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THE WORLD BANK DETERMINES THE FINANCIAL INDEPENDENCE OF THE FINANCIAL SUPERVISION COMMISSION AS THE MOST EFFECTIVE MEASURE TO INCREASE THE CAPACITY OF THE REGULATOR

The World Bank published its conclusions from the finalized Financial Sector Assessment Program (FSAP). The report recommends a number of measures to increase the administrative and supervisory capacity of the FSC.
The World Bank indicates the guarantee of the Commission’s independence from the government as the most critical issue faced by the FSC. The Bank recommends FSC to fund its operation by way of supervision levies collected by the supervised entities, which will guarantee its objective work and increase its administrative and expert capacity.
The World Bank also makes a number of other recommendations of a diverse nature to improve the FSC activity - for example, switching to risk-based supervision, structural changes within the Commission etc.
Part of the report is also an Action Plan which identifies concrete steps to implement the recommendations made. The FSC accepts the envisaged measures and has even started to work on the implementation of some of them.
The full text of the Report could be reached on the World Bank official web site at
http://documents.worldbank.org/curated/en/329651497971488036/Bulgaria-Insurance-and-pensions-supervision-technical-note