FSC Chair Takes Part in EU Talks on Key Regulatory Priorities in Copenhagen

The Chair of the Financial Supervision Commission (FSC), Mr. Vasil Golemanski, took part in a regular meeting of the Board of Supervisors of the European Securities and Markets Authority (ESMA), held in Copenhagen.

ESMA is an independent authority of the European Union responsible for enhancing the stability and transparency of Europe’s financial markets. Its core priorities include protecting investors, safeguarding their rights, and ensuring access to reliable and innovative financial services. The Board of Supervisors forms the core of ESMA’s governance structure, setting its strategic direction and coordinating the joint work of national supervisory authorities across the EU.

During the meeting, participants discussed key priorities related to capital markets, digital finance, sustainable investments, and the performance of supervisory functions in an environment of heightened global risks. Members reaffirmed their commitment to closer cooperation and stronger coordination of supervisory practices within the single European market.

“The Financial Supervision Commission will continue to work actively within ESMA’s structures to foster a transparent, efficient, and secure financial sector in the interest of investors, society, and businesses alike. We value these discussions and exchange of experience, which allow us to represent and protect Bulgaria’s interests among our European partners”, said Mr. Golemanski.

group photo
Group photo

Bulgaria Included for the First Time in the OECD Corporate Governance Factbook 2025

Bulgaria has been included for the first time in the 2025 edition of the OECD Corporate Governance Factbook – the flagship biennial publication of the Organisation for Economic Co-operation and Development (OECD), which presents up-to-date data and policy developments in the field of corporate governance across 52 jurisdictions, including all OECD and G20 economies. Alongside Bulgaria, Croatia and Romania are also featured in the analysis for the first time.

The Factbook tracks how corporate governance policies and regulatory frameworks are evolving in the context of dynamic capital market developments, digitalisation, and sustainable finance. It serves as an international benchmarking tool for regulators, reflecting the implementation of the OECD/G20 Principles of Corporate Governance.

Key highlights from the 2025 edition:
➡️ Institutional investors now own 47% of global listed equity, leading to wider adoption of stewardship codes.
➡️ 73% of jurisdictions publish national reports on the implementation of corporate governance codes.
➡️ Virtual general meetings are permitted in 85%, and hybrid meetings in 94% of jurisdictions.
➡️ Women hold 29% of board seats, compared to 22% five years ago.
➡️ 90% of jurisdictions require corporate sustainability-related disclosure, and 60% require independent assurance (audit) of this information.

Bulgaria’s inclusion in the OECD Corporate Governance Factbook 2025 represents an acknowledgment of the efforts made by national institutions and the Financial Supervision Commission (FSC) to strengthen the corporate governance framework and align it with leading international standards.

The Factbook is complemented by Country Notes, which aim to provide an easily accessible overview of each jurisdiction. Along with the summary of recent developments, it provides Bulgaria’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook.

As the national regulator aiming at full membership in the OECD Corporate Governance Committee, the Financial Supervision Commission plays an active role in exchanging data, best practices, and expertise related to corporate governance, capital markets, and sustainable finance. Through this participation, FSC supports the integration of Bulgaria’s regulatory framework into the global governance landscape and promotes transparency, accountability, and trust in the capital market.

The full report and Country Notes are available on the OECD website:

OECD Corporate Governance Factbook 2025

OECD Corporate Governance Factbook 2025: Bulgaria (Country Note in English)

OECD Corporate Governance Factbook 2025: Bulgaria (Country Note in Bulgarian)

For a first time the Bulgarian translation of the G20/OECD Principles of Corporate Governance 2023 were published on the OECD website, available at the following link:  G20/OECD Principles for Corporate Governance BG

FSC and FID – SANS carried out jointly a training regarding the measures against ML/FT and the proliferation of weapons for mass destruction.

On 1st October, 2025 the Financial Supervision Commission and the Financial Intelligence Directorate of State Agency for National Security conducted a training focused on topics related to the implementation of the AML/CFT/CPF measures provided for in the Law on Measures Against Money Laundering (LMML), the Law on Measures Against the Financing of Terrorism and the Proliferation of Weapons for Mass Destruction and the acts on their implementation, organized for representatives of the investment intermediaries, management companies and alternative investment fund managers. The event was in hybrid form and was attended by more than 100 representatives of the obliged entities under Art. 4, items 8 – 10 of the LMML.

In the course of the meeting were discussed the following topics:

  • goAML registration;
  • Changes in the AML/CFT/CPF legislation;
  • Implementation of the AML/CFT measures in practice.

The conducted training aimed to deepen the understanding of the representatives of the investment intermediaries, management companies and alternative investment fund managers regarding the requirements of the preventive legislation and their essential role in the process of maintaining the stability of the financial sector and in assisting to the competent state authorities in preventing and detecting money laundering and terrorist financing and proliferation of weapons for mass destruction activities.