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KBC Bank Bulgaria and UBB united under the name United Bulgarian Bank (UBB)

On 10th of April 2023, UBB and KBC Bank Bulgaria officially united after the re-organization of KBC Bank Bulgaria EAD, through its merger into United Bulgarian Bank AD, was entered in the Commercial Register. The legal merger is the next step in the integration of the two banks after the Belgian KBC Group acquired the business of Raiffeisen Bank International in Bulgaria in the summer of 2022.

The process of the technical integration of UBB and present KBC Bank Bulgaria is underway. Until its finalization, our branch network, corporate website and the digital channels of the up-to-now KBC Bank Bulgaria will have a special symbol next to UBB logo. At this stage, clients do not need to take any actions and will continue to be serviced as until now. We will inform you about any future changes.


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    Information about EMIR

    European Union regulation on OTC derivatives.

    European Market Infrastructure Regulation

    EMIR (European Market Infrastructure Regulation or Regulation No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories) is directly applicable EU regulation which sets common rules for OTC derivatives transactions (e.g. futures and forwards, options, swaps), for risk mitigation techniques related to those transactions and for reporting of transactions. EMIR came into force on August 16, 2012. Different implementing regulations and requirements will come into force gradually during 2013 and 2014.

    EMIR Objectives

    EMIR was adopted as a result of 2009 G20’s decision to regulate the OTC derivatives market in details. Its objective is to increase the transparency of the derivatives market and lower the systematic risk caused by derivatives transactions.

    Field of impact

    Requirements of EMIR apply to OTC derivatives transactions, including interest rate derivatives and FX derivatives (forwards, swaps, options). EMIR requirements apply both to financial and non-financial counterparties. Requirements of EMIR do not apply to private individuals and certain government institutions.

    What kinds of financial instruments are covered by EMIR?

    EMIR (European Market Infrastructure Regulation) covers derivatives that are traded either on exchanges or over-the-counter (i.e. ETD and OTC derivatives). However, not each and every EMIR obligations pertain to both kinds of derivatives.

    What deals are classified as derivatives?

    From financial point of view, derivatives are financial assets the value of which depends on the value of one or more underlying asset. For example:

    • Forward or futures contracts
    • Options (put, call, cap, floor, exotic options and option structures)
    • Swap deals

    The underlying asset of a derivative contract can be one or more of the following instruments:

    • FX (foreign exchange)
    • Interest Rate
    • Equity (stocks)
    • Index
    • Commodity
    • Other assets

    * Тhe above list in only a selection of some derivatives and does not intend to be a full list of derivatve contracts.

    From legal point of view, EMIR (Regulation (EC) No 648/2012) provides the following definiton for derivatives:

    • Derivative or derivative contract: a financial instrument as set out in points (4) to (10) of Section C of Annex I to Directive 2004/39/EC as implemented by Article 38 and 39 of Regulation (EC) No 1287/2006.
    • OTC derivative or OTC derivative contract: a derivative contract the execution of which does not take place on a regulated market as within the meaning of Article 4(1)(14) of Directive 2004/39/EC or on a third-country market considered as equivalent to a regulated market in accordance with Article 19(6) of Directive 2004/39/EC.

    Which legal entities are covered by EMIR?

    Financial counterparty

    Investment firms, insurance undertaking, reinsurance undertaking, UCITS and its management company, institution for occupational retirement provision, alternative investment fund.

    Non-financial counterparty

    An undertaking established in the European Union that is not classifed as CCP or financial counterparty.Two categories of non-financial counterparties are recognized:

    • Non-financial counterparties above the clearing threshold
    • Non-financial counterparties below the clearing threshold

    Under EMIR two clearing thresholds are determined:

    • EUR 1 billion - for OTC credit and equity derivaitives that are not objectively reducing risk (i.e. that are not for hedging purposes)
    • EUR 3 billion - for OTC FX, interest rate, commodity and other derivaitives that are not objectively reducing risk (i.e. that are not for hedging purposes)

    Regulation (EC) No 149/2013 sets out further details on how to calculate the clearing threshold.


    A legal person that interposes itself between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer.

    Trade Repository

    A legal person that centrally collects and maintains the records of derivatives.

    EntityCovered by EMIR
    Financial counterparty


    Non-financial counterparty Yes
    CCP Yes
    Trade repository Yes
    Private individual No

    What are the main requirements of EMIR?

    • Obligation to report derivatives transactions to a Trade Repository
    • Obligation to centrally clear transactions with certain OTC derivatives through a Central Counterparty (CCP)
    • Mandatory risk mitigation techniques for non-cleared derivatives transactions
    Main obligationAffected derivative typeAffected counterparty type
    Reporting to trade repository Exchange traded (ETD) and OTC derivatives

    Financial counterparties

    Non-financial counterparties

    Clearing via CCP Centrally cleared OTC derivatives

    Financial counterparties

    Non-financial counterparties above the clearing treshold

    Risk mitigation techniques Non-centrally cleared OTC derivatives

    Financial counterparties

    Non-financial counterparties above the clearing treshold

    Who has the obligation to report derivatives transactions to a Trade Repository?

    Obligation to report transactions applies to all counterparties of derivatives transactions, only private individuals are excluded. This means that both counterparties to a derivatives transaction must report the transaction, modifications to the transaction and termination of the transaction to a licensed trade repository of their choosing. Reporting obligation can also be delegated to the other counterparty or to a third party. Transaction has to be reported no later than the working day following the conclusion, modification or termination of the transaction.

    In transaction reports the counterparties to the transaction must be identified by Legal Entity Identifier (LEI), which is a new identifier developed globally to identify counterparties to financial transactions. Until LEI format and issuing principles are finalized, an "interim" LEI code (or pre-LEI) must be used.

    Obtaining LEI (or equivalent identifier) is the responsibility of each counterparty to a derivatives transaction.Raiffeisenbank /Bulgaria/ EAD can refuse to conclude new derivatives transactions with clients who do not have a required identifier. Organizations issuing LEIs are listed on webpage Costs related to obtaining and maintaining the LEI (or equivalent identifier) have to be borne by the client.

    Reporting obligation is expected to come into force on February 12, 2014. In addition to new transactions concluded from that date forward also all derivatives transactions that were open on August 16, 2012 or have been concluded after that date have to be reported.

    For which transactions clearing obligations are mandatory?

    Clearing obligation applies to transactions with standardized OTC derivatives. Instruments covered by that obligation will be published on ESMA (European Securities and Markets Authority) webpage: Clearing obligation concerning the first derivatives instruments is expected to come into force in 2014 or 2015.

    Clearing obligation applies to financial counterparties and to non-financial counterparties exceeding the so-called clearing threshold. Clearing thresholds have been set so that only companies having very large speculative positions in derivatives would exceed them (e.g. a company exceeds the threshold if it has a speculative position in interest rate or FX derivatives with nominal value of more than 3 billion euros).

    Starting March 15, 2013 companies exceeding the clearing threshold have to notify the Financial Supervision Authority and ESMA about it (they also have to notify when they have fallen below the threshold). Transactions must be cleared only when clearing obligation applies to both counterparties to the trade.

    To clear a transaction, counterparties must become a member of a licensed central counterparty (CCP) or use the services of a CCP member or its client. Clearing means that parties, who originally conclude a derivatives transaction, assign the transaction to CCP so that CCP becomes a counterparty to both original parties to the trade.

    What are the mandatory risk mitigation techniques for non-cleared derivatives transactions?

    Main risk mitigation techniques affecting non-financial counterparties:

    • Timely confirmation of transactions. EMIR sets deadlines for confirming transactions depending on the counterparty and instrument type. Transactions concluded with KBC Bank Bulgaria EAD under the Financial Markets Client Agreement are confirmed timely as KBC Bank Bulgaria EAD considers transactions to be confirmed if our counterparty does not notify us of any errors on the confirmation within 24 hours as of receiving the confirmation.
    • Portfolio reconciliation. Parties to a derivatives transaction have to agree on a process to regularly reconcile transactions to identify any discrepancies. EMIR sets deadlines on how often reconciliation has to be performed based on the counterparty type and number of open transactions between counterparties. To reconcile portfolios in terms of transactions concluded by clients of KBC Bank Bulgaria EAD under the Annexon the requirements of Regulation (EU) No 648/2012/EMIR/, the bank will send regular statements to clients on outstanding transactions. If the client does not notify KBC Bank Bulgaria EAD of any errors on the statement, the bank considers the portfolio to be reconciled. Portfolio reconciliation with non-financial counterparties who have less than 100 derivatives transactions outstanding with KBC Bank Bulgaria EAD has to be performed once a year.
    • Dispute resolution. Counterparties to a derivatives transaction must agree on a process to resolve disputes. KBC Bank Bulgaria EAD has specified the dispute resolution process in the Annexon the requirements of Regulation (EU) No 648/2012/EMIR/.

    Counterparty classification

    The application of the different EMIR requirements depends on the classification of the counterparty – whether it is a financial or non-financial one. In the latter case what matters is the deal’s type, purpose and size. Classification of counterparties under EMIR is different than that under MIFID. Under the Annex on the requirements of Regulation (EU) 648/2012/ EMIR, clients must notify KBC Bank Bulgaria EAD of their categorization. If the client does not notify the Bank, the client will be considered as a non-financial counterparty below the clearing threshold. KBC Bank Bulgaria EAD is a financial counterparty under EMIR.


    The above written was made only for informational purposes about EMIR and does not present binding commitment by the Bank. KBC Bank Bulgaria EAD bears no responsibility neither for the content of the current document nor for its effectiveness. Please consult a legal expert for detailed view of the applicable legal provisions and obligations.