List of Legislations >ORDINANCE JVs 27 OF JULY 24, 2003 FOR THE StatisticsS OF THE PAYMENT BALANCE

ORDINANCE JVs 27 OF JULY 24, 2003 FOR THE StatisticsS OF THE PAYMENT BALANCE

Prom. SG. 69/5Aug2003, amend. SG. 111/22 Dec 2003

Chapter one.

SUBJECT

Art. 1. This ordinance shall determine the order for accounting and the Statisticsal declaring of the transactions between local and foreign persons and the conceding of information for the needs of the Statisticss of the payment balance.

Chapter two.

REGISTERS

Art. 2. (1) Registers shall be kept for the needs of the Statisticss of the payment balance:

1. by the commercial banks and the Bulgarian National Bank (BNB) — for transfers and payments between local and
foreign persons in the country and for cross border transfers and payments with value, equal or exceeding 5000 levs,
or their equivalent in foreign currency;
2. by the ministries and the state agencies - for the received resources from the pre-accession funds of the European
Union and for the received or conceded resources and supports from and of foreign persons, and by the Ministry of
Finance - also for the state debt and the debt, guaranteed by the state to foreign persons;
3. by the central depository — for each transaction on the capital market for transfer of registered securities, issued by
a local person, between a local and a foreign person;
4. by the issuers of registered securities - for the transfer between local and foreign person of registered stocks on the
capital market, for which the acting legislation does not provide registration by the central depository;
5. by the investment brokers — for the transactions with securities between local and foreign persons;
6. by the insurers - for the received or paid premiums from or to foreign persons, for the received or paid to foreign
persons indemnification or other sums;
7. by the pension companies - for the received payments from or the paid pensions and other sums to foreign
persons;
8. by the notaries, respectively the judges for entering - for transactions with immovable properties between local
and foreign persons.
(2) The persons of para 1 can require the individuals to establish that there is or there is not permanent stay in the Republic of Bulgaria in the sense of the Currency law through declaration according to model of appendix No 1.

Art. 3. (1) A person, implemented payment and transfer of value, equal or exceeding 5000 levs, for which register is kept under art. 7, para 1 of the Currency law, shall present to the commercial bank - mediator, respectively to BNB, Statisticsal form according to model of appendix No 2. (2) The Statisticsal form of para 1 shall be presented as follows:
1. at transfers and payments abroad and at transfers and payments between local and foreign persons in the country —
at the moment of ordering the transfer or the payment;
2. at revenues from abroad - in 30 days term after receiving of notification from the commercial bank for receiving
of the transfer in the account of the person.

Art. 4. (1) The commercial banks shall:

1. implement the transfer or the payment between local and foreign person in the country or abroad only after
receiving of the information, contained in the Statisticsal form of art. 3;
2. (suppl., SG 111/03) fulfil order for transfer in connection with financial credit, conceded by or to foreign persons,
after certifying of the declaring of the financial credit, including by opening bank accounts abroad, by the local
corporate body by the order of art. 7, para 5 of the Currency law;
3. at receivables from abroad immediately notify their clients about the receiving of the sum in the account of the
person.
(2) The requirements of para 1, item 2 shall not refer to the credits from the state and guaranteed by the state.

Art. 5. The persons of art. 2 shall concede to BNB the collected information for the needs of the Statisticss of the payment balance every month, till the 15th date of the month, following the accounted one. The information shall be conceded according to written instructions by BNB.

Chapter three.
StatisticsAL DELEGATION

Art. 6. (1) Each local corporate body or sole entrepreneur, concluded transaction under art. 7, para 5 of te Currency law, shall submit declaration before BNB in 15 working days term after concluding of the transaction as follows:

1. for transactions for conceding or receiving of financial credits in extent equal to or bigger than the levs equivalent
of 5000 levs - by filling in of declaration according to model of appendix No 3;
2. at conceding of financial credits through opening of bank account abroad - through filling in of declaration
according to model of appendix No 4;
3. at implementing of initial direct investment abroad — through filling in of declaration according to model of
appendix No 5.
(2) (amend., SG 111/03) The credits from the state and guaranteed by the state, as well as the accounts of the commercial banks abroad shall not be subject to declaring by the order of para 2, item 1.

Art. 7. (1) The Bulgarian National Bank shall certify the declaring of the transactions under art. 6 with signature and seal on the declaration. The certifying shall be implemented only after presenting of comprehensively and correctly filled in declaration.
(2) At receiving of the declaration by post BNB shall certify the declaring in 5 working days term.
(3) At establishing of incompleteness or incorrect filling in a presented declaration BNB shall give instructions for
removing them. If the declarations are received by post BNB shall give written instructions for removing of the
incompleteness in 5 working days.
(4) At receiving of the declaration of art. 6 BNB shall implement check whether the local corporate body or sole
entrepreneur has submitted on time accounts of art. 10 of the Currency law, if there was such obligation. Upon not
submitted accounts BNB shall give written instructions for presenting them.

Art. 8. (1) At occurrence of change of the data about a declared transaction by the order of art. 6 the local corporate bodies and sole entrepreneurs shall notify BNB about the changes in 15 working days term after their occurrence. (2) The local corporate bodies and sole entrepreneurs shall notify BNB in writing at closing of the declared bank accounts abroad.

Chapter four.
StatisticsAL ACCOUNTING AND CONCEDING OF INFORMATION

Art. 9. (amend., SG 111/03) (1) The local corporate bodies or sole entrepreneurs shall account quarterly by Statisticsal forms before the BNB:
1. the operations and the remainders for financial credits, received from, or conceded to, foreign persons;
2. the operations and the remainders of financial credits granted to foreign individuals by opening banks accounts
abroad;
3. the receivables from foreign persons for commercial credits and other transactions, which are not financial credits,
if the total sum of the liabilities is equal or bigger than the lev equivalent of 5000 levs;
4. the liabilities to foreign persons under commercial credits and under other transactions which are not financial
credits, if the total sum of the liability is equal to or exceeds the lev equivalence of 50 000 levs.

(2) The ministries and the state agencies shall account their receivables from and their liabilities to foreign persons
under commercial transactions by the order of para 1, item 3 and 4.
(3) The commercial banks shall account their receivables from and their liabilities to foreign persons by an order
determined by instructions of the under governor of BNB, in charge of department "Banking".

Art. 10. (amend., SG 111/03) The local corporate bodies and sole entrepreneurs shall give an account to the BNB by Statistics forms their direct investments abroad every quarter if during the respective quarter changes have occurred in the initially made direct investment. Statistics form shall be produced for the fourth quarter regardless of whether changes have occurred during the quarter in the direct investment.

Art. 11. The accounts of art. 9 and 10 shall be presented to BNB till the 15th date of the month, following the accounted quarter. The accounts for the forth quarter of the year shall be presented to BNB till January 25 of the year, following the accounted one.

Art. 12. (1) (suppl., SG 111/03) The local individuals shall account through Statisticsal forms before BNB every year, till March 31 of the year, following the accounted one, their receivables from and their liabilities to foreign persons for financial credits, including for granted financial credits by opening bank accounts abroad. (2) The Statisticsal forms of para 1 shall be submitted if:
1. (suppl., SG 111/03) the sum of all receivables for financial credits, including remainders in bank accounts abroad,
is equal or exceeds the levs equivalent of 50 000 levs by the end of the accounted year;
2. the sum of all liabilities for financial credits is equal or exceeds the levs equivalent of 50 000 levs by the end of the
accounted year.

Art. 13. (1) The accounts of this chapter can be submitted personally, through authorised person, with fax, by post or in electronic way.
(2) At receiving of the accounts of the accounts BNB shall implement check of their completeness and precision. If defects are established, BNB shall give instructions for removing them.

Art. 14. (1) The information, collected under this ordinance, shall be used by BNB only for Statisticsal purposes.
(2) The Bulgarian National Bank shall concede to other persons and institutions only summarised data, which do not
allow the identification of the persons, conceded Statisticsal information.

Transitional and concluding provisions

§ 1. (amend., SG 111/03) (1) In 6 months term after the Law of amendment and supplement of the Currency law takes effect all local corporate bodies or sole entrepreneurs, who have granted to, or have received from, foreign persons financial credits 9including by opening bank accounts abroad), existing by the date of enacting the Law of amendment and supplement of the Currency law, shall declare these credits before BNB by filling in a declarations of art. 6, para 1, item 1 and 2, unless these financial credits are registered by the order of the revoked art. 4, para 2, item 1 and 2 of the Currency law.
(2) When a local corporate body or sole entrepreneur orders to a local bank transfer of resources in connection with financial credit (including by opening a bank account abroad), granted by or to a foreign person before the enactment of the Law of amendment and supplement of the Currency law, the local bank shall fulfil the order for transfer after certifying of implemented registration of the financial credit in BNB by the order of the revoked art. 4, para 2, item 1 and 2 of the Currency law or of declaring under para 1.

§ 2. In 6 months term after the Law of amendment and supplement of the Currency law enters into force all local corporate bodies or sole entrepreneurs, who have direct investments abroad by the date when Law of amendment and supplement of the Currency law enters into force, shall declare these investments in BNB through filling in of the declaration of art. 6, para 1, item 3.

§ 3. This ordinance is issued pursuant to art. 7, para 11 of the Currency law, it was approved with decision No 70 of July 24, 2003 of the Management council of the Bulgarian National Bank and repeals Ordinance No 27 of 1999 for registration in the Bulgarian National Bank of transactions between local and foreign persons (SG 111/99), Ordinance No 29 of 1999 for the conditions and the order for presenting of the accounts and the declarations for the liabilities of local persons to foreign persons (SG 113/99) and the Ordinance for collecting of information for the needs of the Statisticss of the payment balance (SG 114/99).

§ 4. The deputy governor of BNB, managing department "Bank", shall give instructions for the application of this ordinance.