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The Law on Markets in Financial Instruments (MFIA) and Ordinance No 38/21.05.2020 on the requirements for the activity of investment intermediaries introduced into Bulgarian legislation the requirements of the law of the European Union regarding the provision of services by investment intermediaries. Among the main objectives of legislation is to improve the protection of investors in financial instruments by providing information on the types of financial instruments, the markets in which they are traded, the policy applied by the investment intermediary to treat conflicts of interest, etc., as well as client obligation to provide the information required by the intermediary so that it is able to assess the suitability of the service for the client.

As of January 3, 2018 an amendments to European legislation come into force, which are introduced by Directive 2014/65/EU and Delegated Regulation (EU) 2017/565.

The main goal of the new legislation is again to improve the level of protection of investors in financial instruments by introducing requirements related to the product management process, defining a target market for the products offered and assessing the affiliation of clients to this market, preparation of Key Information Documents (KID) for a certain group of products, transparency of costs before and after the execution of certain transactions and others. Given this, before signing an agreement for the services provided by DSK Bank AD, please read the following information below:

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Regulation (EU) № 1286/2014 introduces a requirement to provide a basic information document (MAI) for a package of retail investment products and an insurance-based investment product (IPPD) to retail investors. The PRIIP is defined as:

  • an investment in which, regardless of its legal form, the amount paid to a retail investor is subject to fluctuations due to exposure to benchmarks or the presentation of one or more assets not directly purchased by the retail investor; or
  • insurance investment product is an insurance product whose maturity or redemption value depends in whole or in part, directly or indirectly on market fluctuations.

The aim is to provide the necessary information for decision-making, to improve comparability between products, and to make them better understood. DSK Bank, in its capacity as a creator of products that include all derivative financial instruments, prepared and updated the OID for these products to retail investors.

In accordance with the requirements of Directive 2014/65 / EU, DSK Bank provides its customers with information on the expected costs related to the offered product and the provided service. Cost information includes:

  • product costs
  • service costs
  • payments from third parties

Project Expenses are presented both in absolute value and as a percentage of the face value of the transaction or allowance on an annual basis. Costs can be one-time or current.

The cost information provided is valid under normal market conditions. The main information documents, information on expected costs and a brief description of the individual products can be found in the sections of the site Currency Risk Management, Interest Rate Risk Management and Investment Intermediation here.

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