Bulgaria: Investment Funds Update - July 2026

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

Key topics explored in this edition include:

• Bulgaria's implementation of AIFMD II through amendments to the Activities of Collective Investment Schemes and Other Undertakings for Collective Investments Act, introducing new requirements for loan-originating funds, liquidity management tools, delegation and reporting

• proposed changes implementing the Multiple Voting Rights Directive, aimed at supporting growth companies seeking access to public markets while maintaining safeguards for investors and minority shareholders

• the AIFMD II and UCITS VI transposition deadline and the resulting changes to the EU investment funds framework, including loan origination and liquidity management requirements

• ESMA's ongoing work to simplify and harmonise fund reporting across the EU through the development of an integrated reporting framework

• wider EU regulatory developments affecting the funds sector, including sustainable finance reforms, crypto-assets regulation, EMIR 3, fund tokenisation initiatives and money market fund regulation

This update provides a concise guide to the legal, regulatory and supervisory developments shaping Bulgaria's investment funds market and the wider European asset management sector in 2026 and beyond.

Download the full report