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Internal Cooperation

 

Among the key priorities of FSC is the establishment and pursuance of policy of cooperation and communication with state bodies, national organizations, the business and other interested parties in the solving of issues related to the effective functioning of the non-banking financial sector.

FSC maintains stable partner relations with the industry organizations, regular consultations are being held in connection with issues related to the market development and legislative amendments. In the end of 2010, the Chairman of the Commission initiated the setting up of a Consultative Council to the FSC Chairman, in which participate industry organizations. A Memorandum for cooperation and interaction was also signed between the Financial Supervision Commission and non-governmental organizations in the field of the non-banking financial sector. The Consultative Council holds regular meetings at which it deliberates and takes decision on the most important and topical issues concerning the sector. Members of the Consultative Council on the side of the industry organizations are the Bulgarian Association of the Licensed Investment Intermediaries (BALIP), Bulgarian Industrial Capital Association (BICA), Bulgarian Association of Asset Management Companies (BAAMC), Association of the Special Investment Purpose Companies (ASIPC), the Association of Bulgarian Investor Relations Directors (ABIRD), Bulgarian Investor Relation Society (BIRS), Bulgarian Association of Supplementary Pension Insurance Companies (BASPIC), Association of Bulgarian Insurers (ABI), Association of Insurance Brokers (AIB), Bulgarian Association of Insurance Brokers (BAIB), National Bureau of the Bulgarian Motor Insurers (NBBMI), Association for Insurance Security (AIS), Bulgarian Association of Insured and Harmed in Catastrophes (BAIHC), Association Defending Insured and Harmed in Accidents (ADIHA), Association of Licensed Voluntary Health Insurance Companies (ALVHIC), Bulgarian Actuarial Society (BAS).

Partnership with the purpose of improvement of the sustainability of the financial system and adequate strategic planning of the financial markets development is realized within the Financial Stability Advisory Council, represented by the Heads of the Financial Supervision Commission, the Bulgarian National Bank and the Ministry of Finance.

In connection with the educational initiatives, laid down in the FSC strategy, the authority is a partner with the Ministry of Education, Youth and Science.

For the purpose of the supervision exercised by FSC, exchange of information is also realized with the Central Depository (CD), the Privatization Agency (PA), Bulgarian National Bank (BNB), the Ministry of Interior (MoI) and the courts.