National rules for marketing of units/shares of UCITS established in another MemberStatein Bulgariaand other specific national regulations related to the notification procedure

I.MemberState:Bulgaria

II. Date of last update: 14February 2008

  1. Supporting documents or information to the notification letter that are not required by the Directive but by national law
  1. A certified copy of a contract with a bank having its headquarters in the Republic of Bulgaria or a bank withheadquarters abroad, that has obtained an authorization by the Bulgarian National Bank to carry out activities in theRepublic of Bulgaria through a branch,concluded in consistence with art. 211h, para 2 of The Law on Public Offering of Securities.
  2. Additional information about marketing arrangements in Bulgaria of the UCITS, including information about the abovementioned bank, the distributor of units/shares, the places where the investors may present subscription and redemption requests of units/shares of UCITS in Bulgaria.

IV. Additional information

1. Electronic submission of documents for example via fax or e-mail: Yes.

The documents could be submitted electronically using the electronic submission on the following e-mail:

2. Two-month period may be shortened:Yes

Within one month from the date of the receipt of the incomplete notification the FSC informs UCITS about the incompleteness and the missing documents.

If new sub-funds are added to the umbrella fund and these sub-funds are proposed to be marketed in Bulgaria, the two-month period and the notification procedure applies. Nevertheless, this period could be shortened.

3. Date of receipt of the complete notification is confirmed within onemonth:Yes

4. Maximum submission period for missing documents and information, if the notification is incomplete:No

As long as missing documents and information are not transmitted to the FSC, the notification is considered to be incomplete; therefore, the two-month period of the notification does not start and the marketing of the units/shares of the foreign UCITS may not commence.

  1. Required languages for translation, including whether translations are required to be sworn as true

Required documents must be submitted in one of the following languages: Bulgarian and/or English.

Translations are required to be sworn as true.

  1. Transitional provisions with respect to the General reservation under point 3 of CESR’s Guidelines o simplify the notification procedure of UCITS (Ref: CESR/06-120b): NONE.
  1. Documented evidence of fee payment: NONE.
  1. Conditions for ending marketing/ registration

The FSC should be informed about taken decision for any cessation of marketing fund units in Bulgaria.

  1. Other issues

Pursuant to art. 44 of the Council Directive 85/611/EEC (UCITS directive), a UCITS which market its units in Bulgaria must comply with the laws, regulations and administrative provisions in force in Bulgaria, related to periodic disclosure of information, applicable to its activity, applicable marketing arrangements according to the regulations concerning Bulgarian managements companies and UCITS, also provisions governing advertising in Bulgaria. All these requirements are set in the following laws and regulations:

-Law on Public Offering of Securities

-Law on Measures Against Market Abuse With Financial Instruments

-Law on Distance Marketing of Financial Services

-Ordinance № 25 on the Requirements of the Activity of Investment Companies and Contractual Funds

-Ordinance № 26 on the Requirements of the Activity of Management Companies

According to art. 211h, para 1, p. 6 of the Law on Public Offering of Securities a UCITS with a registered office or whose managementcompany is with a registered office in a member state, has to conclude a contract witha bank having its headquarters in the Republic of Bulgaria or a bank withheadquarters abroad, that has obtained an authorization by the Bulgarian National Bank to carry out activities in theRepublic of Bulgaria through a branch. The content of the contract is defined in art. 211h, para 2 of theLaw on Public Offering of Securities.

The UCITS from a member state shall inform forthwith the FSC of any change in thecontract under art. 211h, para 2 of thе Law on Public Offering of Securities, as well as of replacement of the bank.

A UCITS from a member state, which makes a publicoffering of its units in the Republic of Bulgaria, or its management company, shall publish in the Bulgarian language:

1. The full and simplified prospectus of the collective investment scheme;

2.The annual financial statement and the interim financial statements of the collective investment scheme;

3. The Article of Associations or the rules of the UCITS;

4. Any information which the UCITS publishes in the country in which it is registered;

5. Other information provided for in the abovementioned ordinances.

The collective investment scheme from a member state, or its management company, shall submit information on itsoperation in the Republic of Bulgaria to the Commission within one-month period after the end of each quarter and shallpublish this information in one daily newspaper.

1