Regarding an inquiry by Nova TV in the case “9-year-old girl must repay a loan inherited from her deceased mother”, so far the Financial Supervision Commission has not received a complaint from the heirs of the deceased. In view of the specifics of the case and in order to respond to public concerns, the Chairman of the Financial Supervision Commission initiated investigation at the Commission’s own initiative, ensuring that it would take all necessary measures within its legal powers to conduct a detailed and urgent inspection on the case.
FSC participated in a conference on “Bulgaria on the European Fintech Map” to present the Annual Report of the Bulgarian Fintech Association
On 23 November 2021 a conference entitled “Bulgaria on the European Fintech Map” was held to present the Annual Report of the Bulgarian Fintech Association for 2021. The event was dedicated to investments in the sector and the place of our country in Europe and the world.
Fintech regulations in the non-banking financial sector were presented by Ms. Neda Muzho – Head of Supervision of Public Companies, Issuers of Securities and SPVs, who took part in the conference.
She noted that the last year, marked by the Covid-19 pandemic, not only changed our understanding of reality, but imposed new rules and gave a strong impetus to the digital transformation in the non-banking financial sector.
Ms. Muzho outlined the key topics in the fintech sector for the period 2021-2025, namely: creating “strategic autonomy”, ensuring a level playing field, strengthening EU oversight, competition and the clash of digital policies.
She also drew attention to the strategic goals set for the new business model:
Financial literacy;
Dialogue within the framework of creating an ecosystem of connections within 2020-2030. on “Fintech and establishing conditions for stimulating sustainable business models through smart regulations”;
Development of cybersecurity.
Ms. Muzho ended her address with the words: “We are here together at this conference with responsibility, because we are building a new pillar that is very important and necessary for sustainable development, and this is perhaps the most important role of the Financial Supervision Commission, offering financial stability in the long run.”
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.
FSC expects applications for licensing of Crypto Companies by 16 February
The Financial Supervision Commission (FSC) expects companies registered as Virtual Asset Service Providers (VASPs) that wish to obtain authorisation under the Markets in Crypto-Assets Regulation (MiCA) to submit their applications by 16 February 2026. The transitional period outlined in § 3(1) of the Transitional and Final Provisions of the Crypto-Asset Markets Act will conclude on 1 July 2026. The review of submitted documentation is estimated to take between four to five months. Any suspension of the statutory deadlines, or their resumption at the request of, or as a result of actions by, the applicant will substantially prolong the procedure and will make it impossible for the FSC to issue a decision before 1 July 2026.
This is stated in a letter sent by the FSC to the companies entered in the crypto-assets register, so called VASPs.
To date, the FSC has held more than 30 meetings with companies that have expressed an intention to apply for authorisation. The Commission’s experts have provided clarifications on the regulatory requirements and expectations regarding the preparation of the documentation to all interested parties.
After 16 February 2026, preliminary meetings with new companies will be discontinued, and the Commission’s efforts will be focused on the review of applications already submitted. Meetings will be held only exceptionally with companies that have already undergone a preliminary assessment, and solely for the purpose of clarifying additional issues.
Companies that plan to discontinue their crypto-asset activities by 1 July 2026 will be required to submit to the FSC, by 1 March 2026 at the latest, a plan for the orderly and transparent wind-down of their activities, including the arrangements for settling relations with clients. Entities that do not carry out any activity are able to apply for deregistration from the register under § 5(3) of the Transitional and Final Provisions of the Crypto-Asset Markets Act, in accordance with the procedure laid down in § 6 of the same Act.
Additional information, including a “Frequently Asked Questions on Crypto-Assets” section is available in the “Crypto-assets” section of the FSC’s website.
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.
FSC and FID SANS carried out jointly training regarding the update of the NRA of the Republic of Bulgaria
In June 22nd, 2023 the Financial Supervision Commission and the Financial Intelligence Directorate – SANS conducted a training focused on topics related to the implementation of the AML/CFT measures provided for in the Law on Measures Against Money Laundering, the Law on the Measures Against the Financing of Terrorism and the acts on their implementation, organized by the Association of the Insurance Brokers in Bulgaria for its members. The event was attended by 30 representatives of members of the Association of the Insurance Brokers in Bulgaria.
In the course of the meeting were discussed the following topics:
- update of the NRA of the Republic of Bulgaria, adopted in 2023;
- CDD measures.
The conducted training aimed to deepen the understanding of the representatives of the insurance intermediaries which have obtained a licence under the terms and according to the procedure established by the Insurance Code, where carrying on one or more of the classes of insurance referred to in Section I of Annex No. 1 to the Insurance Code, of the importance to comply with 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 activities.
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.
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.
Final results of the supplementary pension insurance activity for 2020
The Social Insurance Supervision Department of the FSC announced the final results of the supplementary pension insurance activity for 2020. The information was summarized on the basis of the audited annual financial statements and the annual statements for supervision purposes for 2020, submitted by the pension insurance companies to the Financial Supervision Commission. The data on distribution of insured persons by sex and age as of 31.12.2020 have also been published.
The total number of insured persons in the four types of pension funds as of 31.12.2020 is 4,819,139 people, increasing compared to 31.12.2019 by 1.18 per cent.
In the system of the supplementary pension insurance as of 31.12.2020, BGN 17,294,294 thousand of net assets have been accumulated. Compared to the end of 2019, the net assets of pension funds increased by 10.67 percent.
The total revenues of the pension insurance companies for 2020 amount to BGN 217,338 thousand and increased by 9.02 per cent compared to the reported revenues for 2019. The net financial result of the companies as of 31.12.2020 amounts to BGN 55,955 thousand
Detailed information on the final results of the supplementary pension insurance activity for 2020 and on the insured persons and the accumulated funds as of 31.12.2020 by sex and age are available in the section: Social Insurance Activity/ Statistics / Statistics and analysis / 2020.
ESMA statement on investment recommendations through social media
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.