After changes to the Public Offering of Securities Act (POSA) passed in June 2016, energy undertakings in Bulgaria meeting certain criteria have been obliged to report to the Financial Supervision Commission (FSC) in accordance with the general rules on disclosure of information under the POSA.
New amendments to the POSA entered into force in August 2017 which specified and relieved the reporting obligations to a certain extent.
Thus, the thresholds triggering the application of the POSA to energy undertakings are now higher, e.g., the turnover threshold of BGN 300,000 was replaced by BGN 1,000,000, the balance assets value of BGN 700,000 was replaced by BGN 2,000,000, etc.
Further, the POSA now expressly states the disclosure of information obligations applicable to energy undertakings (these are mostly obligations to submit annual and six-month financial statements to the FSC and related information), while reporting on mergers, management changes, corporate governance, etc. are no longer necessary.