNT FOR PARTICIPATION IN AN AUCTION FOR SALE AGAINST PAYMENT TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 Nominal value 1300000, Price/yield per 100 units nominal value of the issue for which the auction is held 101.46/5.20 Customer data natural person 5303125633 Ivan Pavlov Ivanov Nominal value 3000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.48/7.20 Customer data legal entity 999999999 Company 'AAAAA' Nominal value 3000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.98/6.20 Customer data bank or investment intermediary 111111111 Commercial bank “BBBBBB” Nominal value 3000000, Price/yield per 100 units nominal value of the issue for which the auction is held 99.49/5.01 Customer data non-resident 2222222222 'CCCCCCCC' Data under Article 12, para￾graph 4

25 Ordinance No 5 of the BNB Appendix No 6 to Article 12, paragraph 2 NON-COMPETITIVE BID ON ONE’S OWN ACCOUNT FOR PARTICIPATION IN AN AUCTION FOR SALE AGAINST PAYMENT TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 Nominal value 1300000,

26 Ordinance No 5 of the BNB Appendix No 7 to Article 12, paragraph 2 NON-COMPETITIVE BID ON CUSTOMER’S ACCOUNT FOR PARTICIPATION IN AN AUCTION FOR SALE AGAINST PAYMENT TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 Nominal value 1300000, Customer data natural person 5303125633 Ivan Pavlov Ivanov Nominal value 5000000, Customer data legal entity 999999999 Company 'AAAAA' Nominal value 5000000, Customer data non-resident 2222222222 'CCCCCCCC' Data under Article 12, para￾graph 4

27 Ordinance No 5 of the BNB Appendix No 8 to Article 12, paragraph 2 and Article 44, paragraph 2 COMPETITIVE BID ON ONE’S OWN ACCOUNT FOR PARTICIPATION IN A REPURCHASE AUCTION WITHOUT A DEFINITE TERM/SALE THROUGH RE￾PLACEMENT TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 No of the issue by which the replacement is made BG9876543210 Nominal value 1300000, Price/yield per 100 units nominal value of the issue for which the auction is held 101.46/5.20 Nominal value 2000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.48/7.20

28 Ordinance No 5 of the BNB Appendix No 9 to Article 12, paragraph 2 and Article 44, paragraph 2 COMPETITIVE BID ON CUSTOMER’S ACCOUNT FOR PARTICIPATION IN A REPURCHASE AUCTION WITHOUT DEFINITE TERM/ SALE THROUGH REPLACEMENT TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 No of the issue by which the replacement is made BG9876543210 Nominal value 1300000, Price/yield per 100 units nominal value of the issue for which the auction is held 101.46/5.20 Customer data natural person 5303125633 Ivan Pavlov Ivanov Nominal value 2000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.48/7.20 Customer data legal entity 999999999 Company 'AAAAA' Nominal value 2000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.99/6.20 Customer data bank or investment intermediary 111111111 Commercial bank “BBBBBB” Nominal value 4000000, Price/yield per 100 units nominal value of the issue for which the auction is held 99.48/7.20 Customer data non-resident 2222222222 'CCCCCCCC' Data under Article 12, para￾graph 4

29 Ordinance No 5 of the BNB Appendix No 10 to Article 19, paragraph 2 REQUEST FOR REGISTERATION OF A TRANSACTION IN GOVERNMENT SECURITIES PURCHASE AND SALE/REPO AGREEMENT Value date of the transaction 01/01/2026 Issue No BG1234567890 Transferor Bank ‘A’ Code of register/account for government securities of the transferor 9251011100 TARGET2-Securities dedicated cash account of the transferor in TARGET CXXEURXXXXXXXXXXXXX Acquirer Bank ‘B’ Code of register/settlement account for government securities of the acquirer 9251022200 Account for settlement of TARGET2-Securities dedicated cash account of the acquirer in TARGET CXEURXXXXXXXXXXX Nominal value 10000000, Price 9320210, Value date of the repo transaction 01/01/2026 (To be completed in case of a preliminary agreement) Price 9803150,

30 Ordinance No 5 of the BNB Appendix No 11 to Article 19, paragraph 2 REQUEST FOR A GOVERNMENT SECURITIES LENDING TRANSACTION Value date of the transaction 01/01/2026 Issue No BG1234567890 Participant – lender Participant ‘A’ Code of the register/settlement account for government securities of the lender 9251011100 TARGET2-Securities dedicated cash account of the lender in TARGET CXXEURXXXXXXXXXXXXX Participant – borrower Participant ‘B’ Code of register/settlement account for government securities of the borrower 9251022200 TARGET2-Securities dedicated cash account of the borrower in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Value date of the loan 03/01/2026

31 Ordinance No 5 of the BNB Appendix No 12 to Article 19, paragraph 2 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES ON REGISTERS BETWEEN PARTICIPANTS IN THE ESROT Value date of the transaction 01/01/2026 Issue No BG1234567890 Participant – transferor Bank ‘A’ Code of the register/government securities settlement accountof the transferor 9251011100 TARGET2-Securities dedicated cash account of the transferor in TARGET CXXEURXXXXXXXXXXXXX Participant – acquirer Bank ‘B’ Code of register/government securities settlement ac￾count of the acquirer 9251022200 TARGET2-Securities dedicated cash account of the acquirer in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000,

32 Ordinance No 5 of the BNB Appendix No 13 to Article 19, paragraph 2 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES HELD BY AN ESROT PARTICIPANT TO A PARTICIPANT UNDER ARTICLE 3, PARA￾GRAPH 1, ITEM 5, WITHOUT A CHANGE IN OWNERSHIP Value date 01/01/2026 Issue No BG1234567890 Participant – transferor Bank ‘A’ Participant’s code of the register/settlement account for own government securities 9251011100 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX Nominal value of transferred government securities 10000000, Participant under Article 3, paragraph 1, item 5 CSD ‘AA’ Participant’s code of register/account for customer’s government securities under Article 3, paragraph 1, item 5 9252022200 TARGET2-Securities dedicated cash account of a participant in TARGET under Article 3, paragraph 1, item 5 CXXEURXXXXXXXXXXXXX

33 Ordinance No 5 of the BNB Appendix No 14 to Article 19, paragraph 2 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES, HELD BY AN ESROT PARTICIPANT, BY A PARTICIPANT UNDER ARTICLE 3, PARA￾GRAPH 1, ITEM 5, WITHOUT A CHANGE IN OWNERSHIP Value date 01/01/2026 Issue No BG1234567890 Participant under Article 3, paragraph 1, item 5 CSD ‘AA’ Participant’s code of register/settlement account for customer’s government securities under Article 3, paragraph 1, item 5 9252022200 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX Nominal value of transferred government securities 10000000, Participant – acquirer Bank ‘A’ Participant’s code of the register/settlement account for own government securities 9251011100 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX

34 Ordinance No 5 of the BNB Appendix No 15 to Article 22, paragraph 2 NOTIFICATION UNDER ARTICLE 22, PARAGRAPH 2 Value date of the transaction 01/01/2026 Issue No BG1234567890 Participant – transferor Bank ‘A’ Participant’s code of the register/settlement account for own government securities 9251011100 Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Value date of the reverse repurchase (To be completed in case of a preliminary agreement) 03/01/2026

35 Ordinance No 5 of the BNB Appendix No 16 to Article 22, paragraph 2 NOTIFICATION UNDER ARTICLE 22, PARAGRAPH 2 Value date of the transaction 01/01/2026 Issue No BG1234567890 Participant – acquirer Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 Participant’s code of the register/settlement account for own government securities 9251011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Value date of the repurchase 03/01/2026 (To be completed in case of a preliminary agreement)

36 Ordinance No 5 of the BNB Appendix No 17 to Article 22, paragraph 2 NOTIFICATION UNDER ARTICLE 22, PARAGRAPH 2 'GOVERNMENT SECURITIES LEND￾ING' Value date of the transaction 01/01/2026 Issue No BG1234567890 Participant – lender Bank ‘A’ Participant’s code of the register/settlement account for own government securities 9251011100 Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Value date of the loan 03/01/2026

37 Ordinance No 5 of the BNB Appendix No 18 to Article 22, paragraph 2 NOTIFICATION UNDER ARTICLE 22, PARAGRAPH 2 'GOVERNMENT SECURITIES LEND￾ING' Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant – borrower Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 Participant’s code of the register/settlement account for own government securities 9251011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Value date of the loan 03/01/2026

38 Ordinance No 5 of the BNB Appendix No 19 to Article 22, paragraph 3, item 1 NOTIFICATION UNDER ARTICLE 22, PARAGRAPH 3, ITEM 1 on Sales of Target Government Securities to Natural Persons for the period .......... – .............. Participant Bank ‘A’ Participant’s code of the register/settlement account for for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX Issue No BG2210098112 Nominal value 16500, Actual selling value 17164.95 Average selling price per 100 units nominal value 104.03

39 Ordinance No 5 of the BNB Appendix No 20 to Article 22, paragraph 3, item 2 NOTIFICATION UNDER ARTICLE 22, PARAGRAPH 3, ITEM 2 on Purchases of Target Government Securities by Natural Persons Date of repurchase 01/01/2026 Participant Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX Issue No BG2210098112 Nominal value 7300, Actual purchasing value 7464.25 Purchasing price per 100 units nominal value 102.25

40 Ordinance No 5 of the BNB Appendix No 21 to Article 22, paragraph 4 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARA￾GRAPH 4 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping a register of the transferring customer Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price 10000000, (To be completed as appropriate) Participant – acquirer Bank ‘B’ Code of the register/settlement account for own government securities of the acquirer 9251022200 TARGET2-Securities dedicated cash account in TARGET of the acquirer CXXEURXXXXXXXXXXXXX

41 Ordinance No 5 of the BNB Appendix No 22 to Article 22, paragraph 4 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARA￾GRAPH 4 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping a register of the transferring customer CSD ‘AA’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price (To be completed as appropriate) 10000000, Participant – acquirer Bank ‘A’ Participant’s code of the register/settlement account for own government securities of the acquirer 9251022200 TARGET2-Securities dedicated cash account in TARGET of the acquirer CXXEURXXXXXXXXXXXXX

42 Ordinance No 5 of the BNB Appendix No 23 to Article 22, paragraph 5 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARA￾GRAPH 5 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant – transferor Bank ‘A’ Code of the register/settlement account for for own government securities of the participant 9251011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price (To be completed as appropriate) 10000000, Participant keeping a register of the acquiring customer Bank ‘B’ Acquirer’s code of the register/settlement account for customer’s government securities 9252022200 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX

43 Ordinance No 5 of the BNB Appendix No 24 to Article 22, paragraph 5 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARA￾GRAPH 5 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant – transferor Bank ‘A’ Code of the register/settlement account for for own government securities of the participant 9251011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price (To be completed as appropriate) 10000000, Participant keeping government securities of the acquiring customer CSD Code of the register/account for for customer’s government securities 9252022200 TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX

44 Ordinance No 5 of the BNB Appendix No 25 to Article 22, paragraph 6 REQUEST FOR A TRANSFER OF A CUSTOMER REGISTER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARAGRAPH 6 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping government securities of the customer Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Participant that customer’s government securities are trans￾ferred to Bank ‘B’ Participant’s code of the register/settlement account for cus￾tomer’s government securities 9252022200 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX

45 Ordinance No 5 of the BNB Appendix No 26 to Article 22, paragraph 6 REQUEST FOR A TRANSFER OF A CUSTOMER REGISTER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARAGRAPH 6 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping government securities of the customer Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Participant that customer’s government securities are trans￾ferred to CSD ‘AA’ Participant’s code of the register/settlement account for customer’s government securities 9252022200 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX

46 Ordinance No 5 of the BNB Appendix No 27 to Article 22, paragraph 6 REQUEST FOR A TRANSFER OF A CUSTOMER REGISTER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARAGRAPH 6 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping government securities of the customer CSD ‘AA’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Participant that customer’s government securities are trans￾ferred to Bank ‘A’ Participant’s code of the register/settlement account for customer’s government securities 9252022200 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX

47 Ordinance No 5 of the BNB Appendix No 28 to Article 22, paragraph 7 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARA￾GRAPH 7 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping a register of the transferring customer Bank ‘A’ Participant’s code of the register/settlement account for cus￾tomer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price (To be completed as appropriate) 10000000, Participant keeping government securities of the acquiring customer Bank ‘B’ Participant’s code of the register/settlement account for customer’s government securities 9252022200 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX

48 Ordinance No 5 of the BNB Appendix No 29 to Article 22, paragraph 7 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARA￾GRAPH 7 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping government securities of the transferring customer Bank ‘A’ Participant’s code of the register/settlement account for cus￾tomer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price (To be completed as appropriate) 10000000, Participant keeping government securities of the acquiring customer CSD ‘AA’ Participant’s code of the register/settlement account for cus￾tomer’s government securities 9252022200 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX

49 Ordinance No 5 of the BNB Appendix No 30 to Article 22, paragraph 7 REQUEST FOR A TRANSFER OF GOVERNMENT SECURITIES UNDER ARTICLE 22, PARAGRAPH 7 Value date of the transaction 01/01/2026 Issue No BG3010096005 Participant keeping government securities of the transfer￾ring customer CSD ‘AA’ Participant’s code of the register/settlement account for customer’s government securities 9252011100 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value 10000000, Transaction price (To be completed as appropriate) 10000000, Participant keeping government securities of the acquir￾ing customer Bank ‘A’ Participant’s code of the register/account for customer’s government securities 9252022200 TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX

50 Ordinance No 5 of the BNB Appendix No 31 to Article 27, paragraph 2

51 Ordinance No 5 of the BNB Appendix No 32 to Article 27, paragraph 5

52 Ordinance No 5 of the BNB Appendix No 33 to Article 28, paragraph 1 DECLARATION ON A TRANSFER OF GOVERNMENT SECURITIES RIGHT TO OWNERSHIP I/we, the undersigned,...................................................................................................................................., (full name) identity card No ……......….........., issued on ……...…........by .........................................., personal identification number (identity card No) …………......................................................................... hereby declare that I have transferred to ........................................................................................................................................................................ (full name)

• hereby declare that I have transferred to ................................................................................................... ......(company name and UIC) *represented by ............................................................................................................................, (full name) identity card No ……......….........., issued on ……...…........by .........................................., personal identification number (No of the identity card) ................................................., on behalf and for the account of .................................................................................... ................................................................................................................ ** the ownership on government securities of issue No................................................/………….........................................................., (date of issue) In the amount of ............................................................................................................................................ ........................................................................ (in figures and in words) total nominal value, certificate No …....................................................................................... ……………..........…. Transferor: ................................... (date) (signature) Acquirer: .................................... (signature)
• To be filled in for legal entities only.

53 Ordinance No 5 of the BNB Appendix No 34 to Article 32, paragraph 4

54 Ordinance No 5 of the BNB Appendix No 35 to Article 32, paragraph 5

55 Ordinance No 5 of the BNB Appendix No 36 to Article 35, paragraph 4 and Article 36 REQUEST FOR BLOCKING OF GOVERNMENT SECURITIES Blocking value date 01/01/2026 Issue No BG1234567890 Participant in ESROT Participant ‘A’ Participant’s code of the register/account for own government securities of the participant in ESROT 9251ХХХХХХ Code of register/account for blocked government securities of the participant in ESROT 9253ХХХХХХ TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value of the blocked government securities 100000,

56 Ordinance No 5 of the BNB Appendix No 37 to Article 35, paragraph 4 and Article 36 REQUEST FOR DEBLOCKING OF GOVERNMENT SECURITIES Deblocking value date 01/01/2026 Issue No BG1234567890 Participant in ESROT Participant ‘A’ Code of the register/account for blocked government securities of the participant in ESROT 9253ХХХХХХ Code of register/account for own government securities of the participant in ESROT 9251ХХХХХХ TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value of deblocked government securities 200000,

57 Ordinance No 5 of the BNB Appendix No 38 to Article 37 REQUEST FOR MOBILISATION OF GOVERNMENT SECURITIES Value date of the request 01/01/2026 Value date of the mobilisation 03/01/2026 Issue No BG1234567890 Participant in ESROT Participant ‘A’ Code of the register/account for own government securities of the participant in ESROT 9251ХХХХХХ Code of register/account for government securities, mobilised by the participant in ESROT in order to collaterlise Eurosystem credit operations 9253ХХХХХХ TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value of mobilised government securities 100000,

58 Ordinance No 5 of the BNB Appendix No 39 to Article 37 REQUEST FOR DEMOBILISATION OF GOVERNMENT SECURITIES Value date of the request 01/01/2026 Demobilisation value date 03/01/2026 Issue No BG1234567890 Participant in ESROT Participant ‘A’ Code of register/account for government securities, mobilised by the participant in ESROT in order to collateralise Eurosystem credit operations 9253ХХХХХХ Code of the register/account for own government securities of the participant in ESROT 9251ХХХХХХ TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX Nominal value of demobilised government securities 100000,

59 Ordinance No 5 of the BNB Appendix No 40 to Article 44, paragraph 2 COMPETITIVE BID ON ONE’S OWN ACCOUNT FOR PARTICIPATION IN A REPURCHASE AUCTION WITHOUT A DEFINITE TERM AGAINST PAYMENT TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 Nominal value 1300000, Price/yield per 100 units nominal value of the issue for which the auction is held 101.46/5.20 Nominal value 2000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.48/7.20

60 Ordinance No 5 of the BNB Appendix No 41 to Article 44, paragraph 2 COMPETITIVE BID ON CUSTOMER’S ACCOUNT FOR PARTICIPATION IN A REPURCHASE AUCTION WITHOUT A DEFINITE TERM AGAINST PAYMENT TARGET2-Securities dedicated cash account in TARGET CXXEURXXXXXXXXXXXXX No of the issue for which the auction is held BG1234567890 Nominal value 1300000, Price/yield per 100 units nominal value of the issue for which the auction is held 101.46/5.20 Customer data natural person 5303125633 Ivan Pavlov Ivanov Nominal value 2000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.48/7.20 Customer data legal entity 999999999 Company ‘A’ Nominal value 2000000, Price/yield per 100 units nominal value of the issue for which the auction is held 98.99/6.20 Customer data Bank or investment intermediary 111111111 Bank ‘BBBBB’ Nominal value 4000000, Price/yield per 100 units nominal value of the issue for which the auction is held 99.48/7.20 Customer data non-resident 2222222222 'CCCCCCCC’ Data under Article 12, paragraph 4

61 Ordinance No 5 of the BNB Appendix No 42 to Article 44, paragraph 2 COMPETITIVE BID ON ONE’S OWN ACCOUNT FOR PARTICIPATION IN A REPURCHASE AUCTION WITHOUT A DEFINITE TERM AGAINST PAYMENT (REPO AUCTION) TARGET2-Securities dedicated cash account of a participant in TARGET CXXEURXXXXXXXXXXXXX No of the issue BG1234567890 Auction date 20260101 Repurchase term, days 1 Nominal value 1300000, Annual interest rate 5.20 Nominal value 2000000, Annual interest rate 5.25