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Its primary aim is to improve ESG standards in the European Union, while reducing the administrative burden on business that the current ESG-regulatory framework creates.

Regulation 2024/1689, a.k.a the AI Act, is step by step going to introduce various requirements to the different stakeholders. Our colleagues Assoc. Prof. Martin Zahariev, PhD, and Andreas Petkov have prepared a timeline roadmap to guide you through the crevices and intricasies of the AI Act compliance.

Insurance is financial activity that deals with specific terms. We have listed some of the most important ones (as regards Bulgarian Insurance Law) below.

Everyone concludes at least one insurance contract in their lifetime – to protect their home, car, or life, or to ensure coverage of health expenses when traveling abroad. Most people are familiar with the main characteristics of the insurance contract – it is concluded in writing, most often in the form of an insurance policy, the general terms and conditions of the insurer apply to it, the policyholder has obligations to declare certain circumstances (the so called circumstances affecting the risk) and to pay a premium. In their turn, the insurer has one main obligation – to pay indemnity upon occurrence.

The question of the differences between an employment contract and a civil contract often arises in practice. Below we provide a brief overview of the main differences between the two contracts.

Pursuant to the new amendments to the Accounting Act, large companies will also have to disclose non-financial information in their annual reports. This includes reporting on their ESG aspects along with the traditional financial reporting

In 2022, a new type of paid leave in favour of the father for childcare until the child’s attainment of 8 years of age has been introduced in the Labour Code (Art. 164c). This is an individual right of the father (the adoptive father), which reflects the European measures to achieve equality between parents in balancing work and family life, including in raising a child. Below, we briefly discuss the more important specifics and some practical issues related to the use of the new type of leave.

The Amendments to the Commercial Act have been finally adopted, introducing the so-called Fast-Track Liquidation Procedure. It aims to speed up the liquidation procedure for companies that meet the legal requirements and to ensure cooperation between state authorities in relation to the exchange of information.

Rositsa Vasileva summarizes into digestible bullet points what you should know if you want to employ people in Bulgaria