Opinion of the Advocate General — ECLI:EU:C:2026:266
Date: 2026-03-26
Language of the case: Bulgarian

Summary C-611/24 – 1 
Case C-611/24 
Summary of the request for a preliminary ruling pursuant to Article 98(1) of 
the Rules of Procedure of the Court of Justice 
Date lodged:  
19 September 2024 
Referring court:  
Varhoven administrativen sad (Bulgaria) 
Date of the decision to refer:  
13 September 2024 
Applicant:  
MA 
Defendant:  
Upravitelen savet na Balgarska narodna banka (Board of Directors 
of the Bulgarian National Bank) 
  
Subject matter of the main proceedings 
The subject matter of the proceedings is an action brought by MA contesting a 
decision made by the Board of Directors of the Balgarska Narodna Banka 
(Bulgarian National Bank, ‘BNB’) establishing the existence of grounds under the 
Zakon za Balgarskata Narodna Banka (Act on the Bulgarian National Bank, 
‘ZBNB’) for his early dismissal from the post of Deputy Governor and Head of 
the ‘Issue’ department of the BNB, on the basis of a decision by the Komisia za 
protivodeystvie na koruptsiata (Anti-Corruption Commission, ‘KPK’) and the 
incompatibility established therein under the Zakon za protivodeystvie na 
koruptsiata (Anti-Corruption Act, ‘ZPK’) between his being a person holding 
public office in that capacity and his participation as a shareholder in a 
commercial company and as a member of the management body of two non-profit 
legal entities, together with the legal consequences of the decision of the Board of 
Directors, namely that MA shall no longer exercise the powers of the Deputy 
Governor, the Head of the ‘Issue’ department and member of the BNB Board of 
Directors from the date of that decision. 
EN 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
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Subject matter and legal basis of the request 
Reference for a preliminary ruling under Article 267(1)(b) TFEU on the 
interpretation of Article 131 TFEU and Articles 7 and 14.2 of the Protocol (No 4) 
on the Statute of the European System of Central Banks and of the European 
Central Bank 
Questions referred for a preliminary ruling 
1. Are the criteria for dismissal of the Governor and the procedure for 
challenging the dismissal decision laid down in Article 14.2 of the Protocol (No 4) 
on the Statute of the European System of Central Banks and of the European 
Central Bank to be interpreted as applying to all members of the decision-making 
bodies of a national central bank? 
2. If Question 1 is answered in the negative: Does Article 14.2 of the Protocol 
(No 4) on the Statute of the [ESCB and of the ECB] permit national legislation 
which introduces the same criteria for the dismissal of members of the decision-
making bodies of a national central bank as those laid down for the Governor by 
that legislative provision? 
3. Does Article 14.2 of the Protocol (No 4) on the Statute of the [ESCB and of 
the ECB] permit the holding of the office of Governor of a national central bank 
to be compatible with being a shareholder in a capital company who is entitled to 
a share of the profits of the company in relation to his shareholding? 
4. Does Article 14.2 of the Protocol (No 4) on the Statute of the [ESCB and of 
the ECB] permit the holding of the office of Governor of a national central bank 
to be compatible with being a member of the management body of a non-profit 
legal entity which, according to its statutes, may engage in an economic activity, 
without a unanimous decision by the board of directors of a national central bank 
being adopted, as required by national law for performing a non-remunerated 
activity? 
5. Do Article 131 of the Treaty on the Functioning of the European Union and 
Article 7 of the Protocol (No 4) on the Statute of the [ESCB and of the ECB] 
permit national legislation which requires the members of the decision-making 
bodies of a national central bank, in their capacity as persons holding public office 
as defined by national law, to declare to the competent public authority, within a 
specified period of time from taking office, their participation as shareholders in 
capital companies and their participation in the management bodies of non-profit 
legal entities? 
6. Do Article 131 [TFEU] and Article 14.2 of the Protocol (No 4) on the 
Statute of the [ESCB and of the ECB] permit national legislation which requires a 
Governor of a national central bank, in his capacity as a person holding public 
office as defined by national law, to take, within a specified period of time from 
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taking office, measures to put an end to his participation as a shareholder in a 
capital company and his participation as a member of the management bodies of 
non-profit legal entities? 
7. Does Article 14.2 of the Protocol (No 4) on the Statute of the [ESCB and of 
the ECB] permit an interpretation to the effect that a Governor of a national 
central bank, who has eliminated an incompatibility with his holding of office 
outside the statutory period of time, is to be treated as not fulfilling the conditions 
required for the performance of his duties? 
8. Do Article 131 [TFEU] and Articles 7 and 14.2 of the Protocol (No 4) on the 
Statute of the [ESCB and of the ECB] permit national legislation which allows the 
authority responsible for establishing the grounds for dismissal to assess, for the 
purposes of and in the context of that particular procedure, whether the person 
concerned has been guilty of serious misconduct within the meaning of 
Article 14.2 of the Statute of the [ESCB and of the ECB]? 
Provisions of European Union law and case-law relied on 
– Articles 130 and 131 TFEU; 
– Articles 7 and 14 of the Protocol (No 4) on the Statute of the ESCB and of the 
ECB; 
– Judgment of 26 February 2019 in Joined Cases C-202/18 and C-238/18, 
EU:C:2019:139. 
Provisions of national law relied on 
– Article 11, Article 12(5), Article 13 and Article 14 ZBNB 1997; 
– Article 4(1), Article 6(1)(12), Article 35, Article 36(3) and (4), 
Article 37(1)(12), (13) and (14) and Article 38 of the Zakon za protivodeystvie na 
koruptsiata i za otnemane na nezakonno pridobitoto imushtestvo (Act on 
Combating Corruption and on the Confiscation of Illegally Obtained Assets, 
‘ZPKONPI’) (the version in force until 5 October 2023) and Section 7 of the 
supplementary provisions to this Act; 
– Article 4(1), Article 6(1)(12), Article 7(1), Article 13(1)(5), (6), (7) and (8), 
Article 49, Article 50(3) and (4), Article 51(1)(13), (14) and (15), Article 53, 
Article 54(2), Article 70, Article 71, Article 72, Article 89, Article 94(1), 
Article 98, Article 115, Article 116 and Article 120 ZPK (in force from 6 October 
2023) and Section 1(4) of the supplementary provisions to this Act; 
– Decision No 13 of the Konstitutsionen sad na Republika Bulgaria 
(Constitutional Court of the Republic of Bulgaria, ‘Constitutional Court’) of 
24 September 2020 in Constitutional Case No 5/2020; Decision No 3 of 2019 in 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
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Constitutional Case No 16/2018; Decision No 5 of 1993 in Constitutional Case 
No 6/1993. 
Succinct presentation of the facts and procedure in the main proceedings 
1 By decision of the 49th Narodno Sabranie (National Assembly, Bulgaria) on 
26 July 2023, MA was elected Deputy Governor of the BNB – as Head of one of 
the three main departments referred to in Article 19 ZBNB 1997, namely the 
‘Issue’ department. 
2 On the same day, MA signed an oath in accordance with Article 13 ZBNB 1997 to 
comply with the law, to cooperate in the independent fulfilment of the tasks 
assigned to the bank and to maintain official, banking, professional, business and 
other legally protected secrets, even after the termination of his powers. 
3 On 27 July 2013, MA submitted to the National Assembly, in its capacity as the 
electing authority, a declaration in accordance with Article 35(1)(1) ZPKONPI 
(repealed) in conjunction with Article 11(4)(3) to (5) and Article 12(5) ZBNB, 
which he had signed on 19 July 2023 and in which he declared, among other 
things, that he was not a person who, as a sole proprietor or unlimited liability 
shareholder in a commercial company, was bankrupt; that he was not a person 
who was a sole proprietor, unlimited liability shareholder in a commercial 
company, director, authorised representative, commercial agent, proxy holder, 
commercial broker, liquidator or insolvency administrator, member of a 
management or supervisory body of a commercial company or cooperative, with 
the exception of companies in which BHB holds a stake; that he was not a person 
who engaged in any activity prohibited under Article 12(5) ZBNB. 
4 On 11 August 2023, MA, in his capacity as Deputy Governor of the BNB, 
submitted to the Komisia za protivodeystvie na koruptsiata i za otnemane na 
nezakonno pridobitoto imushtestvo (Commission on Combating Corruption and 
on the Confiscation of Illegally Obtained Assets, Bulgaria, KPKONPI) an 
introductory declaration on assets and interests, composed of two parts, in 
accordance with Article 35(1)(2) ZPKONPI (repealed). In Part One of the 
declaration, MA declared a 2% holding in Iontech Engineering OOD, indicating 
the value of his holding as BGN 117 000. In Part Two of the declaration, MA did 
not declare that he had been a director or member of a management or supervisory 
body of a commercial company, a non-profit legal entity or a cooperative at the 
time of his election or appointment. In Part Two of the declaration, MA did not 
declare that he had been a director or member of a management or supervisory 
body of a commercial company, a non-profit legal entity or a cooperative in the 
twelve months preceding the date of his election or appointment to office. 
5 In his capacity as Deputy Governor of the BNB, MA submitted to the KPK, on 
13 November 2023, a declaration on assets and interests in accordance with 
Article 49(1)(4) ZPK, in which he declared the amount of his shareholding in 
Iontech Engineering OOD as BGN 100 and stated that he had been a member of 
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the board of the association ‘Balkanski-Panitsa institut za nauchni izdirvania’ 
(literally: ‘Balkan Panitza Institute for Scientific Research’) and of the ‘Golf klub 
-Blagoevgrad’ at the time of his election or appointment to office. 
6 Iontech Engineering OOD is a commercial company with limited liability. Under 
its current Articles of Association, issued on 23 November 2023, and the version 
in force between 5 July 2017 and 22 November 2023, every shareholder is entitled 
to a share of the profits in relation to his shareholding. By means of a stock sales 
agreement dated 8 November 2023, MA transferred ownership of the shares he 
held in Iontech Engineering OOD to KS at a price of BGN 100 – the nominal 
value of the shares, which was paid in full to the seller before the agreement was 
signed. The transfer of the shares was recorded in the commercial register on 
23 November 2023. 
7 The association ‘Balkanski-Panitsa institut za nauchni izdirvania’ is a non-profit 
legal entity. According to the statutes of the association, its purpose is to develop 
and exchange knowledge and experience in the political, social and scientific 
fields, as well as in the high-tech field. It may engage in additional economic 
activities, provided that these are related to its main activity and the income from 
these activities is used to achieve its objectives. MA was removed from the 
register as a member of the board of the association ‘Balkanski-Panitsa institut za 
nauchni izdirvania’ on 15 December 2023. 
8 The association ‘Golf klub – Blagoevgrad’ is a non-profit legal entity, the 
objectives of which, according to its statutes, are to meet the specific interests and 
needs of the members of the golf club and to organise, lead and promote the sport 
of golf. In order to realise its objectives, it undertakes economic activities in 
relation to the organisation of design projects, for example the construction and 
maintenance of specialist material and technical facilities for pursuing the sport of 
golf, carries out scientific and technical development, takes part in national and 
international competitions and seeks sponsors; activities also include advertising 
measures in relation to the activities of the club and ticket sales for golf 
competitions. MA was removed from the register as a member of the board of the 
association ‘Golf klub – Blagoevgrad’ on 17 January 2024. 
9 In his capacity as Deputy Governor of the BNB, MA submitted to the KPK on 
7 February 2024 a new declaration on assets and interests in accordance with 
Article 49(1)(4) ZPK, according to which, at the time of his election of 
appointment to office, he held no shares in any commercial company, he was not a 
member of a management or supervisory body of a non-profit legal entity or 
cooperative, and in the twelve months preceding the date of his election or 
appointment to office he had held no shares in any commercial company and in 
the twelve months preceding his election of appointment to office he had not been 
a member of a management or supervisory body of a non-profit legal entity or 
cooperative. 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
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10 By decision of 24 June 2024, the KPK established, in accordance with 
Article 13(1)(8) ZPK in conjunction with Section 7(2) of the transitional and 
closing provisions of the ZPK, in relation to MA in his capacity as Deputy 
Governor of the BNB, Head of the ‘Issue’ Department, i.e. in his capacity as a 
person holding public office as defined in Article 6(1)(12) ZPK, incompatibility 
between his holding of this post and his participation as a shareholder in Iontech 
Engineering OOD and his activity as a member of the management body of a non-
profit legal entity, namely of the association ‘Balkanski-Panitsa institut za nauchni 
izdirvania’ and of the association ‘Golf klub-Blagoevgrad’, without a decision of 
the Board of Directors of the BNB in accordance with Article 12(5) second 
sentence ZBNB having been made. 
11 By letter dated 27 June 2024, the KPK informed the BNB and the National 
Assembly of the Republic of Bulgaria of its decision of 24 June 2024. Also on 
27 June 2024, MA was granted unpaid leave, at his request, until further 
legitimate measures were taken in order to avoid any doubt as to compliance with 
the legal framework. 
12 By action of 1 July 2024, MA challenged the decision of the KPK of 24 June 2024 
before the Administrativen sad – Sofia grad (Administrative Court – Sofia City, 
Bulgaria). Having examined the admissibility of the action, the court scheduled a 
public hearing for 16 September 2024 by order of 12 July 2024. 
13 On 16 July 2024, MA submitted to the members of the Board of Directors of the 
BNB in accordance with Article 246(3) of the Rules of Procedure of the Board of 
Directors of the BNB, a written statement stating that (1) there were no grounds 
for initiating proceedings pursuant to Article 14(2) ZBNB and requesting a stay of 
proceedings and procedural motions in relation to the initiated proceedings and (2) 
the submission regarding the two alternatively cited grounds pursuant to 
Article 14(1) ZBNB was incorrect and unfounded. In addition, MA filed motions 
to take evidence and a request to be heard in the presence of a lawyer and for 
minutes to be kept of the meeting of the Board of Directors. 
14 By Decision No 340 of the Board of Directors of the BNB of 16 July 2024, the 
existence of grounds under Article 14(1) first case (‘does not fulfil the conditions 
for performance of his duties’) and Article 14(1) second case (‘has been guilty of 
serious misconduct’) ZBNB for the early dismissal of MA, Deputy Governor, 
Head of the Issue Department of the BNB, was established on the basis of the 
KPK’s decision of 24 July 2024 and thus incompatibility was established under 
Article 13(1)(8) ZPK (see above, paragraph 10). 
15 In arriving at this legal outcome, the Board of Directors of the BNB set out its 
rationale as follows: Firstly, there were no grounds to stay the administrative 
proceedings, because the decision of the KPK of 24 June 2024 had all the 
characteristics of a procedural act – it served to refer the matter to the BNB’s 
Board of Directors, which, in turn, adopted an administrative act that was open to 
challenge under the express provision of the ZBNB. A challenge to this 
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procedural act, as brought by MA, could not be a reason for staying the 
administrative proceedings for the adoption of an individual administrative act. 
Secondly, the Board of Directors of the BNB was of the view that the KPK was 
the administrative authority that had exclusive competence under the law to 
establish incompatibility with the holding public office. The BNB’s Board of 
Directors could neither exercise control over the actions of the Commission nor 
make a decision in its place, as this would lead to an unlawful withdrawal of the 
competence of another administrative authority. In view of the foregoing, the 
Board of Directors shall only decide, within the framework of the procedure under 
Article 14(2) ZBNB, whether the incompatibility established by the KPK 
constituted grounds for the early dismissal of the member of the Board of 
Directors of the BNB, specifically whether such incompatibility leads to the 
conclusion that the member does not fulfil the conditions for the performance of 
this duties and/or that he has been guilty of serious misconduct within the 
meaning of Article 14.2 of the Statute of the ESCB and of the ECB. 
16 Notwithstanding the stated impossibility of controlling the actions of the KPK and 
the obligation to take its findings into account, the Board of Directors of the BNB, 
in order to respect the principles of objectivity and lawfulness, examined the 
grounds cited by the KPK in law and in fact for adopting the decision of 24 June 
2024. The BNB’s Board of Directors approved KPK’s findings of fact, in so far as 
they are based on the entries and records published in the Commercial Register 
and in the register of non-profit legal entities, which are deemed to be known to 
all third parties. The BNB’s Board of Directors also shared the legal conclusions 
of the Commission, which it considers to be the result of a detailed and 
meaningful assessment carried out prior to its decision. The Board of Directors of 
the BNB assumed that the incompatibility established by the KPK in relation to 
MA implied the existence of the ground for his early dismissal provided for in 
Article 14(1) first case ZBNB, as this leads to the conclusion that MA ‘does not 
fulfil the conditions for the performance of his duties’ and this was considered 
sufficient grounds for the early dismissal of Mr MA as a member of the Board of 
Directors of the BNB. In addition, the BNB’s Board of Directors assumed that the 
incompatibility established in relation to MA implied the existence of the ground 
for his early dismissal provided for in Article 14(1) second case ZBNB (‘has been 
guilty of serious misconduct’). 
17 In accordance with the provision of the special law– the second sentence of 
Article 14(2) ZBNB 1997 – MA no longer exercised his powers as Deputy 
Governor and member of the Board of Directors from the date on which Decision 
No 340 of the BNB’s Board of Directors of 16 July 2024 was adopted. MA asked 
the referring court to suspend the provisional enforceability of the decision of the 
BNB’s Board of Directors. 
18 By decision of 29 July 2024, the court rejected MA’s request to suspend the 
provisional enforceability provided for by law. This decision was confirmed by a 
final decision taken by a five-judge panel at the Varhoven administrativen sad 
(Supreme Administrative Court, Bulgaria) on 30 August 2024. 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
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Essential arguments of the parties in the main proceedings 
19 The applicant is contesting the decision of the BNB’s Board of Directors, arguing 
that the decision is unlawful due to a breach of substantive law, failure to comply 
with the prescribed procedural requirements, breach of the rules of administrative 
procedure and breach of the purpose of the law. He is of the view that neither of 
the two grounds provided for in Article 14.2 of the Statute of the ESCB and of the 
ECB, on which the contested decision of the BNB’s Board of Directors is based, 
exist. With regard to applicable EU law, he submits that interpretation of the 
provisions of Articles 2 and 6(3) TFEU, Article 130 TFEU and Articles 7 and 14.2 
of the Protocol (No 4) on the Statute of the ESCB and of the ECB is required and 
is therefore requesting the Court to give a preliminary ruling pursuant to 
Article 267 TFEU. 
20 The defendant argues that the contested administrative act is lawful and that the 
arguments put forward in the action are unfounded and that there is no need to 
refer any questions for a preliminary ruling. 
Succinct presentation of the reasoning in the request for the preliminary 
ruling 
21 First, the adjudicating chamber notes that Article 14 of the Protocol (No 4) on the 
Statute of the ESCB and of the ECB sets out the criteria for dismissal and the 
procedure for challenging the decision on dismissal only in relation to the 
Governor of a national central bank (‘NCB’) without, however, specifying 
whether the provisions of that text (both as regards the grounds for dismissal and 
the procedure for challenging the decision) also apply to the other members of the 
decision-making body of an NCB. It therefore considers it necessary to refer a 
question to the Court for a preliminary ruling on whether Article 14 of Protocol 
No 4 applies to the members of the decision-making body of the NCBs. 
22 In the event that the provisions of Article 14 of Protocol No 4 are also applicable 
to members of the decision-making bodies of the NCBs, the referring court notes 
that the Court has not provided any interpretation on the elements of Article 14 of 
Protocol No 4 as regards the conditions that are necessary for the performance of 
the duties of Governor of an NCB and that, consequently, a decision of the Court 
is necessary for the proper resolution of the present dispute. 
23 In this context, the Convergence Reports of the ECB and the European 
Commission are drawn up on the basis of Article 140 TFEU and contain an 
assessment and review of the compatibility of the national legislation of the 
Republic of Bulgaria as a Member State with a derogation under the Treaties and 
the Statute of the ESCB and of the ECB. However, those reports do not contain 
the Court’s interpretation of the principles of institutional and personal 
independence arising from Articles 7 and 14 of the Statute of the ESCB and of the 
ECB. This is also confirmed by a letter from the Governor of the ECB, 
Ms Christine Lagarde, submitted by the applicant, stating that in the event of a 
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judicial challenge to the decision to dismiss MA, a request for a preliminary ruling 
from the Court on the interpretation of Article 14.2 of Protocol No 4 may be 
necessary. 
24 In the present case, the Varhoven administrativen sad (Supreme Administrative 
Court) acts under national law as the court of last instance in proceedings under 
Article 14(2) ZBNB 1997, and it therefore follows from the founding Treaties that 
there is an obligation to make a request for a preliminary ruling. 
25 The adjudicating chamber notes that there is no case-law of the national courts on 
the application of Article 14 ZBNB 1997, which is explained by the fact that the 
judicial review of legal acts establishing grounds for early dismissal is provided 
for in the version of the Act promulgated in the Darzhaven vestnik (State Gazette, 
Bulgaria) Issue 104 of 2022. 
26 In the case-law of the Constitutional Court, the institute of incompatibility is 
outlined as a set of constitutional or statutory prohibitions relating to the 
compatibility of a particular public office with another office or with positions and 
activities linked to the private interests of the public office holder, thereby 
ensuring ‘the fair, independent and impartial exercise of public powers in the 
public interest’ (Decision No 3 of 2019 in Constitutional Case No 16/2018). 
Incompatibility underlines the special social and legal status of holders of public 
office to act on behalf of the State and exclusively in the public interest. The 
achievement of its main objective, namely to guarantee impartiality, is linked to 
the introduction of prohibitions on holding other offices or pursuing other 
activities while the person is working in the public post concerned. Its 
incorporation in the Constitution and in the laws shows that such compatibility 
would undermine the independence and impartiality of the public authorities or 
serve private objectives, which is contrary to the requirement that public office 
may be performed only in the public interest. Incompatibility thus guarantees 
independence in the performance of public office and prevents the person 
concerned from benefiting from advantages in the performance of his duties. 
27 Incompatibility is a feature of the rule of law, wherein the legislature is required to 
ensure that the public interest outweighs the private interest, particularly in the 
event of a conflict. Its main objective is to ensure the independence of public 
office by creating guarantees against undue influences from external forces and 
thus also protecting the interests of society as a whole (see, to that effect, Decision 
No 5 of 1993 in Constitutional Case No 6/1993). 
28 In its Decision No 13 of 24 September 2020 in Case No 5/2020, the Constitutional 
Court stated that the legal definition of incompatibility is set out in Section 1(7) of 
the supplementary provisions of the ZPKONPI: ‘the holding of another post or the 
performance of an activity which, by virtue of the Constitution or a law, is 
incompatible with the status of holder of high public office’. This provision does 
not lay down specific grounds for incompatibility and cannot be applied 
independently, but refers to the Constitution and the relevant special laws. 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
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Incompatibility can be established only if and to the extent that the relevant facts 
fulfil the conditions laid down in the provisions of those laws. In practice, it is 
therefore necessary to precisely identify the applicable provisions of the 
Constitution or special laws and to compare the facts with the incompatibilities 
which are laid down in the Constitution or special laws, in order to draw a 
reasoned conclusion on any existence of facts and circumstances that give rise to 
incompatibility. If the incompatibility impairs the impartial performance of public 
duties in the public interest, the electing or appointing authority must make a 
finding of incompatibility. The reasoning for this is that, as a result of the 
incompatibility found, all special laws provide for the termination of the legal 
relationship as holder of public office, which termination falls within the 
competence of the body who elected or appointed him. 
29 In the opinion of the Constitutional Court, elimination of the incompatibility can 
only be achieved by a declaration of intent from the person to bring to an end one 
of the two coexisting legal relationships in which he is involved. Another legal 
entity may bring the existing incompatibility to an end only if that incompatibility 
is not brought to an end by the person himself within the period prescribed by law. 
Both initial and subsequent incompatibility shall be eliminated in accordance with 
the procedure and within the time limit prescribed by law, negative consequences 
for the person not occurring automatically, but only if the procedure and time limit 
prescribed are not complied with. 
30 The Varhoven administrativen sad (Supreme Administrative Court) is also aware 
that EU law uses its own specific terminology and autonomous concepts that do 
not necessarily have the same meaning as the corresponding concepts that may 
exist in national legal systems (judgment of 6 October 1982, Cilfit and others, 
283/81, ЕU:C:1982:335, paragraph 19). Furthermore, every provision of EU law 
must be placed in its context and interpreted in the light of the provisions of EU 
law as a whole, regard being had to the objectives thereof and to its state of 
evolution at the date on which the provision in question is to be applied 
(judgments of 6 October 1982, Cilfit and others, 283/81, ЕU:C:1982:335, 
paragraph 20 and of 28 July 2016, Association France Nature Environnement, 
C-379/15, ЕU:C:2016:603, paragraph 49). 
31 Drawing on the criteria for the independence of national banks developed in the 
Convergence Reports from 1998 to date, the adjudicating chamber notes that the 
concept of ‘central banking independence’ covers several types of independence, 
namely: functional, institutional, personal and financial independence. The 
principle of institutional independence is expressly mentioned in Article 130 of 
the Treaty and Article 7 of the Statute. Under these provisions, NCBs and 
members of their bodies are prohibited, when taking decisions, from seeking or 
taking instructions from Union institutions or bodies, from any government of a 
Member State or from other public authorities. Furthermore, the Union 
institutions, bodies or other agencies and the governments of the Member States 
are prohibited from trying to influence the members of the decision-making 
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bodies of the NCBs whose decisions could affect the fulfilment of the ESCB-
related tasks of the NCBs. 
32 For national legislation to comply with Article 130 of the Treaty and Article 7 of 
the Statute, it must incorporate both prohibitions and not restrict their scope. On 
the other hand, recognition of that independence of central banks does not have 
the effect of exempting them from all legislation or protecting them against any 
type of legislation. 
33 The principle of personal independence follows from Article 14.2 of the Protocol 
(No 4) on the Statute of the European System of Central Banks and of the 
European Central Bank. Under Article 14.2 of the Statute, the statutes of NCBs 
must provide for a term of office of at least five years for the Governor of a 
central bank. A further guarantee of the personal independence of the Governor of 
the national central bank, contained in the same article, is that the Governor of a 
national central bank may only be dismissed from office if he no longer fulfils the 
conditions required for the performance of his duties or has been guilty of serious 
misconduct. The current wording of Article 14 ZBNB 1997 provides the same 
guarantee of personal independence for the other members of the BNB’s Board of 
Directors, that reading being in line with the ECB’s opinion of 21 December 2022 
on the implementation of the recommendations of the ECB Convergence Report 
concerning central bank independence (CON/2022/45). 
34 However, the 2022 Convergence Report expressly states that, in order to 
guarantee the personal independence of the members of the decision-making 
bodies of the NCBs involved in the performance of ESCB-related functions, it is 
also necessary to ensure that there can be no conflicts of interest between, on the 
one hand, those members’ obligations towards their respective NCB (including, in 
the case of governors, toward the ECB) and, on the other hand, any other 
functions they may additionally perform that could compromise their personal 
independence. Membership of decision-making bodies performing ESCB-related 
functions is fundamentally incompatible with the performance of other functions 
if this could give rise to a conflict of interest. In particular, the members of such 
decision-making bodies are not allowed to hold any office or represent interests, 
whether in the performance of duties within the executive or the legislature of a 
State or of regions and municipalities, or in the context of an undertaking, which 
could influence their activities. 
35 The adjudicating chamber finds it necessary to point out that the request for a 
preliminary ruling is directed to interpretation by the Court in respect of the 
following: whether it is fundamentally compatible with EU law for the Governor 
of an NCB to combine the performance of those duties, first, with membership in 
a capital company that brings entitlement to a share of the profits of that company 
and, second, with participation in the management bodies of non-profit legal 
entities that can pursue economic activities; whether it is fundamentally 
compatible with EU law for the Governor of an NCB to be required to notify the 
competent State authority within a specified period of time of such participation; 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
12  
whether it is fundamentally compatible with EU law for the Governor to be 
required to adopt measures terminating such participation; whether it is 
fundamentally compatible with EU law for the Governor of an NCB, after he has 
eliminated the incompatibility concerning him after a deadline has already passed, 
to be treated as a person who does not fulfil the conditions; whether it is 
fundamentally compatible with EU law for the authority responsible for 
establishing grounds for dismissal to be required to assess, for the purposes and in 
the context of that particular procedure, whether he has been guilty of serious 
misconduct. 
36 The adjudicating chamber emphasises that the legality of the administrative act 
adopted is the subject of the main proceedings and that the arguments of the 
parties in that regard, including with regard to their interpretation of the facts, will 
therefore be considered in the light of the Court’s interpretation of the principles 
of institutional and personal independence of the Governor of an NCB, as set out 
in Articles 7 and 14 of the Protocol (No 4) on the Statute of the ESCB and of the 
ECB. 
37 The referring court asks the Court to apply the expedited procedure provided for 
in Article 105(1) et seq. of the Rules of Procedure of the Court of Justice to the 
request for a preliminary ruling. The specific reasons justifying a derogation from 
the general procedure applicable to requests for a preliminary ruling are as 
follows: The national legal provision – Article 14(2) ZBNB 1997 – provides that 
the exercise of the powers of a member of the BNB’s Board of Directors in 
respect of whom grounds for early dismissal have been established shall be 
suspended from the date of the decision of the BNB’s Board of Directors. With 
the provision in the second sentence of Article 14(2) ZBNB 1997, the legislature 
is safeguarding the public or State interest in ensuring that the exercise of powers 
by the members of the Board of Directors fulfils the conditions required for the 
holding of office and, in that context, is preventing consequential damage from 
being caused by failure of the competent authority to comply with the conditions 
laid down in Article 14(1) ZBNB 1997. 
38 MA asked for the provisional enforceability, provided for by law, of the decision 
of the Board of Directors of the BNB to be suspended, which was ultimately 
rejected by a five-judge panel of the Varhoven administrativen sad (Supreme 
Administrative Court) on the grounds that the applicant had failed to state reasons 
why and demonstrate individual harm that would run counter to the public interest 
protected by the legislature in the provisional enforceability provided for by law. 
39 The referring court notes that the national legislature has provided for very short 
time limits (14 days) for the examination of the dispute in the main proceedings. 
Furthermore, in accordance with Article 19(1) ZBNB 1997, the ‘Issue’ department 
is one of the three main departments of the BNB. 
40 Notwithstanding the lack of grounds for suspending the provisional enforceability 
provided for by law, as established by two instances, the adjudicating chamber 
UPRAVITELEN SAVET NA BALGARSKA NARODNA BANKA 
 
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asks that the request for a preliminary ruling be subject to the expedited 
procedure, given the great importance of the main proceedings for the normal 
functioning of the BNB and the existence of short procedural time limits that bind 
the national court. 
C-611/24 – Annex No 2 
Annexes: Text of the national legislation cited in the request for a 
preliminary ruling in Administrative Case No 7373/2024 of the Varhoven 
administrativen sad (Supreme Administrative Court) 
NATIONAL LEGISLATION: 
Zakon za Balgarskata Narodna Banka ot 1997 (Act on the Bulgarian 
National Bank 1997) (promulgated DV Issue 46 of 10 June 1997, … [not 
reproduced], last amended and supplemented DV Issue 29 of 2 April 2024) 
Article 11(1) The Board of Directors shall consist of seven members: the 
Governor of the bank, the three Deputy Governors and three other members. 
(2) Members of the Board of Directors shall be Bulgarian citizens. 
(3) … [not reproduced] Persons of high moral character with prominent 
qualifications in economics, finance or banking shall be elected and appointed as 
members of the Board of Directors. 
(4) … [not reproduced] Any member of the Board of Directors shall not be a 
person who 
1. has been sentenced to imprisonment for a premeditated crime; 
2. has been declared bankrupt as a sole proprietor or unlimited liability 
shareholder in a commercial company; 
3. in two years preceding the decision establishing the bankruptcy of a 
commercial company or cooperative, was a member of that commercial 
company’s or cooperative’s management or supervisory body; 
4. … [not reproduced] is a sole proprietor, unlimited liability shareholder in a 
commercial company, director, authorised representative, commercial agent, 
proxy holder, commercial broker, liquidator or insolvency administrator, member 
of a management or supervisory body of a commercial company or cooperative, 
with the exception of companies in which BHB holds a stake; 
5. … [not reproduced] is a spouse or life partner, relative in the direct line, in 
the lateral line up to and including the fourth degree or relative by marriage up to 
and including the second degree, of any other member of the Board of Directors; 
Article 12 
SUMMARY OF THE REQUEST FOR A PRELIMINARY RULING – CASE C-611/24 
 
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… 
(5) (… [not reproduced] last supplemented – DV Issue 29 of 2024) The Governor 
and the Deputy Governors shall not engage in any activity other than teaching or 
activities as members of the bodies of companies in which the Bulgarian National 
Bank has holdings or in international organisations related to Bulgarian National 
Bank, unless if appointed acting Prime Minister in accordance with Article 99(5) 
of the Constitution of the Republic of Bulgaria. They may perform a non-
remunerated activity following a unanimous decision of the Board of Directors 
provided there is no conflict of interest. 
Article 13(1) (… [not reproduced] last supplemented – DV Issue 12 of 2021, in 
force from 12 February 2021) Upon taking office, the Governor, the Deputy 
Governors and the other three members of the Board of Directors shall take an 
oath to comply with the law, to cooperate in the independent fulfilment of the 
tasks assigned to the bank and to maintain official, banking, professional, business 
and other legally protected secrets, even after the termination of his powers. 
(2) The Governor and the Deputy Governors shall take the oath before the 
National Assembly, the other three members of the Board of Directors before the 
President. 1 
Article 14 (… [not reproduced] last amended and supplemented – DV Issue 104 
of 2022) (1) The competent authority referred to in Article 12 may dismiss of a 
member of the Board of Directors before the end of his term of office only if he 
does not fulfil the conditions required for the performance of his duties or if he 
has been guilty of serious misconduct within the meaning of Article 14.2 of the 
Statute of the European System of Central Banks and of the European Central 
Bank. 
(2) (… [not reproduced], new – DV Issue 104 of 2022) The grounds for early 
dismissal of a Deputy Governor or other member of the Board of Directors, with 
the exception of the Governor, shall be established by decision of the Board of 
Directors in accordance with a procedure determined by the Board of Directors. 
The member of the Board of Directors whose dismissal is proposed shall cease 
exercising his powers from the date of the decision of the Board of Directors. The 
decision of the Board of Directors may be appealed before the Varhoven 
administrativen sad (Supreme Administrative Court) within seven days. The 
Supreme Administrative Court shall issue a final decision within 14 days of 
receipt of the appeal. The final decision shall be communicated to the authority 
competent under Article 12 for the early dismissal. 
Zakon za protivodeystvie na koruptsiata i za otnemane na nezakonno 
pridobitoto imushtestvo (Act on Combating Corruption and on the 
Confiscation of Illegally Obtained Assets) (promulgated DV Issue 7 of 
 
1 Translator’s note: This refers to the President of the Republic of Bulgaria. 
UPRAVITELEN SAVET NA BALGARSKA NARODNA BANKA 
 
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19 January 2018, … [not reproduced], last amended and supplemented DV Issue 
104 of 30 December 2022) 
Article 4(1) this Act shall apply subject to the following principles: 
1. Legality, transparency, independence, objectivity and impartiality; 
2. increased accountability of persons holding high public office; 
… 
Article 6 (repealed – DV Issue 84 of 2023, in force from 6 October 2023) 
1. Persons holding high public office for the purposes of this Act are: 
… 
12. the Governor, the Deputy Governors, the members of the Board of Directors 
and the Secretary-General of the Bulgarian National Bank; 
Article 35 (repealed – DV Issue 84 of 2023, in force from 6 October 2023) 
(1) Persons holding high public office, with the exception of those who are 
obligated under the Zakon za sadebnata vlast (Courts Constitution Act), must 
make the following declarations: 
1. Declaration of incompatibility; 
2. Declaration on assets and interests; 
3. Declaration of any change in the circumstances set out in the declaration 
referred to in point 1; 
4. Declaration of any change in the circumstances set out in the declaration 
referred to in point 2 in the part relating to interests and the provenance of funds in 
the event of early repayment of debts and loans. 
(2)(Supplemented – DV Issue 70 of 2020, in force from 7 August 2020) The 
declarations referred to in paragraph (1) points 1 and 3 must be submitted to the 
electing or appointing authority, … [not reproduced] and the declarations referred 
to in paragraph (1) points 2 and 4 must be submitted to the Commission. 2 
(3) (Supplemented – DV Issue 70 of 2020, in force from 7 August 2020) The 
declarations referred to in paragraph (1) points 1 and 3 must be submitted on a 
form drawn up by the electing or appointing authority, …[not reproduced] 
 
2 Translator’s note: Here and below (in this Act), this refers to the Komisia za protivodeystvie na 
koruptsiata i za otnemane na nezakonno pridobitoto imushtestvo (Commission on Combating 
Corruption and on the Confiscation of Illegally Obtained Assets). 
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(4) The declarations referred to in Article 1(2) and (4) must be submitted on a 
form drawn up by the Commission. 
(5) The declarations must be submitted in hard copy and in electronic form. … 
[not reproduced] 
Article 36 (repealed – DV Issue 84 of 2023, in force from 6 October 2023) 
… 
(3) If a person has declared an incompatibility, he is required to take the 
necessary measures to eliminate the incompatibility within one month of 
submitting the declaration and to provide the electing or appointing authority with 
appropriate proof. 
(4) If the person fails to take measures to eliminate the incompatibility within 
the period referred to in paragraph (3), the electing or appointing authority shall 
take measures to terminate the legal relationship. 
Article 37 (repealed – DV Issue 84 of 2023, in force from 6 October 2023) 
(1) Persons holding high public office, with the exception of those who are 
obligated under the Zakon za sadebnata vlast (Courts Constitution Act), must 
submit a declaration on assets and interests in Bulgaria and abroad to the 
Commission, in which they declare: 
… 
12. any participation in commercial companies, in the management or 
supervisory bodies of commercial companies, in non-profit legal entities or 
cooperatives, or the performance of an activity as a sole proprietor at the time of 
their election or appointment and in the 12 months preceding the date of their 
election or appointment; 
13. contracts concluded with persons performing activities in areas related to 
decisions taken by the person holding high public office as part of his powers or 
duties in that office; 
14. information on related persons in whose activities the person holding high 
public office has a private interest. 
… 
Article 38 (repealed – DV Issue 84 of 2023, in force from 6 October 2023) 
(1) A declaration on assets and interests must be submitted: 
1. within one month of starting in the post of high public office; 
UPRAVITELEN SAVET NA BALGARSKA NARODNA BANKA 
 
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2. annually by 15 May for the previous calendar year; 
3. within one month of leaving the post; 
4. within one month of one year passing since the declaration referred to in 
point 3 was submitted. 
(2) Within one month of the submission of the declaration on assets and 
interests, the person concerned may amend his declaration if this is necessary to 
eliminate any deficiencies or errors in the circumstances declared. 
Supplementary provisions: 
Section 7 ‘Incompatibility’ means the holding of another post or the performance 
of an activity which, by virtue of the Constitution or a law, is incompatible with 
the status of holder of a high public office. 
Zakon za protivodeystvie na koruptsiata (Anti-Corruption Act) (In force from 
6 October 2023, promulgated in DV Issue 84 of 6 October 2023, amended and 
supplemented DV Issue 13 of 13 February 2024) 
Article 4(1) this Act shall apply subject to the following principles: 
1. Legality, transparency, independence, objectivity and impartiality; 
2. increased accountability of persons holding public office; 
… 
Article 6(1) Persons holding public office for the purposes of this Act are: 
… 
12. the Governor, the Deputy Governors, the members of the Board of Directors 
and the Secretary-General of the Bulgarian National Bank; 
… 
Article 7(1) The authority responsible for preventing and combating corruption 
and for establishing conflicts of interest for the purposes of this Act is the Komisia 
za protivodeystvie na koruptsiata (Anti-Corruption Commission, ‘Commission’). 
Article 13(1) The Commission 
… 
5. shall exercise control and take decisions concerning the checking and 
analysis of declarations on assets and interests of persons holding public office; 
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6. shall establish the existence of conflicts of interest on the part of persons 
holding public office; 
7. shall hear or request the provision of information in connection with the 
checks to establish conflicts of interest; 
8. shall check notifications concerning declarations of incompatibility from 
persons holding public office and, if incompatibility is established, refer the 
matter to the electing or appointing authority for the appropriate measures to be 
taken; 
… 
Article 49(1) Persons holding public office must make the following declarations: 
1. Declaration of incompatibility; 
2. Declaration on assets and interests; 
3. Declaration of any change in the circumstances set out in the declaration 
referred to in point 1; 
4. Declaration of any change in the circumstances set out in the declaration 
referred to in point 2 in the part relating to interests and the provenance of funds in 
the event of early repayment of debts and loans. 
(2) The declarations referred to in paragraph (1) points 1 and 3 must be 
submitted to the electing or appointing authority, … [not reproduced] and the 
declarations referred to in paragraph (1) points 2 and 4 must be submitted to the 
Commission. 
Article 50 
… 
(3) If a person has declared an incompatibility, he is required to take the 
necessary measures to eliminate the incompatibility within one month of 
submitting the declaration and to provide the electing or appointing authority with 
appropriate proof. 
(4) If the person fails to take measures to eliminate the incompatibility within 
the period referred to in paragraph (3), the electing or appointing authority shall 
take measures to terminate the legal relationship. 
Article 51(1) Persons holding public office must submit a declaration of assets and 
interests in Bulgaria and abroad, in which they declare: 
… 
UPRAVITELEN SAVET NA BALGARSKA NARODNA BANKA 
 
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13. any participation in commercial companies, in partnerships under civil law, 
in the management or supervisory bodies of commercial companies, in non-profit 
legal entities or cooperatives, or the performance of an activity as a sole proprietor 
at the time of their election or appointment and in the 12 months preceding the 
date of their election or appointment; 
14. contracts concluded with persons performing activities in areas related to 
decisions taken by the person holding public office as part of his powers or duties 
in that office; 
15. information on related persons in whose activities the person holding public 
office has a private interest. 
Article 53 Persons holding public office must make declarations in accordance 
with Article 49(1)(3) and (4) within one month of the change occurring. 
Article 54 
… 
(2) Within two months of the deadlines referred to in Articles 52 and 53, the 
Commission shall publish on its website the declarations of persons holding 
public office and a list of persons who have not made a declaration on time. 
Article 70 A conflict of interest arises when a person holding public office has a 
private interest that may compromise the impartial and objective exercise of his 
powers or fulfilment of his duties. 
Article 71 A ‘private’ interest is any interest that confers an advantage, of a 
material or immaterial nature, on a person holding public office or on a person 
connected to him, including any obligation assumed. 
Article 72 An advantage means any income of a pecuniary or non-pecuniary 
nature or assets, including the acquisition of stocks or shares, as well as the 
granting of rights, the transfer of rights or the waiving of rights, the receipt of 
goods or services free of charge or below market price, the receipt of any privilege 
or honour, aid, vote, support or influence, preference, the receipt or promise of a 
job, a post, a gift, a prize or a promise to avoid any loss, liability, penalty or other 
adverse event. 
Article 89(1) A conflict of interest shall be established on the basis of a 
notification to the Commission, on the basis of a decision by the Commission or at 
the request of the person holding public office. 
Article 94(1) The decision of the Commission establishing a conflict of interest 
may be contested in court by the person concerned in accordance with the 
Administrativnoprotsesualen kodeks (Code of Administrative Procedure). 
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Article 98(1) (Amended and supplemented – DV Issue 13 of 2024, in force from 
13 February 2024) Establishment of a conflict of interest by a legally effective 
legal act is grounds for dismissal from office, unless the Constitution, the Statute 
of the European System of Central Banks and of the European Central Bank or a 
special law provides otherwise. 
(2) Dismissal shall be carried out in accordance with the procedure laid down in 
the relevant laws. 
Article 115(1) A person holding public office who fails to submit a declaration on 
time in accordance with this Act shall be liable to a fine of between BGN 1 000 
and BGN 3 000. 
(2) The fine for repeated non-compliance is between BGN 3 500 and BGN 6 000. 
Article 116(1) A person holding public office who fails to declare or falsely 
declares a fact that he is required to declare under this Act shall be liable to a fine 
of between BGN 1 000 to BGN 3 000, unless a more severe penalty is provided 
for. 
(2) The fine for repeated non-compliance is between BGN 3 000 and BGN 6 000. 
Article 120(1) The legal acts establishing non-compliance shall be drafted by the 
officials designated by the Chair of the Commission and the penalty notices shall 
be issued by the Chair of the Commission. 
(2) The legal acts establishing non-compliance under Articles 116 and 117 
concerning the declaration of incompatibility shall be drawn up by persons 
authorised to do so by the electing or appointing authority. Penalty notices shall be 
issued by the electing or appointing authority. 
(3) The legal acts shall be drawn up and the penalty notices shall be issued, 
contested and enforced in accordance with the Zakon za administrativnite 
narushenia i nakazania (Act on Administrative Offences and Penalties). 
Supplementary provisions 
Section 1 For the purposes of this Act: 
4. ‘incompatibility’ means the holding of another post or the performance of an 
activity which, by virtue of the Constitution or a law, is incompatible with the 
status of holder of public office.