Amendments to the Bulgarian Public Procurement Act, 2012 New thresholds One month after the latest amendments of the Public Procurement Act (PPA) entered in force, the National Assembly adopted changes of threshold values for contracts over which award procedures are applied on March 30, 2012: - for construction works - equal to or greater than 264,000 BGN excl. VAT (when the place of performance is abroad - equal to or higher than 1.65 million BGN excl. VAT) ; - for supplies, services and design con-tests - equal to or greater than 66,000 BGN (when the order's place of perfor-mance is abroad - equal to or greater than 132,000 BGN). The new thresholds are only 10% higher than those previously, which came into force on 26 February, 2012. Thus, the local thresholds meet the requirements of the respective EU public procurement directives. Increased procurements However, even as increased, the thresholds are much lower than they were in 2011. As a result of the lower thresholds, the number of public procurement procedures is expected to in-crease in 2012, leading to more transparency regarding public funds lay-out. In 2011, more than 7000 public procurement procedures were followed in Bulgaria with a total amount exceeded BGN 4 billion. However, the controlling state authority (Public Financial Inspection Agency) found that 300 of the public procurements, comprising more than BGN 200 million had not been performed by the contracting authorities. According to foreign investors, lack of transpar-ency, vague requirements and the inconsistent practice of the Competition Protection Com-mission are among the factors that complicate their business in Bulgaria. Contacting authorities only rarely translate the procurement documentation and additional information, even in cases where major inter-national companies are targeted as contractors. As a result. interested foreign companies are hindered from preparing the correct documen-tation. Opportunities for challenge Many contractors are not aware of the provi-sions of the Bulgarian PPA and the possibility to challenge restrictive and discriminatory re-quirements. Challenges must be brought within 10 days of the procedure's announcement. Failure to challenge such requirements before the Com-petition Protection Commission ceases the possibility to object the final result based on these grounds. New procedure for defence and securi-ty sectors and classified information A special procedure for the award of certain construction works contracts, supply contracts and service contracts by contracting authorities in the fields of defence and security is also introduced to the PPA with the amendments to the law, thus covering the requirements of the European directives. The thresholds for defence and security tenders are higher than these for regular procedures: for construction works - equal to or greater than 4 million BGN excl. VAT and for delivery, services and design competition for the project - equal to or higher than 400, 000 BGN excl. VAT. However, in our view, the new provisions will mostly impact cases with classified information. For the first time rules for the protection of classified information from unauthorised access are introduced to the PPA. For example, in order to ensure security of information, con-tracting authorities may require, in particular, commitments from both contractors and sub-contractors to protect classified information against unauthorised access, as well as sufficient information regarding their capacity to do so. It is expected that the amendments will be promulgated in the State Gazette and the exact day of entry into force to be announced next week.

This 2011 Wolf Theiss Guide to PPPs, Concessions & Public Procurement in Central, Eastern and Southeastern Europe is intended as a practical guide to the general principles and features of the basic legislation and procedures in countries included in the publication.

BULGARIAN COMPETITION AUTHORITY FOUND INDICATIVE PRICES PUBLISHED BY A REGULATORY BODY IN THE CONSTRUCTION SECTOR TO HAVE A PRICE MAINTENANCE EFFECT

In order to address as wide a range of interests, clients and enterprises as possible, numerous categories have been taken into account: Casey - Comments on Austrian Supreme Court decisions Life Science & Health Care - Keeping you posted on pharmaceutical trends CEE/SEE Corner - Current developments in CEE/SEE What's new? - Latest jurisdictional trends Hot deals - Highlights of our legal practice The newsletter offers legal insight into ongoing trends & developments and is an additional benefit for our existing as well as prospective clients."

The penalty cause is commonly used provision in both civil and commercial agreements.

Schwerpunkt Kapitalmarktrecht in Russland, Serbien und Ungarn Das Kapitalmarktrecht der Rep Ungarn legt besonderen Wert auf den umfassenden Schutz von Privatanlegern. Die europarechtlichen Vorschriften sind vollstanding umgesetzt worden.

A mergermarket study into current trends and expectations in M&A amongst the corporate and fnancial communities in the SEE region

A mergermarket study into current trends and expectations in M&A amongst the corporate and fnancial communities in the SEE region

Bryan W. Jardine, Managing Partner Wolf Theiss Romania ROMANIA GAS FORUM 100 YEARS OF GAS INDUSTRY IN ROMANIA PLOIESTI - 1 JULY 2009

Bryan W. Jardine, Managing Partner Wolf Theiss Romania ROMANIA GAS FORUM 100 YEARS OF GAS INDUSTRY IN ROMANIA PLOIESTI - 1 JULY 2009

Wolf Theiss and the Austrian Embassy Commercial Section cordially invites you to an Exlusive Business Roundtable in Sofia...

The Council of the European Union (Council) has published the conclusions on packaged retail investment products (conclusions) which were adopted at the 2948th ECOFIN meeting on 9 June 2009.

Zoltán Faludi / Managing Partner, Wolf Theiss Budapest

International Arbitration: The Things You Don’t Learn In Law School Christoph Liebscher

International Arbitration: The Things You Don’t Learn In Law School Christoph Liebscher

The European Commission (Commission) has published a speech given on 3 June 2009 by Herbert Ungerer, Deputy Director of DG Competition with special responsibility for state aid, on national intervention and state aid in the current financial and economic crisis.

On 8 June 2009, the Committee of European Securities Regulators (CESR) published a call for evidence (CfE) on mutual recognition with non-EU jurisdictions.

On 2 June 2009, the Securities Industry and Financial Markets Association (SIFMA) published a press release announcing that it, together with senior management of a group of international dealers, asset management firms and investors (signatories), sent a letter (letter) to the Federal Reserve Bank of New York, outlining a framework for over-the-counter (OTC) derivatives risk management and market structure.

On 28 May 2009, the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), acting through the joint Committee on Financial Conglomerates (JCFC), published a consultation paper on proposed advice to the European Commission (Commission) on the Financial Conglomerates Directive (2002/87/EC) (FCD).

On 28 May 2009, the European Commission (Commission) published a press release announcing that it intends to clarify and strengthen the provisions of the undertakings for collective investments in transferable securities (UCITS) regime, particularly in relation to the UCITS depositaries' liability, in the light of the fraud perpetrated by Bernard Madoff.

On 26 May 2009, the Alternative Investment Management Association (AIMA) published a press release announcing that it intends to launch a series of initiatives to mobilise the global hedge fund industry on the Alternative Investment Fund Managers Directive (AIFM Directive) recently proposed by the European Commission (Commission).

On 27 May 2009, the European Commission (Commission) adopted a communication on strengthening the European financial supervision (Communication).

Established by the Hungarian Energy Office (HEO)