Bulgaria discusses EU financial services law
Bulgarian officials have met to debate the development of a financial services market in the European Union, something in which the country hopes to play a key part.
The Markets in Financial Instruments law is set to be passed by the Bulgarian national assembly in June, with the purpose of strengthening the financial instrument market.
Via the Instruments Directive, the measures will increase the level of protection for investors, strengthening licensing, intensifying transparency and furthering value for clients, it is hoped.
Officials stressed the level of importance the EU places on financial services, as a reason for continued economic growth in both the local area and further afield.
Both Bulgaria's minister of finance Plamen Oresharski and European commissioner for the internal market Charlie McCreevy met to debate the upcoming transposition.
Mr McCreevy made the Bulgarian party aware of the European Commission and initiatives that are designed to boost competition in financial services.
"The introduction of this directive into the legislation of the member states has already been delayed and I would not like to see another delay," he said.
Last week, Bulgaria's government gave in to wage hike demands from trade unions who believed employees at loss-making companies were not earning enough.
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