On 27 January 2023, after more than a year of delay, the Bulgarian parliament adopted Act on the protection of persons who report breaches ("Whistleblowing Act"). The Whistleblowing Act finally transposes the Whistleblowing Directive (Directive (EU) 2019/1937) beyond the deadline of 17 December 2021 for all member states. The Whistleblowing Act enters into force within 3 months as from its publication in the State Gazette, which was made on 2 February 2023.

In this article, we will review some long-awaited changes in Bulgarian legislation, as well as one particularly interesting precedent from the Supreme Court of Cassation case law. These were the highlights of autumn 2022 and we expect them to influence the development of national legislation in the field of healthcare/life sciences and consumer protection.

Considering the current state of affairs in CEE, market dynamics have shifted in terms of where investors are looking for safe investment opportunities, with some sectors seeing steadier capital flows and others struggling. Our experts chart the current hotspots and consider whether the markets are set to shift again.

CMS has advised a syndicate of banks led by ING Bank on the postponement of loan payments under the USD 450 million pre-export facility for Ukraine’s Kernel Group. Linklaters reportedly advised the Kernel Group. Allen & Overy reportedly advised Natixis, another lender.

Klara Kiehl, Clemens Rainer, Sascha Schulz, and Marco Thorbauer have been appointed as Schoenherr Partners in Austria, while Serbia's Jelena Arsic, Jovan Barovic, and Dusan Obradovic, Bulgaria's Tsvetan Krumov, and Hungary's Laszlo Krupl have all been appointed as Local Partners with the firm.

Cytowski & Partners has advised Bulgarian start-up Ampeco on its USD 13 million Series A round with BMW i Ventures, LauncHub Ventures, and Cavalry Ventures. Sidley Austin and Djingov Gouginski Kyutchukov & Velichkov reportedly advised BMW i Ventures.

Bozhko Poryazov has been promoted to a Partner position with Popov Arnaudov & Partners in Sofia.

Schoenherr has advised Metro on its acquisition of a 25% stake in Kosik Holding with a 5% option on top if Kosik expands into other CEE markets in collaboration with Metro. White & Case reportedly advised Kosik.

Former Counsel Gergana Monovska and former Senior Associate Valentin Bojilov have been promoted to Partner at Djingov Gouginski Kyutchukov & Velichkov.

Contributed by Peterka & Partners.

Tokushev & Partners has advised RTP Global on leading a EUR 2.3 million Plan Delta investment round that also included Eleven and 17 angel investors from Bulgaria, the UK, Germany, and the US. Dimitrova Staykova & Partners reportedly advised Plan Delta.

Tokushev & Partners has advised the Capital Investments Fund – part of the Bulgarian Development Bank Group – on its EUR 2.5 million investment in Evrotrust. Dimitrov Petrov & Co advised Evrotrust.

Tokushev & Partners has advised the Capital Investments Fund – part of the Bulgarian Development Bank Group – on leading a EUR 2.2 million investment round into Barin Sports. CMS advised Barin Sports.

Did You Know that, according to the Activity Rankings function of the CEELMDirect website, Djingov Gouginski Kyutchukov & Velichkov worked on 15 reported client matters in Bulgaria in 2022 – more than any other law firm?

Former Osborne Clarke CEO Simon Beswick has joined Kinstellar’s Board of Directors as a non-executive member.

"Repos and securities lending in Bulgaria are regarded as financial collateral, thus ensuring their enforceability. But some important contractual arrangements must be agreed upon by the parties wishing to avail themselves of such enforceability."

The growth of e-commerce and online advertising in Bulgaria in the last two decades has been impressive. The COVID-19 pandemic gave an additional boost to the digital economy. Amid such rapid development and almost 16 years after its entry into force, the Bulgarian Electronic Commerce Act (the ECA) feels quite outdated.

On July 4, 2022, CEE Legal Matters reported that Djingov Gouginski Kyutchukov & Velichkov had advised Maple Bear on its EUR 100 million investment program for the CEE region through a partnership with Vantage Capital. CEE In-House Matters spoke with Yann Bidan, General Manager at Maple Bear, to learn more about the matter.