Projects

International projects and initiatives

 The Financial Supervision Commission pursues active policy for building of stable relations of cooperation with the supervisory authorities in Southeast Europe. This policy is realized by the implementation of the following projects, financed by the European Union (EU):

Twinning project BA 07 IB FI 01 is logical continuation of the successfully completed in 2008 Twinning Light project Support of the Insurance Agency of Bosnia and Herzegovina. It is of special importance to underline that in the implementation of the above twinning light project for the first time a Bulgarian institution participates not as a beneficiary under the project, but in its capacity as  a partner from an EU Member State.

 The current Twinning project BA 07 IB FI 01 is financed by the EU Programme Instrument for Pre-accession Assistance (IPA) for 2007 and is to the total amount of Euro 800 000. The project has duration of 27 months and was launched on 21 April, 2010. It is directed mainly to:

o   strengthening of the administrative capacity of the insurance agencies;

o   development of the exchange of information and statistical services;

o   development of the regulatory and supervisory practices;

o   civil liability insurance and interaction with the Green Card Bureau.

On the request of one of the beneficiaries (Insurance Agency of Bosnia and Herzegovina), six activities were included in the project, directed to development of the Agency functions in the field of the export insurance and Experts from the Bulgarian Export Insurance Agency (BEIA) were invited to participate in the project. The attracting of external experts (local and foreign) further contributes to improvement of the exchange of experience and good practices with other supervisory authorities.

The implementation of Twinning project MN 08 IB FI 01 is financed within the EU Programme Instrument for Pre-accession Assistance (IPA) in Montenegro for 2008. The Project is to the amount of 1.2 million Euro and with duration of 18 months. Beneficiaries under the Project are the Central Bank, the Securities and Exchange Commission and the Insurance Supervision Agency of Montenegro. The Twinning Project is realized by a consortium of three partners, which includes the Bulgarian National Bank, the Netherlands Central Bank and the Financial Supervision Commission.

The Twinning Project was launched on 30 November, 2009 with the objective of strengthening the institutional and regulatory capacity of the regulatory authorities for more effective and efficient oversight of the financial markets and institutions in accordance with the EU law.

The Financial Supervision Commission implements component two of the Project’s work plan – activities related to the Securities and Exchange Commission of Montenegro. The activities of the second component are in the field of the investment and pension supervision. The major objectives are improvement of the supervisory capacity of the Securities and Exchange Commission of Montenegro, preparation for harmonization of the Montenegrin legislation in the field of the financial services with the European legislation and enhancement of the financial awareness of the capital market participants in Montenegro.

Due to the good cooperation between FSC and the other supervisory authorities from the EU Member States, the Project was supported by experts from the Federal Financial Supervisory Authority of Germany (BaFin) and the Securities Markets Commission of Spain (CNMV), who fulfilled successfully a part of the activities under component two.

Twinning project MN 08 IB FI 01 is the third project in which FSC participates as a supervisory institution, which delivers its experience and supports institutions from other states in the exercise of their supervisory activity. This is an important commitment for FSC, establishing it as a competent EU partner in the region of Southeast Europe and as the most active Bulgarian institution in the realization of twinning projects with third countries.