Parliament Adopted Trade Secret Protection Bill at First Reading
108 POLITICS - PARLIAMENT - TRADE SECRET PROTECTION
Trade Secret Protection
Bill at First Reading
Sofia, February 6 (BTA) - On Wednesday, Parliament adopted at first reading the trade secret protection bill regarding the illegal acquisition, usage and disclosure of unrevealed know-how and trade information with 90 votes "in favour", three "against" and 27 abstained. The bill was put forward by the Council of Ministers.
The Council notes that the bill will increase business stimuli, preserve competitiveness development guarantees, improve labour mobility, and increase the number of working placements.
The bill will settle trade secret protection proceedings and measures and main terms such as trade secret, trade secret owner, violators and subject of infringement. It also includes a detailed description of protective measures and their admission, terms and rules for ascertaining illegal acquisition, usage and disclosure of a trade secret, and awarding a fair compensation in the case of misappropriation.
The Bulgarian Socialist Party abstained from voting. MP Pencho Milkov explained that one of the reasons is the definition of a trade secret. "It should be clarified because some of the trade secret requirements would lead to a controversial case law," Milkov noted.
Danail Kirilov, Legal Affairs Committee Chair, agreed with Milkov but noted the act has been abided for more than 25 years. "Bulgarian traders need a guarantee that their achievements will receive relevant legal protection, even though several acts guarantee the trade secret," Kirilov said. LI/TH