Чуждестранни инвестиции според Закона за публичното предлагане на ценни книжа
Foreign Investments According to the Law on the Public Offering of Securities

Summary/Abstract: The present work is designated to analyse the different possibilities which the Law on Public Offering of Securities (LPOS) provides for the carrying out of foreign invest- ments in the form of investing in shares, issued by Bulgarian public joint stock compa- nies. According to Article 110, Paragraph 1 of the LPOS a public company is deemed to be a joint stock company that: 1. has issued shares under the conditions of a primary public offering, or 2. has registered in the register of the public companies and other issuers of securi- ties, maintained by the State Securities Commission, an issue of shares with the aim of trading such shares on the regulated securities markets. The legal definition of a public company shows, that the possibilities for the carrying out of a foreign investment in shares of such a company can be differentiated on the basis of the manner of the acquisition of the shares - as a result of a primary public of- fering or on the regulated securities market, as well as on the basis of the legal method for the acquisition of the rights, attaching to the shares. In connection with the analysis of these issues conclusions regarding the applicable law to the transaction in respect of the acquisition of the shares by the foreign investor, as well as regarding its overall pri- vate international law regime, should be formulated.

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