Bulgaria: Investment Funds Update - October 2026

Our Asset Management and Financial Services Regulation team has prepared this update to help fund managers, alternative investment fund managers, UCITS management companies and other financial institutions keep up to date with evolving regulatory requirements and supervisory priorities.

Key topics explored in this edition include:

• Bulgaria’s implementation of AIFMD II, including new requirements for loan-originating funds, liquidity management, delegation and reporting

• wider investment opportunities for Bulgarian pension funds

• the end of Bulgaria’s transitional period under the Markets in Crypto-Assets Regulation

• new Financial Supervision Commission fees for marketing EU UCITS in Bulgaria

• changes relating to EMIR 3, gender balance on company boards and Bulgaria’s removal from the FATF grey list

• wider EU developments affecting fund managers, including sustainable finance, transaction reporting, T+1 settlement, tokenization and ESMA’s supervisory priorities for 2027

This update provides a concise guide to the developments shaping Bulgaria’s investment funds market and the wider European asset management sector

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