Introduction

1. 2.1 With Bulgaria's aim of becoming a Member State of the European Union (EU), the acceptance of the acquis communautaire started. Thus, most of the national legislation effective nowadays corresponds to the regulations and directives in force within the EU. Bulgaria's accession to the EU on 1 January 2007 was just the step needed to ensure Bulgarian legislation conformed with EU legislation.

2. The Prospectus Directive, as well as other pieces of legislation of the acquis communautaire, which are related to issues such as public companies, trading of securities and prospectuses, have been transposed into national law by either the enforcement of wholly new pieces of legislation or by amending and supplementing existing laws.

3. 2.2 In compliance with the Prospectus Directive, Bulgarian legislation has fully accepted and implemented the substance of all of the main terms and definitions used in the Prospectus Directive, i.e., securities, equity securities, nonequity securities, offer of securities to the public, qualified investors, home and host Member State, and small- and medium-sized enterprises.

4. Bulgarian legislature has recently adopted special laws for the implementation of the Prospectus Directive and the other applicable acquis communautaire, and other existing pieces of legislation have been amended and supplemented, respectively.

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