In connection with signals submitted in the Bulgarian Financial Supervision Commission (BFSC) and regarding numerous publications for providing investment services and activities, including through electronic platforms for trading and financial instruments, from companies which are not licensed by the BFSC to operate as investment intermediaries, the BFSC would like to notify the investors about the following:
The companies listed below are not licensed by the BFSC and hence they are not eligible to provide investment services and activities under the Markets in Financial Instruments Act in the territory of the Republic of Bulgaria, including through electronic platforms for trading with financial instruments:
- InstaForex, Russia
- Insta Sofia Ltd.
We would like also to inform the potential investors that the investment services and activities can be provided only by companies licensed by the BFSC to act as an investment intermediaries, banks licensed by the Bulgarian National Bank and entered in the register of the BFSC as investment intermediaries, investment intermediaries from member states under the freedom to provide of services rules through a branch in the Republic of Bulgaria.
Regarding the activity of management of portfolios of financial instruments and bankroll, except the aforementioned companies, authorized to carry out this activity are companies licensed to operate as a management company or a management company from a member state.
The investors are advised to check whether the respective company is licensed by the BFSC and if it is authorized, in accordance to the issued license, to provide investment services and activities to the clients.
List of investment intermediaries and management companies licensed by the BFSC could be found on the FSC's website at:
List of investment intermediaries from EU member states notified the BFSC for their intention to provide services and activities on the territory of the Republic of Bulgaria could be found on the follow link:
The investors should consider that the contracting and submission of orders, including the provision of funds for concluding transactions with financial instruments using the services of companies that are not licensed by the BFSC or by the competent authority of another member state, might lead the potential investors to deception and significant financial losses.
The financial assets and funds provided by the investors to the companies which are not licensed and therefore supervised by BFSC are not guaranteed by the Investor Compensation Fund.