On
February 21 1912, Parliament adopted the first Law on the stock
exchanges, which was promulgated in the State Gazette on February 28
the same year. Sofia Stock exchange obtained official permit to start
operating and started effective activity on June 28 1914, only a few
days before the beginning of World War I. On May 25 1915, the Stock
Exchange Regulation was adopted by a Decree. All issuers of securities,
such as banks, production and trading companies, were invited to
register for participation in the stock trade. On December 18 1917, the
Sofia Stock Exchange issued a Regulation for the Internal Order of the
stock exchange and decided three trading sessions to be conducted each
week. On January 20 1918 the stock exchange was officially opened. It
was the sole stock market in Bulgaria until its nationalization on
December 27 1947 when it was transformed into a department of the
Bulgarian National Bank and discontinued its activities until 1992. On
April 8 1992, Sofia Stock Exchange (currently SFB Capital Market JSC)
organized the first public trading session in Bulgaria’s new economic
history. In 1997, the Bulgarian capital market integration process was
completed and Bulgarian Stock Exchange – Sofia JSC officially started
operating on October 21.