Source: http://www.ciela.sliven.net/laws/Currency_law.htm
Timestamp: 2014-08-30 22:14:06
Document Index: 15303874

Matched Legal Cases: ['Art. 1', 'Art. 2', 'art. 1', 'Art. 3', 'Art. 4', 'Art. 5', 'Art. 6', 'Art. 7', 'Art. 8', 'Art. 9', 'Art. 10', 'art. 7', 'Art. 10', 'art. 11', 'art. 11', 'Art. 11', 'Art. 12', 'art. 11', 'Art. 13', 'Art. 14', 'Art. 15', 'Art. 16', 'art. 13', 'art. 6', 'art. 7', 'art. 80', 'art. 3', 'art. 11', 'art. 14', 'art. 15', 'Art. 17', 'art. 3', 'art. 13', 'art. 7', 'art. 7', 'art. 8', 'art. 10', 'art. 7', 'Art. 18', 'art. 11', 'art. 14', 'art. 16', 'art. 3', 'art. 3', 'art.3', 'art. 13', 'art. 13', 'Art. 19', 'art. 7', 'art. 8', 'art. 10', 'art. 7', 'art. 8', 'art. 10', 'art. 3', 'Art. 20', 'Art. 21', 'art. 34', 'art. 10', 'art. 4', 'art. 4', 'Art. 179', 'Art. 183']

Prom. SG. 83/21 Sep 1999,amend. SG. 45/30 Apr 2002, amend. SG. 60/4 Jul 2003, amend. SG. 36/30 Apr 2004,amend. SG. 105/29 Dec 2005, amend. SG. 43/26 May 2006, amend. SG. 54/4 Jul2006, amend. SG. 59/21 Jul 2006
Art. 1. Thislaw shall provide:
1. thetransactions and the payments between local and foreign persons;
2. thecross-border transfers and payments;
3. thetransactions with foreign currency by trade;
4. (amend., SG60/03) the transactions with precious metals and precious stones and articlesof them by trade, their export, import and processing;
5. the exportand import of levs and foreign currency in cash;
6. (amend., SG60/03) collecting, maintaining and submitting statistical information about thepayment balance of the country;
7. the exercise of the currency control.
Freedom for implementingtransactions, actions and payments
Art. 2. (1) Asfar as in this law other has not been provided, all actions, transactions andpayments of art. 1, items 1 - 5 shall be freely implemented.
2. The obtaining of precious metals and precious stones from depositsthat are public state property shall be implemented observing the requirementsestablished in the legislation in effect.
Implementing of transactions asexchange bureau and financial house
Art. 3.(amend., SG 60/03) (1) (amend. and suppl. - 43/06) (*) Currency transactions incash by trade may be carried out by a person registered according to theCommercial Law, as well as by a person, registered as a trader according to thelegislation of a Member State of the European Union, or of another country �party to the Agreement on the European Economic Area, entered in the publicregister of the persons carrying out activity as exchange bureau.
(2) Theindividuals - entrepreneurs, as well as the members of the managing or controlbodies and unlimited liable partners in the corporate bodies under para 1 mustnot have been convicted for deliberate indictable crime and not to have beenmembers of a managing or control body or unlimited liable partners in a companydissolved because of bankruptcy, if dissenting creditors remain.
(3) TheMinistry of Finance shall keep and maintain a public register of the personscarrying out activity as exchange bureau. The entry in the register shall bemade within 14 days from filing all documents required by the ordinance underpara 5.
(4) Fees shallbe collected for the entry in the register under para 3 according to a tariffapproved by the Council of Ministers.
(5) TheMinister of Finance shall issue an ordinance determining the conditions and theorder of entering in the register under para 3, as well as the requirements forthe activity of the exchange bureaux. (6) Writtenpermit (licence) issued by the Bulgarian National Bank (BNB) shall be requiredfor carrying out transactions with foreign currency in cash and through a bankas a financial house.
(7) TheBulgarian National Bank shall keep and maintain a public register of thepersons carrying out activity as financial houses.
(8) The Bulgarian National Bank shall issue an ordinance for theconditions and the order of issuing and withdrawing a permit (licence) and forthe requirements for the activity of the financial houses.
Registration at the BulgarianNational Bank
Art. 4. (revoked, SG 60/03)
Art. 5. (revoked, SG 60/03)
Remittances and payments for abroad
Art. 6. (1)(amend., SG 60/03) The commercial banks and BNB shall make remittances andpayments abroad after declaring to them the rationale of the remittance.
(2) (amend., SG60/03) A person who implements remittance or payment in foreign currencyabroad, the equivalence of which exceeds 25 000 levs, shall present to the bankdata and documents determined in the ordinance of BNB.
(3) (revoked, SG 60/03)
Collecting of information for theneeds of the statistics of the payment balance
Art. 7.(amend., SG 60/03) (1) For the needs of the statistics of the payment balanceregisters shall be kept for each transaction and payment between local andforeign person and for each cross-border transfer and payment of sum determinedby BNB by an ordinance, but not less than 5000 levs:
1. by thecommercial banks and BNB;
2. byministries and state agencies;
3. by theCentral depositary and the issuers of securities to order on the capitalmarket, for which the acting legislation does not stipulate registration by theCentral depositary;
4. by theinvestment mediators, the insurers and pension funds;
5. (amend., SG36/04, in force from 31.07.2004) by the notaries, respectively the entriesoffices.
(2) The personsimplementing the payment or transfer shall submit to the persons under para 1,item 1 a statistic form of a model approved by BNB.
(3) The personsof para 1, item 1 shall refuse actions for implementing the payment or transactionif the declaration of para 2 is not presented to them.
(4) Whereresources are received from abroad the local persons - receivers of theresources shall fill in the statistic forms under para 2 within 30 days fromthe notification for the transfer by the persons under para 1, item 1.
(5) Eachtransaction in connection with the initial direct investments abroad made bylocal corporate bodies or sole entrepreneurs, as well as for granting financialcredits between local corporate bodies or sole entrepreneurs and foreignpersons, shall be subject to declaration before BNB for the needs of thestatistics of the payment balance within 15 days after its conclusion.
(6) Where alocal corporate body or a sole entrepreneur orders to a local bank transfer ofresources in connection with already granted financial credit from or to aforeign person the local bank shall fulfil the order for transfer uponcertifying the declaration of the financial credit by the local corporate bodyor sole entrepreneur by the order of para 5.
(7) Thedeclaring under para 5 shall be made once and it shall be proven in eachsubsequent transfer to the servicing local bank by the declaration alreadycertified by BNB.
(8) Theinformation gathered under para 1 and 4 shall be submitted to BNB by an orderdetermined by the ordinance under para 11.
(9) The bodiesand institutions under para 1 may not submit to other persons and institutionsthe information gathered by them, which is a trade or bank secret, unless thisis stipulated by another law.
(10) TheBulgarian National Bank may publish and submit to other persons andinstitutions only summarised data.
(11) The Bulgarian National Bank shall issue an ordinance for theimplementation of this article.
Conceding information to theBulgarian National Bank
Art. 8.(amend., SG 60/03) (1) The Bulgarian National Bank may require from each personinformation which is of importance for the payment balance of the country.
(2) Every person shall be obliged to submit to BNB information necessaryfor the statistics of the payment balance by observing the requirements for itscontents.
Registers of the direct investmentsand of the investments in immovable properties
Art. 9. (revoked, SG 60/03)
Accountancy of receivables andliabilities (amend., SG 60/03)
Art. 10.(amend., SG 60/03) (1) The local corporate bodies and sole entrepreneurs shallbe obliged each quarter to present, through statistic forms to BNB theirreceivables and liabilities to foreign persons, as well as their directinvestments abroad.
(2) The localindividuals shall account annually, by March 31, to BNB through statistic formstheir receivables from and their liabilities for financial credits to foreignpersons if the sum of these receivables or liabilities exceeds the levequivalence of 50 000 levs by December 31 of the preceding calendar year.
(3) The Bulgarian National Bank shall determine the order of applyingthis article by the ordinance under art. 7, para 11.
Art. 10a. (new,SG 60/03) (1) (amend. - SG 54/06) The customs bodies shall keep registers forthe trade credits for the export and import and for the financial leasingbetween local and foreign persons, as well as for the export and import oflevs, foreign currency in cash and bearer payment instruments, subject to declaringaccording to art. 11.
(2) For tradecredits for export and import or for financial leasing between local andforeign persons a declaration in a form approved by the Minister of Financeshall be filed with the customs bodies.
(3) (amend. -SG 54/06) For import and export of levs, foreign currency in cash and bearerpayment instruments in size, subject to declaration according to art. 11 theindividuals shall present to the customs bodies a declaration in a formapproved by the Minister of Finance.
(4) The Minister of Finance shall issue an ordinance for theimplementation of this article.
Export and import of levs andforeign currency in cash
Art. 11.(amend., SG 60/03) (1) (amend. - SG 54/06) Local and foreign individuals mayimport and export unlimited quantity of levs, foreign currency in cash andbearer payment instruments by observing the requirements determined by thislaw.
(2) The size ofthe currency subject to declaration before the customs bodies for import andexport over 5000 levs or their equivalence in foreign currency in cash shall bedetermined by the ordinance under para 6.
(3) (amend. -SG 105/05, in force from 01.01.2006; suppl. � SG 54/06) For export of cash over25 000 levs or their equivalence in foreign currency the local and foreignindividuals shall declare to the customs bodies the size and the origin of thecash, including the bearer payment instruments by presenting a certificate bythe respective territorial directorate of the National Revenue Agency that theydo not have overdue liabilities.
(4) (suppl. �SG 54/06) Beyond the cases of para 3, for cash over 25 000 levs or theirequivalence in foreign currency, the foreign individuals shall declare to thecustoms bodies only the size and the kind of the exported cash, including thetype and the amount of the exported bearer payment instruments when their valuedoes not exceed the size of the imported and declared currency.
(5) The exportand the import of levs and foreign currency through a post delivery shall beprohibited with exception of consignments with declared value. This prohibitionshall not refer to BNB and the commercial banks.
(6) For the application of this article the Minister of Finance and theBulgarian National Bank shall issue an ordinance coordinated with BNB.
Exchange rates of the foreigncurrencies to the Bulgarian lev
Art. 12. (1)The Bulgarian National Bank shall quote every day the exchange rates to theBulgarian lev of some foreign currencies determined by it which are used foraccounting and statistical purposes.
(2) At aproposal of the Ministry of Finance the Bulgarian National Bank shall determinealso exchange rates of foreign currencies according to payment agreements.
(3) (new, SG 60/03) The equivalence of the foreign currencies to the levfor the purposes of the declaring under art. 11 shall be determined accordingto the customs legislation.
Obtaining, processing andtransactions with precious metals and precious stones and articles with or ofthem as trade (amend., SG 60/03)
Art. 13.(amend., SG 60/03) (1) The persons who implement obtaining, processing andtransactions with precious metals and precious stones and articles with or ofthem as trade shall be obliged to register at the Ministry of Finance in 14days term after the start of the activity.
(2) TheMinistry of Finance shall keep and maintain a public register of the personscarrying out activity of obtaining, processing and transactions with preciousmetals and precious stones and articles of them as trade. Fees shall becollected for the entry in the register according to a tariff approved by theCouncil of Ministers.
(3) The Councilof Ministers shall adopt an ordinance determining the conditions and the orderof entering in the register of para 2, as well as the requirements for the activityof the persons under para 1.
(4) The golden and silver articles worked out in the country or importedfrom abroad with a commercial purpose shall be subject to inspection forestablishing the content of pure gold and silver (titre) and marking by anorder determined by the ordinance under para 3. The golden articles shall betraded only on trade sites located in buildings or other stationaryconstructions, with exception of the sales by the producers of articles of thefolk crafts.
Import and export of precious metalsand precious stones and articles with and of them (suppl., SG 60/03)
Art. 14. (1)(amend. and suppl., SG 60/03) Local and foreign individuals shall be able toimport and export precious metals and precious stones and articles with and ofthem declaring before the customs bodies by an order established by theMinister of Finance.
(2) (amend., SG60/03) The import and export of precious metals and precious stones andarticles with and of them with post parcels shall be prohibited, except ofconsignments with declared value.
(3) (amend., SG 60/03) The prohibition of para 2 shall not refer to BNBand the commercial banks.
Art. 15. (1)The Minister of Finance, the Bulgarian National Bank and the post offices shallexercise control over the observation of this law and the normative acts issuedfor its implementation.
(2) The Minister of Finance shall implement checks about the observationof the law with its bodies.
Powers of the bodies for currencycontrol
Art. 16. (1)(suppl., SG 60/03) The customs bodies shall follow the observation of the lawat import and export of the levs and foreign currency in cash and of preciousmetals and precious stones and articles with and of them.
(2) (amend., SG60/03; amend. - SG 105/05, in force from 01.01.2006) The bodies of the NationalRevenue Agency shall check the activity of the exchange bureaux and the personsunder art. 13, para 1 who are not commercial banks and implementing the checksshall have the right to:
1. free accessto the official premises of the checked persons;
2. requiredocuments, data and written explanations;
3. (suppl., SG60/03) checks the cash in Bulgarian levs and foreign currency as well as thequantity and the quality of the precious metals and precious stones and articleswith and of them;
4. implementcontrary checks at customers of the checked persons;
5. use theassistance of experts.
6. (new, SG60/03; amend. - SG 105/05, in force from 01.01.2006) impose measures forproviding proof by the order of the Tax � insurance Procedure Code.
(3) (amend., SG60/03) The bodies of BNB shall:
1. exercisecontrol over the commercial banks for observing the requirements of the law andthe normative acts for its implementation;
2. exercisecontrol over the financial houses for observing the requirements of this lawand of the normative acts for its implementation;
3. (amend., SG60/03) exercise control for observing the requirements of art. 6, 7, 8 and 10and of the normative acts for their implementation;
4. (suppl., SG60/03) be able to check the correctness of the information collected by theorder of art. 7, 8 and 10.
(4) (amend., SG60/03) The persons implementing activity as financial houses shall concede toBNB accounts and reports with form, contents and terms defined by the bank.
(5) (amend., SG60/03; amend. - SG 59/06, in force from the date of entry into effect of theTreaty of Accession of the Republic of Bulgaria to the European Union) Thebodies of BNB shall dispose with the powers of art. 80 of the Law of the creditinstitutions at implementing checks on the spot of the persons implementingactivity as financial house.
(6) (amend., SG60/03) The persons about which according to the circumstances could be assumedthat they implement transactions with foreign currency in violation of art. 3,para 1 shall be obliged to at request to concede to the checking bodies of theMinistry of Finance and of BNB written explanation and documents as well as toensure the implementing of the check on the spot. The checking bodies of theMinistry of Finance and of the Bulgarian National Bank shall dispose with thepowers of para 2, 3 and 5 at implementing the checks.
(7) (revoked,SG 60/03) (8) (amend., SG60/03) The post offices shall exercise control for observing the requirementsof art. 11, para 5 and art. 14, para 2 and shall inform the customs bodiesabout the offences established by them.
(9) (amend. and suppl., SG 60/03) The state bodies and the officialsshall be obliged to render co-operation to the bodies of art. 15 and accordingto this article in exercising their powers.
Coercive administrative measures(amend., SG 60/03)
Art. 17.Establishing breaches of this law and of the normative acts for itsimplementation:
1. the Ministerof Finance or a person empowered by him shall be able:
a) (amend., SG60/03) to issue written prescriptions for removal of the breaches within a termdefined by him;
b) (amend., SG60/03) to impose coercive administrative measure of sealing trade premises ofthe persons of art. 3, para 1 and art. 13, para 1 who are not commercial banks;
c) (amend., SG60/03) to withdraw the issued certificate for registration of a person carryingout activity as exchange bureau.
2. TheBulgarian National Bank shall be able:
a) (revoked, SG60/03) b) (amend., SG60/03) to issue written instruction for removal of incompleteness in theregisters under art. 7, para 1, in the declaration under art. 7, para 5, in theinformation under art. 8 or in the statistic forms under art. 10, para 1 and 2when the requirements of art. 7, 8 and 10, as well as of normative acts fortheir implementation have not been fulfilled;
c) to take awaythe issued permission (license) from a person implementing activity asfinancial house;
d) (revoked, SG60/03) 3. (revoked, SG60/03) 4. (revoked, SG 60/03)
Art. 18. (1)Who commits or admits the committing of a breach of art. 11, para 1, 2, 3, 4,or 5, art. 14, para 1 and 2 and art. 16, para 6, as well as of the normativeacts for their implementation shall be punished with a fine from 1000 to 3000levs if the acts does not constitute a crime. If the offender is a corporatebody or sole entrepreneur a property sanction shall be imposed amounting from2000 to 6000 levs.
(2) A personwho carries out currency exchange in violation of art. 3, para 1 shall bepunished with a fine from 1000 to 3000 levs if he is an individual person or bya property sanction of 5000 to 15 000 levs if it is a corporate body or soleentrepreneur.
(3) A personentered in the register under art. 3, para 3, who commits an offence inconnection with his activity under this law or under the ordinance under art.3, para 5 be punished with a fine from 2000 to 6000 levs.
(4) A personunder art. 13, para 1 who commits an offence in connection with his activityunder art. 13 or a normative act related to its implementation shall bepunished with a fine of 1000 to 3000 levs, and if the offender is a corporatebody or sole entrepreneur a property sanction of 2000 to 6000 levs shall beimposed.
(5) For repeatedoffence under para 1 - 4 the offender shall be punished with a fine or aproperty sanction in double of the initial one.
(6) Forcommitted offence under para 2, 3 or 4, regardless of the imposed fine,respectively property sanction, the punishing body may divest the offender ofthe right of practising the respective activity for a period of one to sixmonths, and for repeated offence - for a period of two months to one year.
(7) In thecases of imposing administrative penalty under para 6 the penal provision shallalso apply for the coercive administrative measure of sealing a site.
(8) Theexecution of the administrative penalty under para 6 and of the coerciveadministrative measure under para 7 shall be terminated by the body which hasimposed them at the request of the person subject of the administrative penaltyand after having proven that the imposed administrative sanction or fine hasbeen paid in full.
(9) Thedivesting of right to practice the respective activity under para 6, as well asthe coercive administrative measure under para 7 shall be subject topreliminary execution unless the court orders otherwise.
(10) The acts for establishing the offences under para 1 - 6 shall beprepared by officials authorised by the Minister of Finance and the penalprovisions shall be issued by the Minister of Finance or by officialsauthorised by him.
Art. 19.(amend., SG 60/03) (1) Who commits or admits the committing of a breach underart. 7, art. 8 and art. 10, para 2 shall be punished with a fine from 200 to1000 levs if the act does not constitute a crime. (2) If theoffender under art. 7, art. 8 and art. 10, para 1 is a corporate body or a soleentrepreneur a property sanction shall be imposed from 2000 to 10 000 levs.
(3) A corporatebody or a sole entrepreneur carrying out activity as a financial house withouthaving obtained permit (licence) from BNB shall be punished by a propertysanction of 10 000 to 50 000 levs.
(4) A personlicensed under art. 3, para 6 who violates this law or a normative act for itsimplementation shall be punished by a property sanction of 5000 to 25 000 levs.
(5) Acommercial bank that breaches the provisions of this law and of the normativeacts for its implementation at accomplishing transactions and actions withforeign currency or with precious metals shall be punished with a propertysanction from 5000 to 25 000 levs.
(6) An officialfrom a commercial bank who violates or admits violation of the requirements ofthis law and of the normative acts for its implementation shall be punishedwith a fine from 500 to 2500 levs if the act does not constitute a crime.
(7) In case ofa repeated offence the guilty person shall be punished with a fine,respectively property sanction in sizes as follows:
1. under para 1- from 500 to 2500 levs;
2. under para 2- from 4000 to 20 000 levs;
3. under para 3- from 15 to 75 000 levs;
4. under para 4- from 10 000 to 50 000 levs;
5. under para 5- from 10 000 to 50 000 levs;
6. under para 6- from 1000 to 5000 levs.
(8) The acts for establishing the offences of para 1 - 7 shall becompiled by persons empowered by the governor of BNB and the penal provisionsshall be issued by the governor of the Bulgarian National Bank or by personsempowered by him.
Art. 20. (new, SG 60/03) The subject of the offence shall be seized infavour of the state, including when the offender cannot be identified.
Art. 21. (new, SG 60/03) The issuance of acts, the issuance, appeal andexecution of penal provisions shall be carried out by the order of the Law forthe administrative offences and penalties.
Additionalprovisions
� 1. In thecontext of this law:
1."precious metals" are gold, silver and platinum in unprocessed form;
2. "localperson" is:
a) (amend., SG60/03) individual with permanent stay in the country;
b) corporatebody with residence in the country;
c) corporatebody with residence out of the country - for the activity in the countrythrough a registered branch;
d) theBulgarian diplomatic, consular, trade and other representations, the members ofthese representations, their personnel and the servicing Bulgarian citizensstaying abroad by assignment of the Bulgarian state, the long-term commissionedabroad military servicemen and civilians of the Ministry of defence inmissions, staffs and bodies of international organisations, as well as themembers of their families;
e) (new, SG60/03) the Bulgarian citizens staying abroad for educational purposesregardless of the term of stay;
f) (new, SG60/03) the Bulgarian citizens staying abroad for medical therapy regardless ofthe term of their stay;
3. (suppl., SG60/03) "foreign person" is any individual or corporate body that doesnot meet terms of item 2 as well as the foreign diplomatic, consular,commercial and other representations, the international organisations, themembers of these representations and organisations, their staff and the foreigncitizens servicing them and the members of their families, as well as thosestaying in the Republic of Bulgaria for educational or medical purposesregardless of the term of stay;
3a. (new, SG60/03) "permanent stay" is a stay in the Republic of Bulgaria with aright to indefinite period. The individuals under item 2 and 3 shall certifypresence or absence of a permanent stay in the country, in the meaning of thislaw, by a declaration;
4."foreign currency" is the money unit which is the lawful paymentmeans in each foreign country as well as the collective currencies;
5. (amend., SG60/03) "foreign currency in cash" are bank notes and coins which arelawful means for payment in a foreign country;
6. (new - SG54/06) "Pecuniary resources" are:
a) cashresources � banknotes and coins in circulation as an exchange instrument, and
b) bearerpayment instruments.
7. (new - SG54/06) "Bearer payment instrument" is
a) passengercheque, cheque, promissory notes or bill of exchange or another paymentinstrument, which is in the form of bearer instrument, or an opportunity ofendorsement without restriction is provided or it is issued in other form,which allows to be transferred with the handing over.
b) cheque,promissory notes or bill of exchange or another payment instrument, which issigned, however, the name of the receiver is not indicated.
8. (suppl., SG60/03; prev. text of item 6 - SG 54/06) "commercial credit" is eachcredit connected with the sale of goods or with rendering services, which hasbeen granted by the seller/buyer of the commodity or by the provider/receiverof the service under the concrete transaction;
7. (suppl., SG60/03; prev. text of item 7 - SG 54/06) "financial credit" isconceding of money resources with obligation for redemption which is not acommercial credit. The concept "financial credit" shall also includethe financial leasing, the assuming of debt and the transfer of receivablesunder a financial credit;
10. (amend., SG60/03; prev. text of item 8 - SG 54/06) "direct investment abroad"is:
a) acquisitionof a trade company - foreign person, of rights of unlimited liable partner orof share holding entitling over 10 percent of the number of votes in thegeneral meeting;
b) establishinga trade company abroad;
c) conceding aloan for the purpose of direct investment under items a) and b) or connectedwith an agreement for participation in the distribution of profit;
d) additionalinvestment to the investment of item a) or b);
e) acquisitionof real estate;
11. (revoked,SG 60/03) 12. (revoked,SG 60/03)
13 . (prev.text of item 11 - SG 54/06) "implementing of transactions with foreigncurrency as trade" is:
a) implementingfor one year transactions for the account of more than 10 persons or
b) implementingfor one year transactions with more than 20 persons who are not banks,financial houses of exchange bureaux, or
c) (suppl., SG60/03) making advertising statements, invitations or proposals for concludingtransactions with undefined number of persons including through the mass media,including through billboards;
14. (prev. textof item 12 - SG 54/06) "exchange bureau" is a merchant who implementsas trade transactions with currency in cash;
15. (prev. textof item 13 - SG 54/06) "financial house" is a merchant who implementsas trade transactions with foreign currency in cash and in non cash way.
16. (new, SG60/03; prev. text of item 14 - SG 54/06) "repeated" is the offencecommitted within one year from the enactment of the penal provision by whichthe person has been punished for the same kind of offence.
17. (new, SG 60/03; prev. text of item 15 - SG 54/06) "article ofthe folk art" is an article worked out by a person entered in the registerof the craftsmen or in the register of the masters according to the Law for thecraftsmanship.
Transitional andconcluding provisions
� 2. The exchange bureaus which permission to implement transactionswith foreign currency has been taken away by the Bulgarian National Bank due tobreaches of the bank or currency legislation committed after January 1, 1995shall not have the right to implement such transactions for 5 years after thislaw enters into force.
� 3. All persons implementing activity as exchange bureaus shall beobliged to register at the Ministry of Finance in 45 days term after this lawenters into force. A person who has not submitted an application forregistration within the term pointed out shall lose the right to implementtransactions as exchange bureau.
� 4. All person implementing activity as financial houses shall beobliged in 45 days term after this law enters into force to submit adeclaration at the Bulgarian National Bank for substitution of the permissionissued to them. A person who has not submitted declaration within the termpointed out shall lose the right to implement activity as financial house.
� 5. This law shall repeal the Law for transactions with currencyvaluables and for the currency control (prom. SG 51/66; amend. and suppl. SG26/68, SG 92/69, SG 53, 99/89, SG 25/91, SG 10/93; SG 40/96 - Decision No 6 ofthe Constitutional Court of 1996; SG 95/96 - Decision No 15 of theConstitutional Court of 1996).
� 6. In the Law for the administrative procedure (prom. SG 90/79; amend.SG 9/83, SG 26/88, SG 94/90, SG 25, 61/91, SG 19/92, SG 65, 70/95, SG 122/97,SG 15, 89/98) in art. 34, item 2 the words "under the Law for thetransactions with currency valuables and for the currency control" shallbe substituted by "under the Currency law".
� 7. In the Law for obligations and contracts (prom. SG 275/50; amend.Izv. 2/50; amend. SG 69/51, SG 92/52, SG 85/63, SG 27/73, SG 16/77, SG 28/82,SG 30/98, SG 12, 56/93, SG 83, 104/96) in art. 10 para 1 shall be repealed.
� 8. In 3 months term after the promulgation of this law the Council ofMinisters, the Minister of Finance and the Bulgarian National Bank shallapprove the ordinances for its implementation.
� 9. The implementation of the law shall be assigned to the Minister ifFinance and to the Bulgarian National Bank.
� 10. The lawenters into force on January 1, 2000.
The law was passed by the 38-th National Assembly on September 8, 1999and is affixed with the official seal of the National Assembly.
Transitional and concludingprovisions
�SG 60/03
� 21. (1)Within 6 months from the enactment of this law all local corporate bodies orsole entrepreneurs having granted to or received from foreign persons financialcredits, existing by the date of enactment of this law, shall declare thesecredits before BNB by an order determined by it.
(2) Theobligation under para 1 shall not regard local corporate bodies and soleentrepreneurs who have registered in BNB the financial credits by the order ofthe revoked art. 4, para 2 of the Currency Law.
(3) When a local corporate body or sole entrepreneur orders to a localbank a transfer of resources in connection with a financial credit, granted byor to a foreign person before the enactment of this law the local bank shallfulfil the order for transfer after establishing the existence of aregistration in BNB of the financial credit by the order of the revoked art. 4,para 2 of the Currency Law or declaration under para 1 of this paragraph.
� 22. Within 6 months from the enactment of this law all local corporatebodies or sole entrepreneurs having direct investments abroad by the date ofenactment of this law shall declare these investments to BNB by an orderdetermined by it.
� 23. (1) ByOctober 1, 2003 the Council of Ministers shall adopt, respectively the Ministerof Finance and BNB shall issue the ordinances for implementation of the law.
(2) By November 1, 2003 the Council of Ministers shall adopt anordinance for the conditions and the order of the activity of persons grantingloans against pawning possessions (pawnshops).
TO THETAX-INSURANCE PROCEDURE CODE
(PROM. � SG105/05, IN FORCE FROM 01.01.2006)
� 88. The code shall enter in force from the 1st of January 2006, exceptArt. 179, Para 3, Art. 183, Para 9, � 10, item1, letter "e" and item 4, letter "c", � 11, item 1, letter"b" and � 14, item 12 of the transitional and concluding provisionswhich shall enter in force from the day of promulgation of the code in theState Gazette.
TO THE LAW FORAMENDMENT AND SUPPLEMENT OF THE CURRENCY LAW
(PROM. - SG43/06) � 2. The law shall enter into force from the date of entry into force ofthe Pre-accession Agreement between Bulgaria and the European Union.
TO THE LAW OF THECREDIT INSTITUTIONS
(PROM. � SG.59/06)
� 36. The law shall enter into force from the date of entry into effectof the Treaty of Accession of the Republic of Bulgaria to the European Union,except for � 35, item 2, which shall enter into force from the date of thepromulgation of the law in State Gazette.