/ world today news/ Since 2014, the ban on the ownership of print and electronic media by offshore companies has come into force. The law proposed by MPs of the DPS passed quickly in the relevant committees and through a vote in the hall, BNR recalls.
Apart from the ban on having media, offshore companies are not allowed to participate in tenders for public procurement, for concessions and in privatization deals. It is forbidden to obtain licenses for a credit institution, insurance and gambling activity, pension or health insurance fund, mobile operator.
The restrictions will not apply where the offshore company’s shares are traded on a regulated market in the EU.
The other exception is for proven ownership group offshore companies.
The restrictions will not apply to companies publishing newspapers and magazines with the participation of offshore companies that have provided information about their owners.
The law provides for six-figure fines for documents with false content. The highest is up to BGN 1 million.
The co-author of the law – Delyan Peevski was absent from the courtroom on the day of its adoption.
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