site.btaParliament to Hold Second Reading of Credit Institutions Act Amendments

Bulgaria's Parliament will hold a second reading of amendments to the Credit Institutions Act on Thursday as the first item on its agenda.

The government-proposed amendments transpose two EU directives into national legislation. They introduce new sanctions that may be imposed on banks and financial holding companies in connection with the enforcement of outstanding financial obligations.

The amendments also strengthen requirements concerning the independence of employees and members of the Governing Council of the Bulgarian National Bank (BNB), as well as the assessment of the fitness and propriety of members of banks' management bodies and key office holders. Under an EU directive, no member of a management body, except the governor appointed after January 11, 2026, may remain in office for more than 14 years.

The changes also concern supervisory powers, sanctions, third-country branches, and environmental, social and governance (ESG) risks.

In preparation for Bulgaria's accession to the euro area, amendments to the Bank Insolvency Act and the Bank Deposit Guarantee Act are also proposed to reflect the division of prudential supervisory responsibilities between the European Central Bank and the BNB.

Parliament is also scheduled to consider amendments to the investment project for the acquisition of main battle equipment for battalion battle groups within a mechanized brigade. On Tuesday, the Defence Committee approved changes to the project related to the acquisition of Stryker combat vehicles following a price increase requested by the US side.

The agenda also includes the ratification of an agreement between the governments of Bulgaria and Mongolia on the international carriage of passengers and goods by road, signed in Sofia on November 21, 2025.

The fourth item on Thursday's agenda is the 2025 annual report, including the financial report, of Bulgarian News Agency (BTA) Director General Kiril Valchev.

On June 25, Valchev presented the report to Parliament's Committee on Culture and Media, which approved it unanimously. The report covers the implementation of BTA's strategic objectives, the development of its correspondent network, human resources policy, international cooperation, and the financial performance of Bulgaria's national news agency.