Bulgaria

1. EEA AIFMs

An AIFM, authorised by the competent authority of its home State may manage and market AIFs in Bulgaria directly and / or through a branch provided that a notification is sent by the competent authority of its home State to the Bulgarian Financial Supervision Commission (“FSC”), accompanied by the documents specified in the Collective Investment Schemes and Other Undertakings for Collective Investments Act (“CISOUCIA”), and a confirmation that the AIFM is licensed by the competent authority of its home State.

Regardless of whether an existing passport to conduct management business under another single market directive (such as UCITS) is held, EEA AIFMs are required to make a separate notification to their home State competent authority if they intend to manage or market AIFs on a passported basis.

AIFMs marketing AIFs in Bulgaria are allowed to do so only to professional investors. Marketing to non-professional investors within Bulgaria is permitted only with respect to national investment funds (a new fund structure introduced by the CISOUCIA following the implementation of the AIFMD), which involves the preparation and approval of a prospectus.

2. Third country AIFMs

AIFMs established in Non-EEA jurisdictions may market in Bulgaria AIFs not offered in other EEA jurisdictions provided that certain requirements are met. Such requirements include, amongst others, that (i) the AIFM complies with the requirements of the CISOUCIA; (ii) cooperation arrangements are in place between Bulgaria and the AIF’s and / or AIFM’s country of origin; and (iii) the marketing by the Non-EEA AIFM has been approved by the FSC.

3. Fees

The FSC tariff provides for (i) a one-off license fee of EUR 4,000, and (ii) an annual administration fee of EUR 2,000 for the AIFM and EUR 1,000 for each managed fund.