Overregulation of the investment market destroys competition

By Gennady Georgiev

EU regulations and in particular, supervision, as a rule, follow the development of the markets and the mood of politics. They limit or encourage sectoral developments in the interest of business, citizens and ultimately the state. However, this role inherently means that with a certain lag (longer or shorter) they fall behind the pace of the markets. The result is missed opportunities and underdevelopment. When this happens, one must loudly ask for an alternative answer. Most often, the supervised persons raise the alarm.

This is the role that financier Yordan Mollov has chosen for himself. A quarter of a century ago, this Bulgarian join the mecca of stock trading, Wall Street. Mollov is an analyst at some of the most renomated hedge funds - Hound Partners, 3G capital, NYLIM. The invaluable experience gained there contributes immensely to the success of all the companies that he managed and invested in. as of today, there are more than 200 companies that have received Mollov’s advisory or financial expertise and support. 

"To stay and be among the best on Wall Street requires not only a lot of perseverance, but also constant monitoring and analysis of the constantly changing environment of the stock exchange," the financier and lecturer shared to his students.

Yordan Mollov's professional career began in 2004. He graduated with a bachelor's degree in international relations at SUNY New Paltz, USA, and then earned a master's degree in business administration from Fordham University, also in the USA. He was invited to the internship program at the United Nations Headquarters (UN) in New York, where he underwent training at the head office of its then leader Kofi Annan.

He entered the history of the domestic economy as the founder of "Golden Spirit Asset Management" - the first Bulgarian hedge fund located near the stock exchange in America, aimed at clients from Central and Eastern Europe. The company specializes in investments in stocks and commodities, for all clients who are financially sound under American law. With the cost of a lot of hard work, a clear vision, undeniable talent, and strong will, Mollov and two of his partners managed to bring Golden Spirit Asset Management among the leaders of the investment market in Eastern Europe.

“Our strength has always been in finding innovative approaches to recruiting clients, the dynamics of development, and breaking into alternative markets,” the financier reveals the key to his successful career.

Despite his achievements at the international level and career prospects in the markets of Europe and the USA, Mollov brought his business projects to his homeland, creating leading investment brokerage companies with a number of their regional offices in the Balkans. His business grew in parallel with the trends and innovations for that period. He caught the pulse of international competitors so that he could keep pace with their activities and growth. After reaching the peak of his career, Mollov decided to devote himself to a different activity – teaching. Why did he do it? “We rely on personnel everywhere, grew up in the Bulgarian office, which gives the opportunity to the hardworking and diligent to develop. Many of our young people gained valuable experience from the inspections of local and foreign institutions, which we successfully passed. We learned that global exposure brings not only privileges, but also responsibilities and obligations, mainly related to local jurisdictions and established rules, as well as local customs. This is only a small part of the challenges we face,” Mollov explains his experience in training young professionals.

The top financier teaches two new specialties for the curricula in our country - Strategies and E-business, and is a guest lecturer at the New Bulgarian University, the Dimitar Tsenov Academy of Economics - Svishtov and the University of Library Science and Information Technologies.

He is the man behind the stability and vision of several companies on the Bulgarian market. As a leader, he combines strategic thinking with a deep understanding of digital markets, transforming their complex world into a clearly structured and profitable system.

His strength lies in his foresight. While others see risk, he recognizes opportunity. With a cool head and analytical approach, he makes decisions that bring sustainable growth and trust among partners and clients. He believes that success in investment activity is not measured only in profits, but also in transparency, security and long-term value.

As a leader, he inspires. He knows how to build a team of professionals who share a common vision and work with dedication. He supports innovation, encourages development and believes that the future belongs to those who have the courage to think ahead. In his person, the company has not just a boss, but a true leader - a symbol of confidence, modern thinking and success in the world of cryptocurrencies.

All this is happening in a global environment where world finances and the economy as a whole are under pressure. Investment valves are now needed to release investment pressure. Such as telephone marketing, which is strongly represented in the USA and China, provide a reasonable and predictable alternative to investors.

Unfortunately, however, the European Union is lagging behind in the legal framework of this business. Overregulation continues to plague the market and crush investment activity. This is also the main obstacle facing investment intermediaries like Mollov. Trading on an American model does not appeal to the Bulgarian regulator. Therefore, the innovator is a target for lawsuits over some of his companies' transactions.

“There is only one solution: rethinking the framework of economic order and financial relations in the EU. This would increase the competitiveness of supervised entities operating on the Bulgarian market,” says Mollov.

In the European Union (EU), telephone marketing (also called telemarketing) — i.e. calls for advertising or commercial purposes — is strictly regulated, especially when it comes to individuals. The main goal is to protect the privacy and rights of consumers when using personal data and electronic communications.

How is this segment regulated?

First of all, there is the ePrivacy Regulation (upcoming / partially applicable). The ePrivacy Regulation (which will replace the old directives) is a specific law on electronic communications that applies to phone calls, SMS, emails and other electronic communications. It supplements the GDPR and sets rules for direct marketing, including phone calls.

For a marketing phone call to be legal, there must usually be an opt-in from the recipient before the contact. This is the clearest and safest way to legally carry out marketing by phone. The regulation also requires that the marketing be clearly identified (what the call is and who the sender is).

Second in regulatory terms is the GDPR: data protection. GDPR (General Data Protection Regulation) whenever you process personal data (e.g. phone numbers), including for marketing purposes, there must be a legal basis.

There are three main legal grounds under the GDPR. The first is consent. The most commonly used: the user has clearly given their consent to be contacted for marketing. It must be separate, informed and freely given.

Second are legitimate interests. A company can invoke its legitimate interest to contact existing customers (for example, for similar products/services), but it must balance the business interest with the individual's interest not to be contacted.

There may also be other grounds such as contractual performance, legal obligations, etc., which are not typical for pure marketing. Even in the case of a legitimate interest, the recipient has the right to object at any time and then have the marketing stopped for him.

Article 13 of Directive 2002/58/EC (part of the current ePrivacy framework) allows Member States to choose between: opt-in: prior consent before any unsolicited commercial call, or opt-out: allowing calls unless the recipient has already objected.
In some countries, such as Germany, they have adopted a strict opt-in requirement for direct telephone calls.

There are none for Bulgaria.