Amendments to the Banking Act stipulate fines of up to BGN 500,000 for credit institutions that slander their competitors

If a financial institution dares to spread false information derogatory to the prestige of a competitor, it will be fined by BGN 50,000 to BGN 500,000, MPs decided today voting at second reading amendments to the Banking Act. The National Assembly also raised the penalties for individuals and legal entities. Under the adopted amendments, people disseminating false information or circumstances about a bank, thereof undermining its good name and the trust in it, will be fined by BGN 2,000 to BGN 5,000. The penalty for a repeated violation will be in the range of BGN 3,000 to BGN 10,000. The respective fine for legal entities is BGN 10,000 to BGN 30,000 and BGN 30,000 to BGN 50,00 for a repeated violation. If the offence is committed via mass media, the penalty for individuals is in the range of BGN 5,000 to BGN 10,000 and from BGN 8,000 to BGN 20,000 for a repeated violation. The respective fines for juristic person amount to BGN 20,000 but can reach BGN 150,000.

A possibility has been stipulated for the Bulgarian National Bank to refer the cases to the European banking authority when the respective competent authorities do not cooperate with it in exercising supervision and when a joint decision between the competent authorities cannot be reached. 

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