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New Requirements for Declaring of Assets

With the amendments to the Act on Public Disclosure of the Assets of the Public State Officials and Other Public and Private Sector Officers, published in the State Gazette on 26.03.2013, the National Assembly stipulated new requirements for declaring of assets. Under the latest revision of the law, members of management and supervisory bodies of all legal entities conducting activities regulated by the State Energy and Water Regulatory Commission must declare not later than 09.04.2013 their property, as specified by law. As per the statement of the National Audit Office on the bill, the production of electricity is activity that is regulated by SEWRC and therefore managers, members of the board of directors, supervisory and management boards of companies producing electricity from renewable energy sources are required to declare their assets regardless of the capacity of power plants and whether there is a license. The penalty for non observation of the term for filing the declaration is between 1000 and 1500 leva.The declaration is available on the website of the National Audit Office and can be found at the following web address: http://www.bulnao.government.bg/index.php?p=2680 [1]