Bulgaria enacts the Second Payment Services Directive

On 9 March 2018, the Second Payment Services Directive (“PSD 2”) was implemented in Bulgaria, as mandated by the new Payment Services and Payment Systems Act (“Act”).

The Act brings significant changes to existing regulations for payments services. As a result of this new regulatory environment, companies will need to assess the impact to their businesses, and quickly usher in changes to comply with the new rules. We will be happy to assist you with any questions or concerns on the implementation of PSD 2 in Bulgaria.

For detailed information on the key changes and their implementation, please follow this link.

If you have any questions, please contact Desislava Vasileva, Ivan Gergov and Konstantin Stoyanov.