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Enclosure 25(E25) – Regulating the payments between the investment intermediaries and their clients  
     
 

1. Currency payments with respect to securities, rights, BDR, compensatory instruments between investment intermediary and investment intermediary’s clients with reference to orders for deals and deals on the stock exchange or at another regulated market shall be performed under the following terms and conditions:

1.1. Payment for one transfer of one client shall be indivisible and shall be performed by one instruction.

1.2. All payments above BGN 5000 (five thousand) shall be performed through a bank.

1.3. Currency transfers shall always be performed between a bank account of investment intermediary – member of Central Depository and a bank account of the client – holder, or an analytical account for currency of the client to the bank account for clients of a member of Central Depository as indicated according to item 1.6.

1.4. In case of authorization, the currency transfer shall be performed to the benefit of the authorizing party (holder) to holder’s bank account or the analytical account for currency of the holder to the bank account for clients of a member of Central Depository, as indicated according to item 1.6.

1.5. Currency transfers to clients with reference to deals concluded on the stock exchange shall be performed within three working days following completion of the transfer at Central Depository.

1.6. The bank account of the client together with the required information for performance of a transfer on which payments shall be performed for deals on the Stock Exchange shall be obligatorily indicated in the written contract between the client and investment intermediary – member of Central Depository or in the order submitted by the client. The preceding sentence shall not apply if in the contract between the client and the stock exchange member or in the order by the client it is indicated that the amounts due to the client shall be entered and kept in the client’s analytical account for currency with a member of Central Depository.

1.7. In the cases of authorization the member of Central Depository shall be obliged to require a letter of attorney certified by a notary which shall expressly indicate:

1.7.1. the bank account of the authorizing party /together with the required bank information for performance of a transfer/, on which payments shall be performed; or

1.7.2. That the currency due to the client shall be entered and kept in the client’s analytical account for currency with a member of Central Depository..

2. In case of authorization the members of Central Depository shall be obliged to act with due diligence so that the rights of the authorized person are confirmed in compliance with the will of the authorizing party.