In order to inform the supervised entities and the public in the Republic of Bulgaria and to the commitments made by the Financial Supervision Commission in the person of Boyko Atanasov, Chairman of the Commission to EIOPA and ESMA, the Communications Directorate presents the statement of the European Securities and Markets Authority (ESMA). The EU Securities Regulator explains the rules that apply when someone established inside or outside the EU disseminates information offering an investment solution for financial instruments issued in the EU (e.g. stocks or bonds) aimed at wide audience. Dissemination of information would involve, for example, sharing an opinion on the current or future price of a share.

In EU law, this is called an investment recommendation.

What is an investment recommendation? EU law defines an investment recommendation as information that recommends or proposes an investment strategy, directly or indirectly, on one or more financial instruments or their issuers, including opinions on the current or future value or price of such instruments intended for dissemination channels or for the public. Dissemination channels can be analytical reports, articles, traditional media or even social media.

Who should read this statement? Anyone who recommends investment in any way or form through any platform, and anyone who makes investment decisions based on investment recommendations made on any platform. This includes social media.

What’s the problem here? The possibility of investors being misled. Investment recommendations must be made in a specific and transparent way so that investors, before making an investment decision, can know and evaluate: 1) the reliability of the recommendation and its purpose; and 2) all the interests of the authors of the recommendations. In this way, everyone is free to express an opinion without harming other people in the process.

Who prepares investment recommendations? Usually companies such as banks and brokers, but also financial analysts. However, other persons proposing an investment strategy may be deemed to make an investment recommendation when the proposal is intended for wider dissemination. This includes social media posts. In addition, if someone often makes investment recommendations with the aim of reaching a wide audience and he presents himself as having financial expertise, this may mean that the person could be considered an expert. In this case, the law requires more disclosures.

Where are the rules? The rules are contained in EU Regulation (EU) No. 596/2014 on market abuse. They require those who make investment recommendations to disclose their identities, present recommendations in an objective manner and disclose any relationships or circumstances that could impair objectivity. Additional rules must be followed by experts.

What happens if the rules are not followed? EU regulators proactively monitor the behaviour, orders and transactions of market investors. An investigation shall be carried out if there are grounds for doing so. If the rules related to investment recommendations are not followed, fines or further supervisory actions may be imposed, which may include a referral to the prosecutor’s office.

The official ceremony of awarding the winners in the 10th edition of the National Audit Competition for Students “Young Auditor” 2021 took place on 9 June 2021 in the hall of the Higher School of Insurance and Finance (VUZF).

The aim of the competition is to promote the audit profession among young people in Bulgaria, as well as to emphasize the role of audit in the business community and society as a whole.

The ceremony was opened by the Rector of VUZF Assoc. Prof. Dr. Grigory Vazov, who thanked the organizers and partners of the competition for the perseverance and energy with which they have been holding this event for 10 years. “Without auditors, public and corporate life in Bulgaria and in the world is impossible. These are some of the most important and qualified people, and to become an auditor is a difficult endeavour that requires a lot of courage and effort, so I congratulate all students who have set out on this path,” said in his address the rector of VUZF Assoc. Prof. Vazov.

On behalf of the Chairman of the Financial Supervision Commission, Mr. Boyko Atanasov, a greeting was given by Ms. Diana Yordanova, Deputy Chairperson of the FSC, Head of the Social Insurance Supervision Department. They congratulated the entire organizing committee of the competition on the occasion of the 10th anniversary. In addition, they wished the organizing committee to continue to create traditions in education, “because this is one of the highest missions, thanks to which students open the door to themselves and others in intellectual and spiritual terms in the process of becoming full-fledged people and individuals. Education is more than learning, education is the attitude, the relationship with the world. It is gained through the acquisition of knowledge and values, with the help of which we interpret the world.”

Welcoming speeches for the jubilee edition of the competition included Mrs. Veronika Revalska, Manager of HLB Bulgaria, Mr. Tsvetan Tsvetkov, Chairperson of the National Audit Office of the Republic of Bulgaria, His Excellency Archimandrite Pahomiy, Rector of Sofia Theological Seminary „St. Ivan Rilski”.

The first place in the Young Auditor competition in 2021 was awarded to Artur Torosyan, a student at VUZF. He received a cash prize of BGN 2,000, provided by the auditing companies HLB Bulgaria and Zaharinova Nexia, for financing higher education in Bulgaria and the opportunity for a one-month internship in one of the audit companies organizing the competition. . The award was presented by Ms. Menda Stoyanova, Member of Parliament and Chairperson of the Committee on Budget and Finance in the 44th National Assembly.

The second place in the competition went to Gabriela Ivanova, a student at VUZF. She received a scholarship of BGN 1,000, provided by the Commission for Public Oversight of Registered Auditors, for higher education in the country and the opportunity for a one-month internship in the audit companies HLB Bulgaria or Zaharinova Nexia. The award was presented by Prof. Dr. Ognyan Simeonov, Chairperson of CPORA.

The third place went to Aleksandar Shargov from Moldova, a student at UNWE. He won a scholarship of BGN 500, provided by the Institute of Certified Public Accountants, for higher education in Bulgaria and also the opportunity for a one-month internship in one of the two audit companies. His award was presented by Mr. Boyko Kostov, Chairperson of ICPA.

The three winners also received special plaques.

At the ceremony 2 special prizes were awarded for participants with the most original ideas in solving cases. Elena Tarakova from UNWE won an annual scholarship in the amount of 15% of the tuition fee for the specialties in the master’s degree at VUZF. Her award was presented by the Rector of VUZF Assoc. Prof. Dr. Grigory Vazov. The second special award was presented to Damyana Yaneva, University of Economics – Varna by Mr. Tsvetan Tsvetkov, Chairperson of the National Audit Office.

A special greeting to the participants in the competition was given by the finalist and winner of the first edition of the Young Auditor Competition 2012 – Dr. Kiril Bashikarov, a graduate of VUZF, who 10 years later is a member of the faculty of the university. He congratulated the winners and participants in this year’s edition of the competition, emphasizing that his participation in this competition has boosted his professional development and career in one of the largest audit companies.

The organizers of the competition are VUZF and the auditing companies HLB Bulgaria and Zaharinova Nexia. The main partners of the competition are the National Audit Office of the Republic of Bulgaria, the Commission for Public Oversight of Registered Auditors (CPORA) and the Institute of Certified Public Accountants in Bulgaria (ICPA).

This year more than 80 students from 9 universities in the country took part in the competition, including the Higher School of Insurance and Finance (VUZF), Sofia University “St. Kliment Ohridski”, University of National and World Economy (UNWE), Academy of Economics “D. A. Tsenov ”- Svishtov, University of Economics – Varna, Southwestern University “Neofit Rilski”, University of Plovdiv “Paisii Hilendarski”, VFU “Chernorizets Hrabar ”, Academy of Economic Research – Bucharest.

Forty competitors managed to reach the second stage, taking a test. Those who passed the test with more than 50% correct answers were admitted to the third stage – solving a case.

The presented final data on the value and number of paid and filed claims under Motor Third Party Liability Insurance, including by risk groups, as of 31.12.2021 are published on the FSC website – section “Insurance Activity”, “Statistics”, “Non-life Insurance”, “2021”. The data do not include insurance contracts that are concluded by insurers under the right of establishment or under the terms of freedom to provide services.

 The presented final data on the value and number of paid and filed claims under Motor Third Party Liability Insurance, including by risk groups, as of 31.12.2020 are published on the FSC website – www.fsc.bg, section “Insurance activity”, “Statistics”, “Non-life Insurance”, “2020”. The data do not include insurance contracts that are concluded by insurers under the right of establishment or under the terms of freedom to provide services.

The presented final data on the value and number of paid and filed claims under Motor Third Party Liability Insurance, including by risk groups, as of 31.03.2021 are published on the FSC website – www.fsc.bg, section „Insurance activity”, “Statistics”, “Non-life Insurance”, “2020”. The data do not include insurance contracts that are concluded by insurers under the right of establishment or under the terms of freedom to provide services.

The presented data on the value and number of paid and filed claims under Motor Third Party Liability Insurance, including by risk groups, as of 30.09.2021 are published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”, “Non-life Insurance”, “2021”. The data do not include insurance contracts that are concluded by insurers under the right of establishment or under the terms of freedom to provide services.

The presented final data on the value and number of paid and filed claims under Motor Third Party Liability Insurance, including by risk groups, as of 30.06.2021 are published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”, “Non-life Insurance”, “2020”. The data do not include insurance contracts that are concluded by insurers under the right of establishment or under the terms of freedom to provide services.

 The Social Insurance Supervision Department of the Financial Supervision Commission published data on the persons allocated to the supplementary mandatory pension insurance funds in 2020. The information is obtained from the protocols for the ex officio allocations of persons who did not choose a supplementary mandatory pension insurance fund .

 The persons for whom the obligation to be insured in a universal or occupational pension fund has arisen and who have not submitted an application for participation within the stipulated terms or have submitted applications for participation in more than one fund of the respective type are allocated ex-officio. In 2020, a total of 76,211 persons were allocated ex-officio to the supplementary mandatory pension insurance funds, of which 66,490 persons in the universal funds and 9,721 persons in the occupational funds. The persons allocated ex-officio in 2020 account for 94.19 per cent of the total number of persons admitted (from newly accepted applications and ex officio allocations) in the universal funds and 92.13 per cent in the occupational ones.

 Information on the persons allocated ex-officio in 2020 can be found in the sections “Social Insurance activity”, “Statistics”, “Statistics and analysis of the social insurance market”.