Bulgarian Parliament Passed a New Law on the Protection of Trade Secrets

Parliament adopted a new law on the protection of trade secrets at second reading. The law introduces requirements of a European directive on the protection of undisclosed know-how and commercial information (trade secrets) against their illegal acquisition, use and disclosure. The aim is legal protection of intellectual products, trade and research information, as well as innovation know-how.
 
It is recorded in the law that trade secret is any commercial information, know-how and technological information that simultaneously meets the following requirements: it is a secret in such a way that in its entirety or in its exact configuration and set of elements it is not generally known or easily accessible for individuals from environments that typically use this kind of information; has commercial value because of its secret nature; in respect of it, measures have been taken to keep it secret by the person who has control over the information.
 
There are described cases where the acquisition of business secrecy is legal or unlawful. The law governs the proceedings and measures to protect business secrets by court order.
 
According to the petitioner (the Council of Ministers), with the adoption of the law, incentives for business are increased, the guarantees for the development of competitiveness, the conditions for labor mobility and the increase of the number of jobs are being improved.