The Chair of the FSC, Boyko Atanasov, presented the Regulator’s Development Strategy for 2022-2024 during a round table “Strategic Management and Regulation of Business Processes in the State”

Mr. Boyko Atanasov, Chair of the Financial Supervision Commission, presented some of the results achieved by the FSC for the period 2019-2022, as well as important highlights of the adopted Development Strategy of the FSC for the period 2022-2024. The presentation today was within the framework of a round table on the topic “Strategic Management and Regulation of Business Processes in the State”, organized by the Higher School of Insurance and Finance (VUZF) and its Laboratory for Academic and Applied Research.
The Chair of the FSC presented to the audience some of the results achieved for the last three-year period. 2019 – 2022, on the one hand, is the time frame of the FSC Strategy for the specified period, and on the other hand, this period also coincides with the election of Boyko Atanasov for the position of Chair of the Commission.
“For the three-year period, we managed to ensure stability of the insurance market, we introduced innovations in the regulations of the capital market and strengthened the pension-insurance market to the extent of exceptional rigor and full transparency. All this happened in sync with the development of the organization – digitization, optimized processes and at the same time improvement of the team of high-level experts of the FSC. We worked with public visibility for every single innovation or sanction we made.”

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Mr. Atanasov briefly presented the new Strategy for the development of the FSC for the period 2022-2024 as a basic and important tool for achieving the set goals and expected results. “The facts about the results achieved so far, presented in the report for the previous period, presented on the official page of the FSC, show that the Strategy of the FSC is well formulated and the main priorities and set sub-goals are being implemented. The strategy of the FSC for the upcoming period is aimed at several main priorities, with the ultimate goals being the reduction of  administrative burden, flexibility and adaptability to the business environment, and optimization of processes through digitization.”
During the round table discussions, he also announced the upcoming presentation of the new institutional site of the FSC and the Commission’s mobile application, the purpose of which is to facilitate users in the process of obtaining information about regulations in the non-banking financial sector. Boyko Atanasov also described the functions of the Innovation Hub, providing a single point of contact with FinTech companies. It was clearly emphasized that the establishment of a unified information system for submitting and receiving information from supervised persons in an electronic standardized format is also in progress.

“We act as a referee, not a player. In detail – we aim to create conditions for equality in the criteria for access to capital markets and opportunities for fair competition between participants. When we give trust and fair treatment, we get trust and fair treatment. This should be the basic principle of functioning not only of the Commission, but also of any other state organization. The governance style should be authoritative, not authoritarian.” Mr. Boyko Atanasov also stated.

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The presentation ended with an emphasis on the regulatory functions of the FSC and the resulting benefits for users of financial services, by ensuring stable and secure financial markets.
During the event, the panelists – leading representatives of state institutions and regulatory bodies, experts, representatives of the academic and scientific field, represented by the Fiscal Council, the Executive Agency for the Promotion of Small and Medium Enterprises, the Bulgarian Development Bank, Unicredit Bulbank, the Bulgarian forum of business leaders, VUZF, the Bulgarian National Bank, the Bulgarian Stock Exchange and the FSC discussed the interaction between business and the state, strategic directions and priorities, the state budget as instruments in the implementation of this policy, as well as how far the regulatory function of the state should extend.

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The Chair of the FCS, Boyko Atanasov, launched the educational initiative for students #invest safely

In sync with new technologies, to improve the level of public awareness related to the non-banking financial sector and to protect consumers of financial products and services, the Financial Supervision Commission (FSC) in December last year launched the digital campaign #invest safely. Increasing financial literacy in the field of safe investing remains among the leading chief goals of the FSC, which continues its initiative to popularize the campaign during the World Money Week (March 21-27).
Experts from the Financial Supervision Commission, in partnership with industry organizations, represented by the Bulgarian Association of Licensed Investment Brokers and the Investor Compensation Fund, will present to students a series of public lectures under the title “Investment Security in the Digital World”, dedicated to the protection of investors, the recognition of legitimate investment firms and the functioning of the capital market.
The initiative marks the beginning of meetings between experts and students, within the framework of the first event, with graduates of one of the most authoritative and largest business universities in Bulgaria – the University of National and World Economy. The main objective of the  #invest safely – campaign will be presented to the audience to meet the needs of society with up-to-date information regarding the areas regulated by the Financial Supervision Commission in the non-banking financial sector – capital markets, insurance and pension insurance.
“Our participation in the World Money Week and our partnership with higher education institutions, within whose reach are the economic professionals in the country, is one of the steps in the strategy of our commitment to increase financial literacy among young people. Our vision is also to position Bulgaria among European countries whose young people have basic preparation for their meeting with the world of investments, in the conditions of a digitized non-banking financial sector”, said Mr. Boyko Atanasov, Chair of the Financial Supervision Commission
Within the educational initiative of the Financial Supervision Commission, future economists from 5 leading universities in the country – UNWE, Faculty of Economics of Sofia University, AUBG, VUZF and EU-Varna will acquire key competencies for investing in the capital markets and protecting against financial fraud through the digital events specially organized for them.
On the website, and YouTube in the LinkedIn channels of #investsafely, anyone interested can find useful tips and be introduced to investing, through news, video content and a list of licensed investment firms.
On the occasion of World Money Week, FSC experts will take part as guest speakers in the events “From Zero To Fintech”, organized by the Bulgarian Fintech Association and the webinar on “Security of digital financial instruments: Pay safely on the Internet!” initiated by Junior Achievement. They will also contribute as part of the jury of the “My Business” competitions – for the youngest and financial #LIFEHACK – for adolescents in high school.

The Chairman of the FSC, Mr. Boyko Atanasov in a special interview for the newspaper 24 Hours

Mr. Boyko Atanasov, Chairman of the Financial Supervision Commission, gave an interview for the newspaper “24 Hours” “I sincerely call for focusing on the very important and stable elements of the FSC’s work over the years,” said Mr. Atanasov, emphasizing the results achieved in the non-banking financial sector – the stability of the pension insurance market, innovation in the insurance market, transparency of the capital market.

The Commission’s main function in the capital sector is to supervise participants and ensure investor security. Mr. Atanasov emphasized that every potential investor must first check the FSC’s website to find out whether the person to whom he will entrust the management of his funds is licensed by the Financial Supervision Commission.

The FSC Chairman stressed that the insurance sector is going through the crisis smoothly and successfully, given the spread of the pandemic and the increased risks in the financial markets.

Regarding the pension insurance market, Mr. Boyko Atanasov shared that “the investment portfolios of the pension funds are well structured and highly diversified. They also have adequate reserves to guarantee the payment of lifelong pensions.

Mr. Atanasov noted that the FSC coordinated the overall process of preparing and coordinating the National Plan for the introduction of the euro in the non-banking financial sector.

You can read the whole interview here.


Robo advisers

In order to raise the awareness and financial literacy of consumers of non-banking financial services, the Financial Supervision Commission has published two new documents related to the use of a robo adviser. The technology provides automated investment advice at low cost, using portfolio management algorithms.

This is the link where the published documents can be found:

FSC with a warning about investments in financial instruments issued by issuers related to the Russian Federation, which are subject to restrictive measures and sanctions in connection with the situation in Ukraine

The Financial Supervision Commission makes recommendations to the participants in the capital market for increased vigilance and the implementation of an enhanced risk management policy before proceeding with investments in financial instruments issued by issuers related to the Russian Federation. The scope of the warnings also includes issuers and counterparties whose production, supply chains and end markets are strongly linked to the Russian Federation.

The actions taken by the FSC are in the context of the complicated international situation and the imposition of sanctions and restrictions by the EU, USA, Canada, UK and other countries on the Russian Federation, the Russian Central Bank, credit institutions and companies and individuals.

The international tensions that have led to sanctions and restrictions on the Russian Federation are another challenge for international financial markets. However, the Financial Supervision Commission is confident that all companies in the capital market will be able to successfully deal with the situation, respecting the interests of their customers and working to maintain the stability of the capital market in Bulgaria.