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International Cooperation

 

The main priority of the Financial Supervision Commission in relation to the international cooperation is connected with association of the Bulgarian non-banking sector to the single European financial market.

As an integral part of the global network of financial supervisory authorities, FSC participates in multitude of international organizations. In its capacity of an active member, the Commission is involved in the development of standards and good practices in the whole non-banking financial sector.

FSC is and active member of the International Organization of Securities Commissions - IOSCO.

In 2009, the Chairman of FSC signed the Multilateral Memorandum of Understanding concerning Cooperation and Exchange of Information of the International Organization of Securities Commissions, the Commission thus achieving one of its most important international objectives. The Memorandum is international recognition for a quality supervisory framework in the securities field and allows the authorities that have signed it to exchange supervisory information between themselves and thus to prosecute and detect legal offences outside the borders of their own jurisdiction. This possibility is of particular importance for the supervision in the conditions of globalizing financial markets. After a detailed examination of the Bulgarian legislation and the FSC’s supervisory practices, the IOSCO Screening Group delivered a positive opinion and extended an invitation to FSC to join the Memorandum.

The Financial Supervision Commission is also a member of the International Association of Insurance Supervisors – IAIS, and a member-founder of the International Organization of Pension Supervisors – IOPS. Representatives of the Commission are involved in the forums of these organizations, as well as in the task forces which prepare the best practices in the field of supervision over the investment, insurance and social insurance markets. FSC is also a member of the Francophone Institute for Financial Regulation.

As an institution responsible for the state policy in the field of the non-banking financial sector, FSC participates actively in the formulation of the Bulgarian position in the negotiations with the International Monetary Fund, the World Bank and in the preparation of the agreements along the lines of the World Trade Organization. Subsequently, FSC monitors the fulfillment of Bulgaria’s commitments, which are in the Commission’s competence.

FSC is also a partner with the Organization for Economic Cooperation and Development (OECD) within the Global Pension Statistics project, run by OECD, providing periodically detailed statistical data about the supplementary pension insurance in Bulgaria.

Another major priority of the Financial Supervision Commission, even as early as its establishment in 2003, has been the cooperation with all states on the Balkan Peninsular. This cooperation involves both the conducting of trainings on the FSC’s side under different projects, directed to strengthening of the administrative capacity of the relevant institutions in the other states, as well as in initiatives for conclusion of Memorandums for exchange of information with the states in the region. Furthermore, FSC has always expressed its willingness to assist upon each request for arranging visits for experience exchange and training of other supervisory authorities from the near countries.