Penkov, Markov & Partners

07/08/2026

Proposed amendments to Bulgaria’s Euro Adoption Act would give companies more time to update their corporate documents following the conversion of their capital into euros, while also removing the requirement to submit those documents with their first subsequent filing with the Commercial Register.

№ 281 from 30.07. 2026

31/07/2026

💶Euro Adoption 🆔Digital Identity 🖥️E-Justice 🌐Non-Profit Entities

This edition of the Legal Digest focuses on two key trends - digitalization and the reduction of administrative burdens on businesses.

In particular, we examine the proposed introduction of digital identity wallets and the further digitalization of payment order proceedings.

We also analyze the proposed measures for easing companies’ obligations following the euro conversion and giving associations and foundations a final opportunity to re-register with the Registry Agency within a clear final deadline.

https://penkov-markov.eu/en/legal-digest

24/07/2026

A new EU anti-corruption Directive (EU) 2026/1021, which must be transposed by Member States by 1 June 2028, puts the private sector directly in focus and requires companies to take stronger steps to prevent, detect and report corruption risks within their organizations.

Legal entities may face serious sanctions, including multi-million-euro fines, exclusion from public funding and business restrictions, while individuals involved in corruption offences may also face criminal liability.

Penkov, Markov & Partners

13/07/2026

Penkov, Markov & Partners acted as a Bulgarian legal counsel to INVENIO Partners in connection with Provectus Capital Partners’ investment in Haelan – Integrated Healthcare, one of Bulgaria’s leading private healthcare platforms.

The transaction represents another significant milestone in the development of Haelan and supports the company’s next phase of growth, expansion, and enhancement of healthcare services across Bulgaria.

We are grateful to INVENIO Partners for the trust placed in our team and proud to have contributed to the successful ex*****on of this strategic investment.

Our advisors on the transaction were Nikolay Cvetanov, Managing Partner and Boris Lazarov, Managing Partner, together with Smilena Hrusanova and Patrizia Foffo, Attorneys-at-Law.

06/07/2026

We are pleased to announce our contribution to the latest Banking & Finance Comparative Guide by CEE Legal Matters, where we authored the Bulgaria chapter, providing an overview of the country's banking and financial regulatory framework and the latest legal developments shaping the sector.

The guide explores key aspects of the Bulgarian legal landscape, including the regulatory and supervisory framework, licensing and authorization requirements, prudential supervision, and the evolving EU regulatory environment.

It also reflects on significant recent developments, including Bulgaria's accession to the euro area and the implementation of major European regulatory initiatives affecting financial institutions.

This publication reflects our team's extensive experience in banking and finance law and our commitment to providing clients with practical, business-oriented legal insights in a rapidly evolving regulatory environment.

The Bulgaria chapter was prepared by our Banking & Finance team: Nikolay Cvetanov, Managing Partner, Boris Lazarov, Managing Partner, Asen Apostolov, Partner, Patrizia Foffo, Attorney-at-Law, and Mila Ivanova, Lawyer, whose expertise in the sector is reflected throughout the publication.

To learn more about the latest developments in Bulgaria's banking and finance sector, access the full guide via the link: https://penkov-markov.eu/en/articles/ceelm-legal-comparative-guide-banking-finance

03/07/2026

The Bulgarian government has prepared and lodged the Draft State Budget Act for 2026, setting out the country’s key economic priorities for the coming years.

The draft focuses, among others, on strengthening financial discipline through the gradual reduction of the budget deficit, preserving Bulgaria’s competitive tax environment, supporting the gradual easing of inflation, increasing government borrowing capacity and raising the maximum monthly insurable income.

Explore Bulgaria's Draft State Budget 2026, including fiscal policy, budget deficit, public debt, tax measures, social security changes, euro adoption and economic forecasts for 2026–2028, with key insights for businesses and investors.

01/07/2026

We were delighted to attend this year's Balkan Legal Forum. Representing Penkov, Markov & Partners were Vladimir Penkov, Chairman and Senior Partner, Nikolay Cvetanov, Managing Partner, Boris Lazarov, Managing Partner, and Iskra Stefanova, Chief Executive Officer, who joined legal professionals from across Central and Eastern Europe for a series of insightful discussions on the future of the legal profession.

The Forum provided an excellent opportunity to hear from distinguished speakers, exchange perspectives with colleagues and peers, and gain valuable insights into the key developments shaping the legal and business landscape, including AI and legal technology, ESG, cross-border investment, dispute resolution, and the future of law firm management.

We appreciated the opportunity to reconnect with colleagues, expand our professional network, and strengthen relationships within the international legal community.

Our sincere thanks to the organisers for an excellent event. We look forward to next year's edition.

30/06/2026

💰 Budget 2026 🛒 Price Control ⚖️ Unfair Practices 🌍 FATF Grey List 🏢 Companies’ Criminal Liability

This edition of the Legal Digest is largely dedicated to recent legislative and regulatory developments affecting Bulgaria’s economic stability and business environment.

These include the expected voting of the 2026 State Budget, the newly adopted innovations to the Consumer Protection Act and the Protection of Competition Act aimed at stricter price oversight and addressing unfair trading practices, as well as Bulgaria’s anticipated removal from the FATF grey list.

All of the above items are collectively expected to contribute to a more stable and predictable investment environment.

We also examine the new EU anti-corruption directive, that is also of potential key importance for the business, since it regulates potential criminal liability of legal entities.

https://penkov-markov.eu/en/legal-digest

26/06/2026

The Bulgarian Council of Ministers has proposed changes to the inflation adjustment rules for public procurement contracts, aiming to make the indexation system clearer and more consistent.

The changes are expected to introduce a more predictable framework for calculating indexation, with significant implications for construction, infrastructure, and other long-term public procurement projects.

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Bulgaria proposes changes to the inflation adjustment rules for public procurement contracts, introducing clearer indexation criteria, limits on compensation for delays and advance payments, and new rules affecting construction projects.

23/06/2026

We are delighted to share that Vladimir Penkov, Chairman and Senior Partner, Nikolay Cvetanov, Managing Partner, Boris Lazarov, Managing Partner, and Iskra Stefanova, Chief Executive Officer, will be attending this year's Balkan Legal Forum.

Under the theme "Beyond Business as Usual: Advising Clients and Building CEE Law Firms in a Changing World", the Forum will bring together leading legal professionals from across Central and Eastern Europe to discuss the challenges and opportunities arising from geopolitical uncertainty, AI and legal technology, ESG developments, cross-border investments, dispute resolution, and the future of law firm management.

We look forward to exchanging insights, strengthening professional relationships, and connecting with colleagues, clients, and friends from the international legal community.