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Mandatory registration for non-banking lenders in Bulgaria
Last update: 2008-07-25 06:29:15

Mandatory registration for non-banking lenders in Bulgaria

Amendments in financial institutions' legislation foreseen will make registration with the central bank obligatory for all companies providing financial services including lending or leasing.
At the present moment almost 400 companies that fall in that category are only obliged to simply report their business to the central bank.
The registration process is proposed to become more complex. Non-bank lenders should now provide the central bank with information about their shareholders, origin of their capital and professional credentials of their management.
Those newly introduced requirements will probably be fixed in a special government ordinance. The abovementioned bill is already fully drafted. It is expected to be reviewed by the managing board of the central bank and afterwards it shall be voted by Parliament.

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