The Financial Supervision Commission (FSC) has been notified by the competent authority of Germany of the merger from the insurance undertaking “MSIG Insurance Europe AG” to “MS Amlin Insurance SE”, including insurance contracts on which Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of Germany on granting consent of the merger of “MSIG Insurance Europe AG” to “MS Amlin Insurance SE”.
The Financial Supervision Commission held a conference on: “OECD/G20 Principles of Corporate Governance – Good Practices for Sustainable Growth”
On the 11 of June, the Financial Supervision Commission (FSC/Commission), in partnership with the National Corporate Governance Committee (NCGC), organized and held a conference dedicated to “OECD/G20 Principles of Corporate Governance – Good Practices for Sustainable Growth.” The forum featured the exchange of experience and best practices relying on the corporate governance principles, ESG and governance, mechanisms for sustainable development of the insurance sector, and incentives for corporate engagement in capital pension schemes.
The event took place in Sofia and brought together the leadership of the Commission, supervised entities, amongst which public companies, investment intermediaries, insurance companies, and pension insurance companies, institutional partners, business representatives, the state, consultants, and media, all of them motivated by the purpose to discuss the role and importance of the corporate governance and sustainable development, as well as the challenges related to them.
The conference was opened by the Chairman of the FSC, Mr. Vasil Golemanski, who emphasized the importance of corporate governance as a key factor for investor confidence, financial market stability, and the promotion of long-term economic growth. He noted that over the past years, corporate governance has been amongst the leading priorities in the work process of the authority and the Bulgarian business, as well:
“In addition to fulfilling its role as a supervisory and regulatory body, the FSC also aims to actively support business pursuing the goal of creating sustainable and steadily developing markets.”
Mr. Golemanski pointed out that the Commission actively participates in the European Supervisory Authorities’ activity and represents the state in plenty of international organizations acting in the non-banking financial sector. He also stressed the role played by the regulatory authority in the process of the forthcoming accession to the Eurozone and drew the attention of the audience to the FSC contribution made in the process of the achievement of the national strategic goal, namely Bulgaria’s membership in the Organisation for Economic Co-operation and Development (OECD). In this regard, he emphasized the successful cooperation between the FSC and the OECD Corporate Governance Committee in developing and implementing the updated Principles of Corporate Governance, which were officially adopted in 2023:
“We made significant efforts, together with the Bulgarian Stock Exchange (BSE) and the National Corporate Governance Committee (NCGC) to integrate these principles into the new Code of Good Corporate Governance, adopted by the FSC on June 5 this year,” noted Mr. Golemanski, adding that the FSC will persistently work for the voluntary observance of the Code by supervised entities.
“We are convinced that good corporate governance is the foundation for building trust between investors and issuers and for the stable growth of the capital market. We believe that a significant number of issuers will comply with these principles not only because the FSC recommends them, but because they realize their role in creating a sustainable and transparent market,” he added.
Ms. Fianna Jurdant, Senior Policy Analyst at the OECD, also addressed the participants. She presented the updated OECD/G20 Principles of Corporate Governance, adapted to the dynamic economic and regulatory environment and aimed at achieving greater sustainability, accountability, and innovation:
“I would like to emphasize the key importance of the revised G20/OECD Principles of Corporate Governance, which represent a leading international standard in this field and are recognized by over 50 jurisdictions. They not only set standards for good corporate governance, but also provide guidance for building a legal, regulatory, and institutional framework, which fosters market confidence, economic efficiency, and financial stability. They are structured around six main pillars and reflect the evolution of global challenges and new trends – such as sustainability, digital risk management, the role of institutional investors, and the new expectations for boards of directors. The revised principles include specific recommendations related to transparency, accountability, investor protection, better shareholder engagement, and addressing systemic risks, including those stemming from climate change and technological transformation. Their strategic goal is to help companies improve access to capital, strengthen investor trust – including households investing their savings – and ensure the sustainable development of the corporate sector. This is why the OECD and the G20 adopted the new text of the Principles in September 2023 as a key instrument for the stability of financial systems globally.”
In the first panel, “OECD/G20 Principles of Corporate Governance,” moderated by Ms. Natalia Petrova, Chair of the National Corporate Governance Committee, emphasis was placed on the practical application of international principles in the Bulgarian context. Ms. Petya Hantova, Director of the Investment Activity Supervision Directorate at the Financial Supervision Commission, shared with the audience:
“At the core of a company’s success is good corporate governance, which is of paramount importance and just as important as building a good business plan. Corporate governance illustrates the way in which a company is strengthening its position of a self-supervising one, which deserves the capital of its investors and the trust of its shareholders, who provide it loans.”
Ms. Hantova pointed out, that more and more investors are interested not only in the figures, but also in the essence lying behind them, namely how companies implement corporate governance principles in their activities. She focused on the main pillars of corporate governance, which ensure that companies are responsible for their actions, operate openly and transparently, treat all stakeholders and parties fairly, and act responsibly towards society and the environment. In conclusion, Ms. Hantova emphasized that the essence of corporate governance is to protect shareholders’ rights, support the sustainability and vitality of companies, and improve the interaction between employees and the management body, terminating her message with the words “a company without system for corporate governance is like a body without soul and conscience”.
In her presentation, Ms. Natalia Petrova stressed the importance of sustainable development and ESG factors, the role and independence of governing bodies. She emphasized the circumstance, that “corporate governance is made by people” and highlighted in this regard the significance of the collaboration between business representatives, professional associations, and academia.
The discussion featured Mr. Angel Rabadzhiev (Board Member of the Bulgarian Association of Licensed Investment Intermediaries), Ms. Daniela Peeva (Chair of the Investor Relations Directors Association), Mr. Daniel Donchev (Board Member of the Bulgarian Association of Asset Management Companies), Mr. Nikolay Martinov (Independent Director of Shelly Group AD), Ms. Sofia Argirova (Investor Relations Director of Stara Planina Hold AD), and Mr. Stanislav Tanushev (Investor Relations Director of Sirma Holding AD). The focus was on best practices in managing public companies, increasing transparency and accountability, and the role of investor relations directors in building trust.
The panel “ESG and Corporate Governance: The Path to Sustainable Investments” was focused on the integration of ESG (Environmental, Social, and Governance) factors into corporate governance as a tool for long-term value and investor appeal.
Ms. Denitsa Velichkova, Deputy Chair of the FSC and Head of the Investment Activity Supervision Division underlined that ESG and corporate governance are not topics of the future, but of the present being in the middle of the today’s regulations and continuously gaining in importance:
“Until recently, we spoke of corporate governance and ESG observing them as two separate concepts: the first related to internal structure and accountability, while the second making an impact on the environment and society. Now we see that they are two sides of the same coin. Sustainable development is not possible without good governance, and good governance – without a strategic understanding of sustainability. Today’s investor expects not only returns, but also security, transparency, and a long-term vision. That is why the role of the regulator is evolving – to encourage sustainable dialogue, quality non-financial reporting, and the implementation of international standards, in order to make data comparable and reliable. Only in this manner we could build a real foundation for sustainable investments that are not driven by a trend, but by well-conceived strategy. It is important to declare, that ESG is not an ‘add-on’ to the standard business model. It represents a new investment culture that requires a shift in mindset – from minimum requirements to strategic vision. This is precisely where the role of corporate governance lies – to ensure a structure in which sustainability is part of the organization’s DNA.”
Panel participants, moderated by Assoc. Prof. Dr. Manyu Moravenov (CEO of the Bulgarian Stock Exchange AD) included Mr. Daniel Blum (OECD), Ms. Hristina Pendicheva (Ministry of Finance), Mr. Alexander Peev (CSR General Manager, UBB), and Ms. Daniela Sokolova (Telelink Business Services). They discussed the challenges of implementing ESG standards, the need to adapt to European regulations, and the role of sustainable governance in investment decision-making. Mr. Blum noted Bulgaria’s progress and the actions taken since 2023 toward its OECD membership:
“The country is heading in a very good direction and must continue to develop its market while maintaining the attractiveness of reliable companies,” he said. He added that while challenges remain, he is confident in Bulgaria’s success and sustainable development.
Assoc. Prof. Dr. Manyu Moravenov presented the first report by the Centre for Sustainable Finance and Energy (Green Centre), focused on how Bulgarian companies report their sustainability. The report showed that sustainable corporate behaviour is increasingly entering the practices of various sectors of the Bulgarian economy. Large banks show strong ESG policy integration, state enterprises demonstrate high social accountability, and public companies maintain established corporate governance practices.
Special participation in the conference came from Prof. Bistra Boeva – a long-standing expert in corporate governance and member of the National Corporate Governance Committee – who was awarded by Ms. Natalia Petrova, Chair of the NCGC.
The third panel of the event – “Sustainable Development of the Insurance Sector” – was moderated by Mr. Hristo Nikolov, business journalist from Bloomberg TV Bulgaria. Panelists – Ms. Kristina Petkova (Director of the Insurance Supervision Directorate, FSC), Ms. Rositsa Vartonik (consultant at the Association of Bulgarian Insurers), and Mr. Veselin Angelov (managing director at CEO of Allianz Bulgaria and Board Member of ABI) – explored mechanisms to ensure sustainability in the insurance sector in light of corporate governance. Topics included accountability and transparency, the need for effective supervision, as well as increasing the consumer trust and educational insurance culture. Ms. Petkova stated that the FSC would continue to follow EIOPA rules and monitor ESG reporting by companies.
The final panel – “Corporate Engagement and Long-Term Investments in the Pension Sector” also moderated by Mr. Nikolov was focused on the importance of flexible investment strategies aligned with the long-term interests of insured persons. Panelists – Ms. Milena Ivanova (Director of the Regulatory Regimes of the Social Supervision Directorate, FSC), Mr. Nikolay Slavchev (General Methodologist at Pension Assurance Company Allianz Bulgaria AD), and Mr. Miroslav Marinov (Managing Director at Pension Assurance Company Doverie AD) – discussed the opportunities for corporate engagement through sustainable and long-term investments including the role of pension funds in corporate governance and the implementation of the multi-fund model in supplementary pension insurance.
As result of the conference, the FSC reaffirmed its commitment to comply with the best international practices in the corporate governance for building transparent and stable financial markets and creating conditions for sustainable development of the non-banking financial sector in Bulgaria.
FSC imposed a temporary ban on the provision of new and the extension of the term of existing cross-border products and services provided by ZAD DallBogg: Life and Health AD
The company’s activities in Bulgaria are not affected by this measure
On 10 June 2025, the Financial Supervision Commission (FSC), the Bulgarian supervisory authority of the insurance sector, imposed a temporary ban on the provision of new and the extension of the term of existing cross-border products and services of ZAD DallBogg: Life and Health AD (ЗАД „ДаллБогг: Живот и Здраве“ АД) – under the freedom to provide services across the European Economic Area concerning all classes of insurance for an initial period of 3 months as of 1 July 2025.
The insurance business activities of ZAD DallBogg: Life and Health AD will continue as usual in all Member States until 30 June 2025 (incl).
FSC, as the home supervisory authority, is in close contact with ZAD DallBogg: Life and Health AD to ensure effective consumer protection and fair treatment of all policyholders. FSC is also working on defining the conditions that ZAD DallBogg: Life and Health AD would have to meet for therestriction to be lifted. All concerned National Competent Authorities are closely cooperating.
More details will be provided shortly.
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “The Standard Club Ireland DAC” to “NorthStandard EU DAC”
The Financial Supervision Commission (FSC) has been notified by the competent authority of Ireland (CENTRAL BANK OF IRELAND (CBI)) of the merger from the insurance undertaking “The Standard Club Ireland DAC” to “NorthStandard EU DAC”, including insurance contracts on which Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of Ireland on granting consent of the merger of “The Standard Club Ireland DAC” to “NorthStandard EU DAC”
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from “UnipolSai Assicurazioni S.p.A.” to “Unipol Gruppo S.p.A.”
The Financial Supervision Commission (FSC) has been notified by the competent authority of Italy (INSTITUTO PER LA VIGILANZA SULLE ASSICURAZIONI (IVASS)) of the merger from the insurance undertaking “UnipolSai Assicurazioni S.p.A.” to “Unipol Gruppo S.p.A.”, including insurance contracts on which Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of Italy on granting consent of the merger of “UnipolSai Assicurazioni S.p.A.” to “Unipol Gruppo S.p.A.”
After the merger “Unipol Gruppo S.p.A.” will change its name to “Unipol Assicurazioni S.p.A.” and will continue to operate on the territory of the Republic of Bulgaria under the conditions of the freedom to provide services.
List of entities which are not authorized by FSC
You can find the list of the non-licensed Investment intermediaries in the attached file – 21.08.2024
Collaborative training conducted
On the 5th of July 2024, in the premises of the Financial Supervision Commission a joint training addressed to the pension insurance companies was conducted by the FSC and the Financial Intelligence Directorate, State Agency for “National Security”. The training which was attended by total 18 representatives of all pension insurance companies in Bulgaria was focused on topics related to the implementation of the AML/CFT measures stipulated in the Law on Measures Against Money Laundering (LMML), the Law on Measures Against Financing of Terrorism (LMFT) and the acts on their implementation, as follows:
- „New requirements stipulated in the LMML, Rules on implementation of the LMML (RILMML) and LMFT“ and
- „Business-wide ML/TF risk assessment“.
The conducted training aimed to deepen the understanding of the representatives of the pension insurance companies licensed under the terms and conditions of the Social Insurance Code, with the exception of their activity of managing funds for supplementary compulsory pension insurance), for the importance to comply with the requirements of the preventive legislation, their essential role
Fintech trends for 2024 – interview with Boyko Atanasov, Chairman of the Financial Supervision Commission
Which, in your view, are the global trends in 2024 we could expect in the Fintech industry?
Boyko Atanasov: The Fintech industry is in a dynamic evolution state, whereat it incessantly reveals spectrum of innovations in front of us putting into question the established regulations. It is this industry, which namely provokes us to analyze the necessity of introducing progressive solutions accessible to a wider audience. I am deeply convinced that in the transforming financial ecosystem in 2024, services focused on personalized, secure and sustainable financial relationships, reflecting unprecedented technological advancement and consumer-centric innovation, will resonate.
In response to global trends in sustainability and environmental protection, this year we shall witness the rise of green (ESG) fintech trends, which will align financial technology with environmental considerations. Fintech solutions will evolve, so that by emphasizing both the sustainable investments and green financial activities, we will strive towards the goal of reducing the carbon footprint. The approach in question aims to connect technology with sustainability by strengthening the role of the financial sector in promoting practices that positively contribute to the environment and support global sustainability goals.
We are witnessing digitization in all of its aspects, including the use of blockchain and artificial intelligence (AI). In our role as regulator of the non-banking financial sector, it is very important for us to track innovative financing, evaluate new tools and practices, but at the same time protect consumers and act as a guarantor of the stability of the non-banking sector.
The advanced integration of artificial intelligence (AI) and machine learning (ML) will have significant impact on the customer experience, on the more precise detection and mitigation of fraudulent activities, and will optimize risk management strategies as well.
The development of these algorithms will lead to faster and more accurate financial solutions, invented to meet the unique needs and goals of individual users, so that we expect to enhance the level of their satisfaction and to increase their engagement.
The increased need for high cyber security will provide the basis for the protection of user data, tightly integrated in financial platforms. Improved features including advanced biometrics, multi-factor authentication and advanced encryption protocols will become ubiquitous elements of fintech security structure. These improvements will strengthen security barriers, protecting sensitive consumer information against potential threats and breaches, and maintaining integrity and trust in digital financial services.
How has the Financial Supervision Commission ensured adaptation of regulation to accommodate the evolving FinTech landscape in 2024?
Boyko Atanasov: It is important to note that regulatory approaches can vary in all jurisdictions. Specific adaptations will depend on regulations and priorities for each country or region, taking into account both technological progress and innovation as well as the European legislative framework.
FSC finalized the project for “Building a Unified Information System (UES). Since the autumn of 2023, the UES has been functioning successfully, and with its introduction, we report a significant improvement in the process of administrative service to citizens, businesses and supervised entities. All administrative services are fully accessible digitally. In addition to being part of the state administration system, in real time they are integrated with the activities and processes, and an exchange of information with the regulatory authorities of the EU – European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA).
Of particular importance for 2024 will also be the regulations of crypto assets, as the dynamic nature of financial markets accentuates digital financial services, which are an increasingly important part of the European economic environment. Although the FSC has not been unequivocally designated as the national competent authority in this area, our daily work with the European regulators, in the face of ESMA, gives us the reason to be directly involved in this process and to follow the legislative changes, still at an initial level, but with the expectation that they will completely change the financial landscape of Europe. We are monitoring the implementation of the two acts: the European Digital Resilience Act (DORA) and the Markets in Crypto Assets Regulation (MiCA). The DORA Regulation, which entered into force in January 2023, aims to create a regulatory framework for digital operational resilience through which all companies can ensure that they can withstand all types of disruptions and threats related to information and communication technologies (ICT), with the aim of preventing and mitigating cyber threats. On the other hand, MiCA’s goal is to create a regulatory framework for the crypto asset market that supports innovation and harnesses the potential of crypto assets in a way that preserves financial stability and protects investors. EU countries must adopt national laws aligned with the regulation by June 2024, with full implementation starting in stages. DORA and MiCA will support innovation and the deployment of new financial technologies while ensuring an appropriate level of protection for consumers and investors.
Are there specific regulatory challenges or opportunities that the Bulgarian FinTech business may face in the current and the following years?
Boyko Atanasov: It is important for the Bulgarian FinTech business to keep up with the evolving regulatory environment, to engage in constant dialogue with the relevant industry associations and to seek legal advice in order to navigate the specific challenges and opportunities in the country. Some common challenges and opportunities for FinTech businesses in Bulgaria are the regulatory framework, licensing and authorization, data protection and privacy, risk management and cyber security.
As for the opportunities, they are: digital transformation, financial inclusion, cooperation with traditional institutions, government support and initiatives, and cross-border expansion.
How does the Financial Supervision Commission promote cooperation between traditional financial institutions and FinTech startups, especially in the non-banking sector?
Boyko Atanasov: The Financial Supervision Commission always proactively participates in cooperation programs and initiatives, provides regulatory guidance and support. Showing regulatory flexibility and sharing information is paying off. I believe that our continued partnership with the Bulgarian FinTech Association will contribute to promoting the creation of innovation centers and incubators.
The role of the FSC is to provoke the achievement of synchrony between the regulatory requirements and their implementation in a digital environment, with the ultimate goal being to reduce the administrative burden.
Part of the concrete results is the functioning Innovative Hub, providing a single point of contact with FinTech companies and the changed regulations for accessibility to the capital markets of small and medium-sized enterprises, the successfully functioning UES and the mobile application – FSC Mobile, the purpose of which is to help users and supervised entities, through the use of the most popular operating systems – Android and iOS.
The Financial Supervision Commission will continue to actively work and be in dialogue with the non-banking financial sector participants, as the result of the partnership between the national regulator and the business is the maintenance of a sustainable and innovation-friendly business environment.
Portfolio transfer from Codan Forsikring A/S to Alm. Brand Forsikring A/S
The Financial Supervision Commission has sent notification about its consent for the portfolio transfer from Codan Forsikring A/S to Alm. Brand Forsikring A/S
The Financial Supervision Commission (FSC) has been notified by the competent authority of the Kingdom of Denmark (Danish Financial Supervisory Authority) of the forthcoming portfolio transfer from the insurance undertaking Codan Forsikring A/S to Alm. Brand Forsikring A/S, including insurance contracts on which the Republic of Bulgaria is a Member State where the risk is located. After reviewing the portfolio documents, the FSC decided to send a letter to the national competent authority of the Kingdom of Denmark on granting consent for the transfer of the insurance portfolio from Codan Forsikring A/S to Alm. Brand Forsikring A/S.
Аn interview with the FSC chair Mr. Boyko Atanasov published in the “Banker” newspaper
The Financial Supervision Commission is a firm, unbiased and independent regulatory body
Mr. Boyko Atanasov has a master’s degree in “Planning and prognosis of the economic systems” awarded by the University of National and World Economy, as well as a rash of specializations in the economic sphere made both in Bulgaria and abroad. Owing to his over twenty years of experience gained in the National Revenue Agency, which is a specialized state body under the Ministry of Finance, Mr. Atanasov is one of the top experts in the taxation area. After having occupied various expert and management positions in the income tax administration he was nominated for and acted as managing director of the National Revenue Agency over a four-year period.
The professional career of Mr. Boyko Atanasov passed through the post of deputy minister in the Ministry of Finance responsible in charge of the department of state taxes and customs. In 2017 he has been designated Vice-Chair of the Financial Supervision Commission responsible for the “Investment Activity Supervision” Department, and in 2019 the Bulgarian National Assembly entrusted him with the position of Chair of the Financial Supervision Commission.
Mr. Atanasov, when we roll the film tape back, how and why did you make you decision to focus on the economy, in particular on the income tax administration?
In my view, the economy is one of the most promising professions, and at the same time, it is an occupation, which provides many opportunities for personal development. I feel confident in the economy because I am talented in mathematics, reasoning, detecting causalities and making analysis. All of them are at the basis of the economic processes. As regards the income tax administration, my decision was well-pondered. After graduating the University of National and World Economy, I seized the opportunity to candidate for a job position together with other candidates, taking into account that such a huge institution provided good prospects for development. From my point of view, it was a professional choice for a forthcoming quarter of the century.
Which are the most difficult and the most exciting challenges, which you have ever bumped into during your career?
At the beginning of my 20-year career as income tax administration officer, I first started from the lowest degree acting as tax inspector. Afterwards, I gradually passed through over eight positions of the hierarchy for a sixteen-year period, until I was appointed managing director for the period 2013–2017 having at command more than eight thousand officers, who were responsible for the taxes and social insurances administering in Bulgaria. I gained invaluable experience, which allowed me to recognize in detail all activities performed by the tax administration, such as serving citizens, collecting revenues and exercising control. The knowledge of these processes predetermined my perception of the things functioning or not, thus which of them had to be improved. I was convinced that there was a necessity of change, so it pertained to my career path and responsibility.
Actually, my greatest challenge consisted in the resistance on the part of the system to the integration of the new ideas, which meant that the officers had to leave their comfort zone. Day after day, month after month, I pursued my goal to persuade, to provoke, to find the right people who act as process engine, so that we make the change together.
There were three main challenges, which my team and I met, but I think that we successfully overcame them. The first of them concerned the digitalization process. In 2016, the National Revenue Agency became a body offering the highest percentage of electronic services in Bulgaria.
The second one of them concerned control functions, insofar at that time we built the information control system up, through which revisions are random distributed and assigned to the respective officers. We minimized in this manner the opportunities for corrupt practices and boost the confidence in the authority.
In the third place, we improved the main activity of the income tax administration, which is focused on collecting taxes and social insurances. We enhanced the collectability through provoking consciousness of the National Revenue Agency clients suggesting them that it pertains to their responsibility, so in 2016 we achieved over 85% voluntary payments of declared liabilities. It was for me an actual change in the way of thinking of our society, to which we came up after several years of collection and sustainability of best practices.
THE CONFIDENCE AND PERSONAL OBLIGATION TO CONTRIBUTE TO THE SOCIETY ARE OF MAIN IMPORTANCE
How did you succeed to convert the National Revenue Agency into a functioning body, which effectively collects its revenues and offers up-to-date electronic services to consumers and business?
A new manager usually pays attention to transformation. I always focused upon the sustainability of processes, which had become already effective. I was acquainted with them because I knew the way each of them had been functioning in the structure of the National Revenue Agency.
The second aspect of my conception scheduled an analysis and integration of the worldwide best practices. In a four-year period, we invited strategic directors and officers of the most effective revenue administrations worldwide, such as the English, the Dutch and the Swiss one, to take part in several practical workshops. We were taught by them how plans should be effectively carried out, so that it aided the National Revenue Agency in rebuilding a more effective organization.
The third aspect of my conception concerned the leadership skills among the managers in the National Revenue Agency. Over a several year period, our leading managers had been attending individual coaching meetings, after which they became single staff instructors. I believe that this circumstance predominantly contributed to the change of handling and the behavior toward citizens. The Agency activities became visible through the quotidian and clear communication with people, so that we succeeded in reducing the administrative burden for the business. In my opinion, the slogan of the National Revenue Agency “Responsible today, safe tomorrow” symbolizes until nowadays the positive outcomes, teamwork and transparency in the Agency activity. In my view, the most significant event was the joint survey conducted in 2016 by both the Bulgarian Industrial Association and Gallup International Center for Public and Political Studies, which highlighted the National Revenue Agency as the leading Bulgarian authority enjoying the highest degree of citizens’ trust, namely over 50%.
Which leadership skills are necessary to become a top-level manager and to lead great teams?
In my opinion, each leader should be able to take on responsibility, to create a personal vision on development, in order to evaluate and integrate best practices after having analyzed and examined their impact on every single element of the system. However, mostly he/she should be able to communicate with his/her staff, with citizens, with clients and with each service consumer who raises a question or makes a good proposal. My main values consist of confidence and personal engagement to contribute to the development of the society. If you provide your confidence, you will enjoy the trust of the others. Thus, teach your officers so well, that they always have the option to leave and go on, but let your behavior toward them be so good, that they never make use of this option. Being executive manager or commission’s chair means to have a vocation for serving, contributing to a cause and developing it further.
“To stimulate creativity means to provoke the cogitation of your team because it is source of business ideas.”
What did you succeed to change and to improve in the activity of the FSC?
In reference to the digitalization, we developed and stand at the beginning of the exploitation process of the Unified Information System. It serves both the Commission and the supervised persons. The whole communication process will be carried out via electronic means, inclusively that with other bodies. It concerned an obligation of mine whose performance marked one more step, which we made to an improved operative communication between the authorities and the supervised persons. In consequence of this, the FSC is going to provide prompt and quality services when performing its regulatory activity and will secure transparency, as well. In this regard, we introduced a mobile application and a new website, which we shall further develop.
We established the FSC as a firm, unbiased and independent regulatory body whose positions in the society are well-founded, especially as regards the activity areas of its three divisions, each of them responsible for respective area in the non-banking financial sector. We also improved our external communication, so that currently we provide accurate information in due time, since we have to be an accessible authority, which is capable of conducting dialogue in order to be adequate and business-oriented. We brought into action new effective measures and mechanisms for establishing a foreseeable regulatory activity and preventive control. Furthermore, we strengthened the risk-based supervision, as well as the coordinated supervision, in case where other bodies take part in its performance. We also succeeded in achieving the point at which Bulgarian insurers maintain adequate level of their reserves, whereat they fulfil the requirements on insolvency set in the Insurance Code. We control pension funds’ investment portfolios in a manner allowing their proper structuring and strong diversification. At the time, they have adequate reserves at their disposal, which ensure them payout of lifetime pensions. I believe that FSC maintains an extremely adequate position in reference to crisis cases and acts in best coordination with the international bodies.
In your opinion, which role in the future will play new technologies in the financial markets development?
The technologies function as both catalyst and momentum, as regards the financial industry design. They change financial markets, while the artificial intelligence and the development of IT environment assume more and more significant role in the trading algorithms and the risk management. In the financial area, they signify our contemporary and future status. Thus, I would like to point out our main task. Technologies will continue to develop at extremely spanking pace, therefore the financial services industry is in charge of balancing between innovations, consumer security and stable supervision, which is necessary to protect market integrity. Therein lies the most important role played by the Financial Supervision Commission – guaranteeing stability and safety and supporting business development and consumer services.
“THE POWER IS A TOOL FOR STATE AND INSTITUTIONS DEVELOPMENT. IT IS MOTIVATION TO ACHIEVE RESULTS, BUT NOT AN END IN ITSELF”
Mr. Atanasov, as regards both your personality and profession, do you have a role model which you are following, i.e. is there any person you were taught by, or whose achievements you had been admiring?
Sure. I was taught by my parents. The parental pattern serves as a signpost on our way, which we have to consider. I also learn from people which I have chosen to share my life with, namely from my family and my friends. It is sensible when you can everyday learn something new and upgrade, instead of making for yourself idols!
How do you take a rest after the strained daily routine? Do you practice any sports? Do you have any hobbies?
The more dynamic the day, the calmer should be the time we dedicate to ourselves. In my view, the time out of the office should be spent for rest and recreation, walks in the nature, good food tasting, meeting friends etc. Nowadays, more than ever, we could combine many pleasant occupations like recreation through watching a nice movie, a walk with an audio book, going on a journey, spending time with friends etc. I do adore the communication with my children. They are curious and cosmopolitan, pose many questions and so you see how they upgrade their knowledge.
Which are your favorite destinations for spending pleasant holidays or for a weekend trip?
In my opinion, trips give you the opportunity to discover new horizons, to get away from your daily routine, to focus on the bigger picture, and sometimes to think about issues, which I never succeed to enclose in my structured timetable. The place which usually boosts my energy, especially in winter, are the Rhodope mountains. The village of Gela is a marvelous start point for walks or for more ambitious mountain hikes. In the summer time, it is turn of other two mountains – Strandzha and Sakar where I usually spend at least a weekend in each of them. I like to travel about Bulgaria and Greece. We have marvelous mountains and gorgeous beaches. Our most important mission of parents is to reveal the beauty of Bulgaria to our children, so that they grow up cultivating their love for the homeland.
Would you tell us anything more about your family! How do you intend to spend Christmas and New Year holidays?
I have a great and warm-hearted family. As you know, holidays are the time for family traditions and much calmness in your home’s ambience. My parents are wonderful persons, my children are curious, so the time spent with them is invaluable. I believe that the forthcoming holidays will be time for tranquility, shared emotions and repose.
What would you wish for yourself and all Bulgarians for the upcoming New Year 2024?
I wish for ourselves to believe more strongly that tomorrow Bulgaria will become a better place to live in. Moreover, to be responsible today, to build up, to create, to support new ideas, to provoke peoples’ development, as well as the one of the business and the state. But first of all, I wish for myself to give more opportunities to people who need them, so that more innovative ideas, new trends and life security in Bulgaria come into being.