A m e r i c a n C h a m b e r o f C o m m e r c e i n B u l g a r i a

h o m e p a g e : w w w . a m c h a m . b g e - m a i l : a m c h a m @a m c h a m . b gBus in e s s Pa rk So f i a , M lado s t 4 A re a , Bu i l d ing 2 , F l o o r 6 , 1 7 6 6 So f i a

Te l . : ( 3 5 9 2 ) 97 4 2 7 4 3 Fax : ( 3 5 9 2 ) 97 4 2 7 41

Bar Act Amendments Bar Act Amendments Receive Heated DebatesReceive Heated Debates

i s s u e 1 6 9j u l y - a u g u s t 2 0 1 6

AmCham Business:AmCham Business:Sustainabilit y Repor ting Sustainabilit y Repor ting

Becoming a Must for BusinessBecoming a Must for Business

AmCham Suppor ts AmCham Suppor ts EU-U.S. Privacy ShieldEU-U.S. Privacy Shield

Member Advice:Member Advice:EU Blue Card, EU Blue Card,

Cloud Privacy Protection, Cloud Privacy Protection, Lifelong Learning ProcessLifelong Learning Process

Analyses:Analyses:Tax Noose Tightens Tax Noose Tightens

on Fuel Traderson Fuel Traders

200 Kilometers of Sand200 Kilometers of Sand

Europe and Turkey Europe and Turkey After Brexit: After Brexit:

Love’s Labour LostLove’s Labour Lost

Olá, RioOlá, Rio

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Before and After Times

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AmCham Bulgaria Magazine is a primary forum for political and economic analyses, news, viewpoints as well as for the presentation of new business opportunities. The articles in the AmCham Bulgaria Magazine express the opinions of the authors and do not necessarily reflect the position of the American Chamber of Commerce in Bulgaria.

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Contentsc o v e r s t o r y

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By Marina Tsvetkova

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By Marina Georgieva

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By Boyko Vassilev

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By Roman Stoyanov, Lora Georgieva, Penkov, Markov & Partners

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By Mitko Karushkov, Attoney at Law, Partner, Head of Technology, Media

and Telecommunications Law (TMT), Kambourov & Partners, Attorneys

at Law

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By Iveta Stoyanova, | People Advisory Services | Consultant, Ernst &

Young Bulgaria EOOD

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n e w m e m b e r s . . . . . . . . . . . . . . . . . . . . 36

3M Bulgaria EOOD . AA KRES EOOD . AbbVie EOOD . Abrites . Accedia . Actavis Bulgaria EAD . Adecco Bulgaria Ltd. . ADM Bulgaria Trading EOOD . Advance International Transport EOOD . AES Corporation . AFA OOD . AGORA-IN Ltd. . AIG Europe Limited (Bulgaria Branch) . AIMS Human Capital . Albena AD . Alcomet AD . Alcon Bulgaria EOOD . ALD Automotive OOD . All Channels Communication . Alliance One Tobacco Bulgaria . Allied Pickfords Bulgaria . America for Bulgaria Foundation . American College of Sofia . American English Academy . American Research Center in Sofia . American University in Bulgaria (AUBG) . Amgen Bulgaria EOOD . Amway Romania Marketing Srl. . Anglo-American School of Sofia . AON Bulgaria . Apis Europe JSC . APOLO Ltd. . Architect Nikolay Mihaylov Galabov . Architectural Agency Kadinovi Bros LTD . Arexim Engineering . Ashtrom International Ltd. . Association Srednogorie Copper Industrial Cluster . Astra Zeneca Bulgaria EOOD . AT Engineering 2000 Ltd. . Atlantic Club Bulgaria . Atos IT Solutions and Services EOOD . Attica Eva AD . August Research . Auto Bavaria Ltd. . Auxionize Jsc . AVAir Ltd. . AVON Cosmetics Bulgaria . AW-Tronics LLC . Axway Bulgaria EOOD . Baker Tilly Bulgaria . Balkan Star Automotive EOOD . Ballistic Cell Ltd. . Baxter Bulgaria EOOD . BG Radio . BICA International Ltd. . BMG Ltd. . BMW Vertriebs GmbH - Branch Bulgaria . BNP Paribas S.A. - Sofia Branch . Bojinov & Bojinov . BOYANOV & Co. . Braykov's Legal Office . British American Tobacco Bulgaria . Brown-Forman Bulgaria Ltd. . Bulgarian Charities Aid Foundation (BCAF) . Bulgarian Executive Search Association . Bulgarian International Television . Bulgarian Property Developments EOOD . Bulgarian Tennis Federation . Bulgarian-American Commission for Educational Exchange Fulbright . Bulgarian-American Credit Bank . BulPros Consulting JSC . Bulstrad Life Vienna Insurance Group . Business Intellect Ltd. . Business Park Sofia EOOD . C3i Europe EOOD . CAD R&D Centre Progress Ltd. . Cargill . Castello Precast OOD . Center for the Study of Democracy . CEZ Bulgaria EAD . Chaos Software ltd. . Cheque Dejeuner Bulgaria Ltd. . Cibank JSC . Cisco Systems Bulgaria . Citibank Europe Plc, Bulgaria Branch . CMS Cameron McKenna LLP - Bulgaria Branch . Coca-Cola Enterprises Services Bulgaria EOOD . Coca-Cola HBC Bulgaria AD . Coface Bulgaria Credit Management Services EOOD . COLLIERS International Bulgaria . Comverse Bulgaria . Congress Engineering Ltd. . Contitrans M Ltd. . ContourGlobal Maritsa East 3 AD . Curtis / Balkan Ltd. . DA Travel Ltd. . Danailov, Drenski, Nedelchev & Co. . Delchev & Partners Law Firm . Deloitte Bulgaria EOOD . denkstatt Bulgaria OOD . Dentsu Aegis Network Bulgaria OOD . Deutsche Bank AG . Devin AD . DHL Express Bulgaria Ltd. . Diamed Ltd. . Dimitrov, Petrov & Co. . Djingov, Gouginski, Kyutchukov, & Velichkov . Dobrev & Lyutskanov Law Firm . Dr. Greenberg Medical Center . Drujba Glassworks SA . Dundee Precious Metals Inc. . DuPont Bulgaria EOOD . EcoPack Bulgaria AD . Edenred Bulgaria . Ekoterm Proekt EAD . Ekotoi - Service Ltd. . Ekzotika EOOD . EL-A-Project Ltd. . Electron Progress EAD . Eli Lilly and Company . Eltrak Bulgaria Ltd. . EMC Computer Systems Austria GmbH . Emerson Process Management . EnergoService AD . Engineeringservice Sofia Ltd. . Enterprise Communications Group OOD . EOS Matrix Ltd. . EPAM Systems Bulgaria . EQE Control OOD . Ernst & Young Bulgaria EOOD . ESRI Bulgaria Ltd. . Eurobank Bulgaria . European Bank for Reconstruction and Development (EBRD) . European Trade Center EOOD . EVS Translations Bulgaria . Expat Capital . Experian Bulgaria EAD . FairPlay International . Fama Consulting OOD . Flying Cargo Bulgaria Ltd. - Licensee of FedEx . Force Delta Ltd. . Forton AD . Foundation Glob@l Libraries - Bulgaria . Founders Foundation . Galardo Real Estate . Garitage Investment Management EOOD . Gasstroymontaj Jsc . General Electric International . Georgiev, Todorov & Co. . Geostroy AD . Geotechmin OOD . Geotrading AD . GfK Bulgaria, Market Research Institute EOOD . Gi Group . GIFTA . Grand Hotel Sofia . GSK . GTC Bulgaria . Gugushev & Partners Law Office . Harley-Davidson Sofia . Helios Power Jsc . Hewlett-Packard Enterprise . Hilton Sofia . Holzindustrie Schweighofer . Honeywell EOOD . Hotel Marinela Sofia . HP Inc Bulgaria EOOD . Hydroenergy Company JSC . IBM Bulgaria . ICAP Bulgaria JSC . IDC Bulgaria . Ideal Standard - Vidima AD . Imperial Tobacco Bulgaria EOOD . Industrial Holding Bulgaria . Ingram Micro SSC EMEA EOOD . InterConsult Bulgaria Ltd. . Interlang Ltd. . International Legal Advice center - ILAC . Intertek BA . Intracom Bulgaria EAD . Investbank JSC . Investor BG AD . IP Consulting Ltd. . Japan Tobacco International Bulgaria . Jobs.bg EOOD . JobTiger Ltd. . Johnson & Johnson Bulgaria EOOD . Junior Achievement Bulgaria . KAI Group . Kalamaris Group . Kambourov & Partners Attorneys at Law . Kamenitza AD . Katilin Popov Enforcement Officers . Kempinski Hotel Grand Arena Bansko . Kinstellar . Kolcheva, Smilenov, Koev and Partners Law Firm . KPMG Bulgaria OOD . LANDMARK Property Management AD . Law Firm McGregor & Partners . Lexim Sofia Co. Ltd. . Lindner Immobilien Management EOOD . Lirex BG Ltd. . M3 Communications Group, Inc. Hill+Knowlton Strategies Partner . Maria Vranovska, MD, MBA . Mars Incorporated Bulgaria EOOD . Marsh LLC. . MBL| Part of the CBRE Affiliate Network . Medical Center AmeriMed . Megatron EAD . Mellon Bulgaria EAD . Merck Sharp & Dohme Bulgaria . MetLife Europe Ltd. - Bulgaria Branch . Microsoft Bulgaria . Miltech Ltd. . Minstroy Holding Jsc . Mnemonica . Mobiltel EAD . Monbat Plc. . Mondelez Europe Services GMBH - Bulgaria branch . Moten Sport . Moto-Pfohe Ltd. . Mr. Alex Nestor . Mr. David Hampson . Mr. Jean Talmon . Mr. Kalin Kostov . Mr. Nikolay Ouzounov . Ms. Kalinka Kovatcheva . Ms. Margarita Radeva, CPA . MTAC . Municipal Bank Plc . Musala Soft AD . Mylan EOOD . National Network for Children . NDB Ltd. . Nemetschek Bulgaria . NEXTDOOR Ltd. . Novacon Bulgaria Ltd. . Novotel Sofia . On Bulgaria Ltd. . Oracle East Central Europe Limited - Branch Bulgaria . Orak Group Europe Ltd. . Orbit Ltd. . Panchim Ltd. . PANDA - IP Ltd. . pCloud . Pedersen & Partners . Penev LLP . Penkov, Markov & Partners . Pfizer Luxembourg SARL Branch Bulgaria . Philip Morris Bulgaria EOOD . Philips Bulgaria Ltd. . PPD Bulgaria EOOD . Premier Luxury Mountain Resort . Premier Tours Ltd. . Prestige 96 AD . Provident Financial Bulgaria Ltd. . PSG Payroll Services Ltd. . PwC Bulgaria . Quintiles Bulgaria Ltd. . Radisson Blu Grand Hotel . Raiffeisen Investment Bulgaria EOOD . Raiffeisenbank Bulgaria EAD . Red Devil Catering Plc . Refan Bulgaria Ltd. . Regus Bulgaria Ltd. . Renault Nissan Bulgaria SRL . Right Rental Ltd. . Roche Bulgaria EOOD . RSM BX Ltd. . S&T Bulgaria EOOD . Sanofi - Aventis Bulgaria EOOD . Santa Fe Relocation Services . Sb Accounting and Consulting . Schenker EOOD . Schneider Electric Bulgaria . SECTRON . Sensata Technologies Bulgaria EOOD . Shell Bulgaria EAD . Sherita M Ltd. . Siemens EOOD . Siemens Healthcare EOOD . SIENIT Holding . Silver Ridge Power . Sitel Bulgaria EOOD . Sodexo Pass Bulgaria EOOD . Sofia Airport Center EAD . Sofia Hotel Balkan . Sofita Translation Agency . Sogelife Bulgaria IJSC . Sopharma AD . Sopharma Trading JSC . Sportal.bg JSC . Stanton Chase International Bulgaria . Stefan Dimitrov, Norman Realestate Co. Ltd. . Sterling Serviced Office Group . Sunfoods Bulgaria EOOD - Development Licensee of McDonald’s in Bulgaria . Sutherland Global Services Bulgaria EOOD . Synchron-S OOD . Tavex EOOD . TBI Bank EAD . TechnoLogica EAD . Telelink EAD . Telenor Bulgaria . TELUS International Europe . The Coca-Cola Company Bulgaria . Titan Zlatna Panega Cement . TMF Services EOOD . Tocheva & Mandazhieva Law Office . Turkish Airlines . Uber Bulgaria EOOD . UniCredit Bulbank . UniCredit Leasing EAD . Unimasters Logistics Plc . Unique Estates . United Bulgarian Bank . Veolia Energy Bulgaria EAD . Videolux Holding / Technopolis . VIP Security Ltd. . VISA Europe . Visteon Electronics Bulgaria . Vitosha Soft Ltd. . VIVACOM . VMware Bulgaria EOOD . VSK Kentavar - IZ Dinamika EOOD . VUZF University Higher School of Insurance and Finance . Walltopia Ltd. . Welcome to Bulgaria . Westinghouse Energy Systems Bulgaria Branch . Woodward Bulgaria EOOD . World Courier Bulgaria Ltd. . World Transport Overseas Bulgaria Ltd. . WorleyParsons Nuclear Services JSC . Xerox Bulgaria Ltd. . Xogito Ltd. . Yatoto . Zlatina Ruseva-Savova, LL.M., MBA . Zobele Bulgaria EOOD .

Board of Directors of the American Chamber of Commerce in Bulgaria

President Ms. Krassimira Chemishanska Amgen Bulgaria

Vice President Mr. Venislav Iotov AIG Europe Limited (Bulgaria Branch)

Vice President Mr. Alex Nestor Individual Member

Treasurer Ms. Stanislava Taneva Citibank Europe Plc, Bulgaria Branch

Members Mr. Iravan Hira Hewlett Packard Enterprise Bulgaria

Mr. Petar Ivanov Microsoft Bulgaria

Mr. Stoyan Ivanov The Coca-Cola Company Bulgaria

Mr. Sergey Koinov AG Capital

Mr. Olivier Marquette AES Bulgaria

Mr. Solomon Passy Atlantic Club Bulgaria

Ms. Zlatina Ruseva-Savova individual member

Mr. Plamen Zhechev Cisco Systems Bulgaria

Ex-Officio Member Ms. Maria Galindo Senior Commercial Officer, U.S. Embassy

Executive Director Mr. Valentin Georgiev

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Bar Act Amendments Receive Heated DebatesA year and a half after it was submitted to the Parliament, the bill of amendments was finally approved by the Legal Committee

By Marina Tsvetkova

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Allied Pickfords Moving ServicesMeeting your specific needs, not ours…Guaranteed.

Contact:T: 02 807 6688E: TheCarefulMovers@allied.bg

According to the Chairman of the Supreme Bar Council Ralitsa Negentsova, the attorneys had no intention

to recapture, or to monopolize activities, which are performed by other professions.

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What the argument is about

The changes will affect 300 000 active companies in Bulgaria, 90 percent of them are micro companies with

up to two employees, claims Bozhidar Danev, chairman of the Bulgarian Industrial Association.

COMMERCIAL & COMPANY LAW

MERGERS & ACQUISITIONS

ADMINISTRATIVE LAW& PUBLIC PROCUREMENT

TAXATION & LABOR

IT, MEDIA & TELECOMMUNICATIONS

SINCE 1990

AT HOME WORLDWIDE

e-mail: lawyers@penkov-markov.eu ∙ www.penkov-markov.eu ∙ telephone: (+359 2) 971 3935

100 COUNTRIES

21 000 LAWYERS

160 LAW FIRMS

COMPETITION & ANTITRUST

ENERGY & RENEWABLES

LITIGATION & ARBITRATION

BANKING & FINANCING LAW

TRADEMARKS, PATENTS& LICENSING

WITH ACCESS TO

IFLR 1000:“They are the bestwhen it comes to advising investors,they know how the law works…”

Legal: 500:“Excellent, comprehensiveand responsive services”

Chambers Europe:“More western than others”“One of the best in Bulgaria”“Excellent – prompt,efficient and extremelyknowledgeable of the localenvironment”

Chambers Global:“Innovative and practical,entirely client & businessoriented”

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The popularity of legal service in Bulgaria is not that big in comparison with the developed countries, although legal services are among the cheapest in the EU.

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Tax Noose Tightens on Fuel TradersThe VAT Act is amended to prevent siphoning by non-compliant payers

By Marina Georgieva

It is not likely for the price of fuels to increase as a result of the new measures against VAT fraud; rather, a decrease of the grey sector is expected

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Vlasdislav Goranov, minister of finance, said that the losses of the treasury are

due mostly to the risky fuel traders, who are two-thirds of those using tax stor-

ages.

Ombudsman Maya Manolova urges for lower VAT on donated food, medicines

If the VAT rate on medicines and donated foods is lowered, the budget revenue will not decrease because

the consumption will rise, said the Ombudsman Maya Manolova.

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Bulgaria’s hotel revenue tops 1 billion Leva

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Kilometers of Sand Bulgaria’s Black Sea coast offers virgin beaches and developed commercial resorts

11 beaches and one yacht marina in Bulgaria were awarded the eco certificate “Blue Flag”, covering 30 criteria, separated into four categories as security, information,

maintenance of the beach and the quality of waters.

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Eleven Bulgarian beaches awarded Blue Flag

According to Nikolina Angelkova, minister of tourism, it is not appropriate

shabby pavilions, stalls and campers to exist anymore in the Sunny Beach.

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Plans

Nesebar municipality considering ski runs, cable cars near Sunny Beach

Roumen Draganov, director of the Institute for Analysis and Valuation in Tourism, expects a very good

year for business. Over 10.3 million tourists will visit Bulgarian resorts from May to October.

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Europe and Turkey after Brexit:

Love’s Labour LostBy Boyko Vassilev

Turkish President Recep Tayyip Erdogan (C), meeting with the secular leaders of main opposition Republic Public Party (CHP) Kemal Kilicdaroglu (2-L), Devlet Bahceli

(L), leader of opposition Nationalist Movement Party (MHP) and Turkish Prime Minister BinaliYildirim (R), in Ankara on July 25, 2016. The Turkish parliament

approved on July 21 a three-month state of emergency declared by the president.

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People take part in `A Picnic to discuss Brexit` organised by the `General Assembly` in Green Park, central London Britain, July 9, 2016. British Prime Minister

David Cameron has formally rejected a second Brexit referendum despite an official petition which received more than 4.1 million signatures and would have been

considered for a parliamentary debate.

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A single British f lag sits on a desk during a debate in the European Parliament in Strasbourg, France,

July 5, 2016. The European Parliament met to review the Brexit summit conclusions and the past Dutch EU

presidency. All member nations of EU take part in the rotating six-month EU presidency that is currently held

by Slovakia.

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Olá, RioThe Summer Games in Rio de Janeiro may go down in history as the most scandalous

The Olympic Games Rio 2016 official posters are presented at the Museum of Tomorrow in Rio de Janeiro, Brazil, July 12, 2016.

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Vinicius, the mascot of the Rio 2016 Olympic Games, stands next to a sculpture of Olympic Rings made out

of recyclable materials, at Copacabana beach, Rio de Janeiro, Brazil, July 21, 2016.

Artists perform during a tour of the Olympic f lame in Sao Paulo, Brazil, July 24, 2016. The Olympic f lame

arrived to Sao Paulo after 82 days of a nationwide relay, and will finish at the Maracana stadium on 05

August 2016 with the opening ceremony of the Rio 2016 Olympic Games.

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Corporate sustainability disclosure and reporting is now the norm for large-cap companies in the United States, accord-ing to a report by the Governance & Accountability Institute. In its fifth annual analysis of S&P 500 Index reporting, G&A Institute found that 81 percent of the companies included in this investment benchmark published a corporate responsibility or sustainability report in 2015. This is up from just 20 percent of companies reporting in 2011. The new Accountancy Act of Bulgaria that was adopted in January 2016 requires non-financial reporting for large public-inter-est entities.

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Sustainabilit y Repor ting Becoming a Must for Business

Klimentina Rasheva, managing partner at denkstatt, elaborating on the non-financial reporting of companies.

Accountants at the meeting enquired about some of the regulations in the new Accountancy Act.

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AmCham Submits Proposals on Concessions Act

AmCham Suppor ts EU-U.S. Privacy Shield

EU Commissioner in charge of justice, consumers and gender equality Vera

Jourova (R) and US Secretary of Commerce, Penny Pritzker give a press brief-

ing after the occasion of the adoption by Member States of the EU-US Privacy

Shield in Brussels, Belgium, July 12, 2016.

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AmCham Celebrates Independence Day

AmCham President Dr. Krassimira Chemishanska welcomes the audience. She is f lanked (L-R) by Executive Director Valentin Georgiev, American College of Sofia

President Richard Ewing, U.S. Ambassador Eric Rubin, and the master of ceremony David Hampson.

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The legendary band B.T.R. created the perfect party atmosphere.

Selfie band received warm applause from the guests.

AmCham thanks its generous supporters America for Bulgaria Foundation and Mtel.

Close to 3000 guests enjoyed the party once again!

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I Learned a Lot in Alternative Dispute Resolution and Public Health Law with Hubert Humphrey ProgramSays Mariya Sharkova, a healthcare lawyer from Plovdiv

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The deadline for the 2017-2018 Hubert H. Humphrey Competition is September 1, 2016. For more information, please visit the Bulgarian-American Fulbright Commission’s website. ■

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Walltopia Builds Collider Activity Center

Fellows enjoy hiking tours.

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Lifelong Learning - Key Trend in People ManagementBlitz Interview with Tim Kemp and Constantine (Dino) Kiritsis

Tim Kemp:

Dino Kiritsis:

Tim Kemp:

Dino Kiritsis:

Tim Kemp:

Dino Kiritsis:

Tim Kemp:

Dino Kiritsis:

Tim Kemp:

Dino Kiritsis:

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Right Rental – tents, equipment and services for special eventsRight Rental is our trusted partner for 15 complete years. Read what they can do for an event!

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Changes and Challenges in the New Regulation on Clinical Trials on Medicinal Products

By Roman Stoyanov, Lora Georgieva Penkov, Markov & Partners

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Cloud Privacy Data Protection Relating to Privacy Shield

By Mitko Karushkov, Attoney at Law, Partner, Head of Technology, Media and Telecommunications Law (TMT), Kambourov & Partners, Attorneys at LawE-mail: karushkov@kambourov.biz

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On the Lookout for Foreign Highly Qualified Professionals – Do We Do Better than Other EU Countries?

By Iveta Stoyanova, | People Advisory Services | ConsultantErnst & Young Bulgaria EOOD

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In focus: Business Management and Organizational PerformanceAmCham members reveal the key changes in the new versions of ISO 9001 and ISO 14001

Vyara Stankova, Deputy General Manager, Intertek Bulgaria.

Leading companies from different sectors took part in the event.

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