For the period 01.04.2021 – 30.04.2021 the FSC has not received any notifications from competent national authorities of EU Member States regarding the intention of insurer companies based in their territory to operate on the territory of the Republic of Bulgaria under the terms of the freedom to provide services or right of establishment (through a branch). For the same period the FSC received 1 (one) notification regarding the withdrawal of intention of an insurer based in its territory to operate on the territory of the Republic of Bulgaria under the terms of the freedom to provide services.

During the period, the FSC received notifications from the competent EU supervisory authorities regarding the intention of 23 (twenty-three) insurance intermediaries based in EU Member States to carry out insurance intermediation activities on the territory of the Republic of Bulgaria under the terms of freedom to provide services, as well as 3 (three) notifications for termination of the activity of insurance mediation on the territory of the Republic of Bulgaria under the terms of the freedom to provide services.

As of 30.04.2021, the number of insurers based in other EU Member States which have notified the FSC of their intention to operate on the territory of the Republic of Bulgaria amounts to 427 (four hundred and twenty-seven). At the same date, the insurance intermediaries which intend to carry out insurance intermediation activities on the territory of the Republic of Bulgaria are 2,271 (two thousand two hundred and seventy-one).

During the period, the FSC sent 1 (one) notification to the competent supervisory authorities of an EU Member State regarding the intention of an insurer based in the Republic of Bulgaria to operate on their territory under the terms of freedom to provide services and 1 (one) notification of withdrawal of the intention of an insurer based in the Republic of Bulgaria to carry out insurance activity on the territory of another Member State.

As of the end of April, the total number of insurance companies based in the Republic of Bulgaria which have stated their intention to carry out insurance activities on the territory of other EU Member States under the terms of freedom to provide services, remains 18.

For the period 01.04.2021 – 30.04.2021 the FSC has sent 1 (one) notification to the competent national authority of an EU Member State regarding the intention of an insurance broker based in its territory to carry out insurance intermediation under the terms of the freedom to provide services. As of 30.04.2021, the total number of insurance intermediaries based in the Republic of Bulgaria which have declared their intention to carry out insurance intermediation activities on the territory of EU Member States, remains 52.

The updated lists of notifications are available on the FSC website in the section “Supervised entities” – “Notifications”.

The Financial Supervision Commission (FSC) performs regular ongoing inspections of the received financial and reporting information by all public companies whose securities are admitted to trading on a regulated market, including Gradus AD. For the period during which the company is public from 2018 to date, no violations of the legislation relating to the activities of public companies have been identified. Until the acquisition of public status, the activity performed by Gradus AD and its subsidiaries is not subject to supervision by the FSC.

From August 2018 to the end of April 2021 the total traded volume of shares in the company’s capital is 10,147,628.00 shares, lowest price of BGN 1.35 and highest price of BGN 1.85 The book value of one share of Gradus AD as of 31 March 2021 is BGN 1.30. The price of one share of the same company at the closing of the market on 05.05.2021 is BGN 1.56, and as of – 07.05.2021 – about BGN 1.45, i.e. there is a decrease of 6.4%. The above does not give grounds for suspicion of fraud or irregularities in the sale of shares of the company on the Bulgarian Stock Exchange AD.

During the period in which Gradus AD was a public company, the FSC did not receive any complaints or signals from persons who had invested in the company’s securities.

The shares of Gradus AD have been traded on the Bulgarian Stock Exchange AD since mid-2018, and in compliance with the regulatory requirements they have been admitted to trading on the regulated market on the basis of a prospectus approved by the Financial Supervision Commission. The Prospectus has been prepared for public offering of an issue of shares in the amount of up to 55,555,556 ordinary, registered, dematerialized, freely transferable shares with a nominal value of BGN 1 each. The offer covers up to 27,777,778 new shares offered for subscription with the capital increase of Gradus AD (new shares) and up to 27,777,778 existing shares (existing shares). In addition, the supply manager has the right to distribute an additional 6,638,888 shares (over allotted shares). It is envisaged that the final issue value of the shares will be determined at an auction in the price range of a minimum amount of BGN 1.80 and a maximum amount of BGN 2.35 per share.

In each procedure for confirmation of a prospectus for public offering of securities, the FSC is guided by the main objectives of financial supervision, namely:

 ensuring protection of investors in securities, including by ensuring conditions for raising their awareness of the capital market

 ensuring conditions for the development of a fair, open and efficient capital market and

 maintaining stability and public confidence in it.

When confirming a prospectus for public offering of securities, the FSC should establish its compliance with the requirements of the Public Offering of Securities Act (POSA), its implementing regulations and directly applicable European legislation, as well as ensure the disclosure prospectus of the entire required information for making an informed investment decision. In the procedure for confirming a prospectus, the provision of complete and accurate information should be established, which is necessary according to the specific features of the issuer and the securities offered to the public for investors to accurately assess economic and financial condition, assets and liabilities, financial results, prospects for development of the issuer, as well as the rights related to the securities. The scope of the necessary information to be disclosed in the prospectus is defined in the directly applicable European legislation, and according to the national legislation in the process of approving the prospectus includes both checking the availability of the required information and assessing the accuracy and completeness of the statement. in the prospectus information.

In reviewing the content of the prospectus, the FSC is guided by the above objectives of its financial supervision, and not by the specific characteristics of an issuer or the specifics of its activities.

The application for confirmation of a prospectus for an initial public offering of shares issued by Gradus AD was submitted to the FSC in April 2018, and at its meeting the FSC reviewed the submitted prospectus and decided to require the applicant to remedy some deficiencies and inconsistencies in the content of the prospectus within one month.

The FSC requested the adjustment and supplementation of the prospectus in order to ensure maximum disclosure of data on the financial position of the issuer and its group and the risks associated with its activities in order to enable investors to have the necessary information before deciding whether to invest in the proposed securities. In order to enable potential investors to make an informed and motivated investment decision and as far as the minimum issue value of BGN 1.80 and the maximum price of new shares of BGN 2.35 are higher than the book value of one share before the capital increase, the FSC requested to provide a detailed justification of the price range for determining the issue value of the shares.

As a result of the FSC’s request, the prospectus states that the minimum and maximum emission values are determined on the basis of a comprehensive analysis, including financial indicators, expected development of the group, risk factors, global and regional macroeconomic development, etc., as well as the desire of the issuer Gradus AD to achieve a diversified investor base. It is specified that the performed financial analysis includes generally accepted methods, including the method of market multiples of analogue companies, the method of discounted cash flows, the method of discounted dividends. Information was presented that the market multiple method identified a group of 15 companies operating within Europe, emerging markets and globally, which are focused on the main business of the group, namely the production of chicken and meat products. For this group the P/E (price per share to earnings per share), EV/EBITDA (value of the company to earnings before interest, taxes and depreciation) and P/B (market capitalization to equity) indicators were calculated. The median values of these indicators are stated to be 10.36 for P/E, 8.20 for EV/EBITDA and 1.77 for P /B. It is stated that the determination of the minimum issue value is based on the weighted average share value of BGN 1.88, received on these three indicators, and this price is further consistent with the issuer’s desire to achieve a broad investor base. It is indicated that the above supply interval is consistent with the triple appraisal expertise for valuation of the non-monetary contribution of the subsidiaries in the capital of Gradus AD, according to which the maximum appraisal of in-kind contributions amounts to BGN 544 million or BGN 2.46 per share, as again the maximum issue value is in accordance with the wishes of the issuer Gradus AD and the market conditions.

The Financial Supervision Commission is not and could not be a party to the public offering, nor is it able to independently determine or confirm the issue value of the shares determined by the issuer. The directly applicable European legislation requires the prospectus to disclose the price at which the securities will be offered, or, if the price has not been determined in advance, the method for determining the offer price. The applicable legislation does not require the regulatory body to determine the issue value of securities, which is within the sole discretion of their issuer. A number of factors are important in determining the issue value of a share in a public offering, including, but not limited to, historical financial information and the current financial position of the company. That is why the turnover realized by the company does not have a direct impact on the issue price of one share of the company. In the specific case, the determined price range of the offer is a result of an assessment of the company by the market multiples approach of analogous companies, the method of discounted cash flows and the method of discounted dividends. The price range is in accordance with the performed triple appraisal expertise for appraisal of the non-monetary contribution of the subsidiaries in the capital of Gradus AD. This valuation was prepared by three independent appraisers appointed by the Registry Agency, it is final and the responsibility for its preparation lies with the appraisers who prepared it. In the exercise of its powers, the Financial Supervision Commission has requested detailed information on how the specified price range is formed and has provided disclosure of this information in the prospectus.

Gradus AD was established on 28.11.2017 and owns and manages the following subsidiaries, forming the Gradus economic group: Millennium 2000 EOOD; Lora-2004 EOOD; Gradus-1 EOOD; Zhuliv EOOD; Gradus-98 AD and Gradus-3 AD. Until the acquisition of public status, the activity performed by the Gradus economic group companies is not subject to supervision by the FSC.

The prospectus presents financial information for supervisory purposes, which is prepared in order to show what would be the financial result of Gradus AD if the company was established on 01.01.2017 and held the same number of shares / units of Gradus -1 EOOD, Gradus-3 AD, Millennium 2000 EOOD, Gradus-98 AD, Zhuliv EOOD and Lora-2004 EOOD, as it holds as of 31.12.2017. When compiling the unaudited financial information for supervisory purposes, the audited consolidated annual financial statements of Gradus AD and the audited annual financial statements as of 31.12. 2017 of Gradus -1 EOOD, Gradus-3 AD, Millennium 2000 EOOD, Gradus-98 AD, Juliv EOOD and Lora-2004 EOOD were used, as all listed annual financial statements have been prepared in accordance with International Financial Reporting Standards. The FSC also received the audited financial statements of the subsidiaries of Gradus AD for the three-year period of historical financial information.

The financial information for supervisory purposes has been prepared in accordance with the accounting policies adopted by the issuer Gradus AD in the audited annual consolidated financial statements for the period ended 31 December 2017.

The content of the prospectus for public offering of shares of Gradus AD includes a report dated 30.03.2018 on the assurance of the independent auditor on the compilation of financial information for supervisory purposes, included in the prospectus prepared by Krasimira Radeva, registered auditor and manager of Baker Tilly Klitou and Partners OOD, which contains a statement that:

 (a) the unaudited financial information for supervisory purposes has been compiled, in all material respects, according to the applicable criteria described in the accompanying explanatory notes; and

(b) the basis for preparing the unaudited financial information for supervisory purposes is in accordance with the company’s accounting policies.

In the proceedings for confirmation of the prospectus for public offering of shares of Gradus AD, the FSC has established compliance of the prepared prospectus with the requirements of the POSA, the bylaws on its implementation and the current Regulation EC No. 809/2004, as well as disclosure in the prospectus of all the information required under the current Regulation No. EC № 809/2004, which is a prerequisite for making an informed investment decision.

By Decision No. 542-E of 28.05.2018, the FSC approved the prospectus for public offering of an issue of up to 55,555,556 (fifty-five million five hundred and fifty-five thousand five hundred and fifty-six) ordinary, dematerialized, registered, freely transferable shares with a nominal value of BGN 1 each, of which up to 27,777,778 (twenty-seven million seven hundred seventy-seven thousand seven hundred seventy-eight) new shares to be issued as a result of capital increase of Gradus AD, Stara Zagora and up to 27,777,778 (twenty-seven million seven hundred and seventy-seven thousand seven hundred and seventy-eight) existing shares, with an issue value determined in the price range of BGN 1.80. (minimum issue value) up to BGN 2.35 (maximum issue value) and with ISIN code BG1100002184, as well as for public offering of up to 6,638,888 over allotted shares of the capital of Gradus AD, according to decisions of 29.12.2017 and 26.03.2018 of the General Meeting of the shareholders of Gradus AD and a decision of 30.01.2018 of the Board of Directors of the company.

Gradus AD has conducted a marketing campaign, including an investment presentation, a TV commercial, as well as Internet advertising aimed at potential investors. As a result of the marketing campaign, the information about the public offering reaches a wide range of investors, each of whom makes an independent choice whether to invest or not. The initial public offering of up to 55,555,556 shares of Gradus AD ended successfully on 19.06.2018, with 22,608,710 new shares subscribed and paid. as well as 22,608,710 existing shares, with an issue value of BGN 1.80 each. The public offering took place on the Bulgarian Stock Exchange AD, Segment for initial public offering, through the mechanism Initial Public Offering Auction (“IPO Auction”). All investors who subscribed for shares in the auction for public offering of shares of Gradus AD have participated under equal conditions in the offering within the set deadlines and the pre-announced price range. The final issue value of the shares in the amount of BGN 1.80 per share determined as a result of the auction is the same for both individual investors and institutional investors.

On 25.06.2018, BGN 81,391,356 were received to the accumulation account of Gradus AD, representing: BGN 40,695,678 as funds from the initial public offering of shares from the increase of the company’s capital and BGN 40,695,678 funds from the initial public offering of existing shares of the company.

The registered capital of Gradus AD, Stara Zagora at the time of issuing the confirmation of the prospectus for initial public offering of shares from capital increase amounts to BGN 221,000,000, divided into 221,000,000 ordinary, registered, dematerialized, freely transferable voting shares and with a nominal value of BGN 1.00 each, as a result of the issuance of 22,608,710 new shares of the same class, with a nominal value of BGN 1.00 each, under the conditions of initial public offering, the company’s capital has been increased to BGN 243,608,710, divided into 243,608,710. ordinary, registered, dematerialized, freely transferable voting shares with a nominal value of BGN 1.00 / share. The capital increase was entered in the commercial register on 17.07.2018, in view of which, pursuant to Art. 110, para. 3, first sentence in connection with para. 1, item 1 of the POSA, Gradus AD, Stara Zagora became a public company.

As can be seen from the Share Registration Act issued by Central Depository AD, the proposed 45,217,420 shares (including newly issued and existing shares) have been subscribed by 1,135 persons (81 legal entities, including mutual funds and pension funds, as well as by 1,054 individuals).

During the initial public offering of shares of Gradus AD no violations were found, as all applicable to the date of its implementation requirements of applicable law were met. The information disclosed in the prospectus for initial public offering of shares issued by Gradus AD is in full compliance with the requirements of the applicable legislation, as the prospectus indicates the persons responsible for the completeness and accuracy of the data presented in the prospectus.

The Financial Supervision Commission acted on its own initiative and assigned an inspection of the activity of the public company Gradus AD regarding the observance of the applicable special legislation from the moment of acquiring the status of a public company. In case the FSC receives additional information, data and / or documents relevant to the inspection, they will be analysed and the results of the analysis will be included in the inspection.

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.

Regarding a received signal and in order to inform investors in financial instruments and all other participants in the capital markets, the Financial Supervision Commission informs the public that investment firm VARCHEV FINANCE EOOD, the related legal entities and the website used by the investment firm https://www.varchev.com/, on the one hand, and the persons providing loans under the name “Vranchev Finance” and using the website https://vranchev-finans.com, on the other hand, have no connection whatsoever.

 Vranchev Finance does not have a license from the FSC to provide investment services and perform investment activities within the meaning of Art. 6, para. 2 and 3 of the Markets in Financial Instruments Act, nor did the FSC receive notifications for Vranchev Finance or the website https://vranchev-finans.com from another national competent authority of a Member State for the provision of services in the Republic of Bulgaria under the freedom to provide services within the European Union or by establishing a branch. Therefore, according to Art. 7, para. 1 of the MFIA, Vranchev Finance has no right to provide investment services and / or perform investment activities within the meaning of Art. 6, para. 2 and 3 of the MFIA on the territory of the Republic of Bulgaria and the European Union, including to accept funds in its bank accounts on the occasion and / or for the purpose of any investment activity.

 Licensed companies can be verified on the FSC webpage – http://www.fsc.bg/ and / or on the webpages of the competent authorities of the European Union, as well as on the website of the European Securities and Markets Authority (ESMA) – https://www.esma.europa.eu/.

The Financial Supervision Commission (FSC) presented publicly the project:

“Establishment of a Single Information System (UIS) for the Financial Supervision Commission”.

The project is implemented under administrative contract No. BG05SFOP001-1.011-0001-C01 / 23.07.2020 for the provision of grants under the Operational Program “Good Governance” (OPGG), co-financed by the European Union through the European Social Fund under the procedure BG05SFOP001-1.011 by directly providing a grant concluded between the OPGG Managing Authority and the Financial Supervision Commission.

The UIS was presented by Ms. Denitsa Kirova – Secretary General of the FSC and contracting authority of the project, who shared with the participants that “It is a priority for the Commission to reduce administrative burden by fully digitalizing the administrative services it offers. One of our key goals is to provide timely, good and transparent supervision activities. We live in two working worlds – real and virtual. We are aware of the need to be fully present where business and consumers are. I believe that building a unified information system will allow us to meet this need, and we will have the opportunity not only to improve the process of administrative services to citizens and businesses, but also to integrate the activities and processes of the FSC with the systems of European supervisors.

The main goals of the project “Establishment of a Single Information System (UIS) for the Financial Supervision Commission are:

Improving the process of administrative services to citizens and businesses by upgrading all administrative services that the FSC offers and are part of the state administration system (IISSA or Administrative Register).

Redesign, upgrade and improvement of at least 18 public registers of the FSC, through which information is provided to citizens and businesses.

Integration with the relevant horizontal components of e-government in the Republic of Bulgaria, as well as with the Single Portal for access to e-services.

Real-time integration of information exchange with EU regulators – the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) .

Improving the mechanism for risk-based supervision applied by the FSC.

Refining and development of automation of the process of determining fees due by businesses and citizens.

Organizing and conducting trainings with the widest range of users, both by system administrators and end users.

The project will contribute to achieving the main objectives arising from the Updated e-Government Strategy in the Republic of Bulgaria for the period 2019 – 2023. It will finance activities necessary for the implementation of one of the priority measures in the Updated Roadmap for the implementation of the Updated Strategy for the development of e-government in the Republic of Bulgaria for the period 2019-2023, namely: design, development, implementation and maintenance of the Unified Information System of the Financial Supervision Commission.

The total value of the project is BGN 4,999,980.50. (four million nine hundred ninety-nine thousand nine hundred and eighty BGN and fifty stotinki), of which BGN 4,249,983.42 are European and BGN 749,997.08 are national co-financing.

The deadline for the establishment of the Unified Information System for the needs of the Financial Supervision Commission is set for the autumn of 2023.

The event itself took place online through the MS Teams platform, which was introduced as part of the Commission’s telecommuting measures at the beginning of last year’s epidemic.

The European Insurance and Occupational Pensions Authority (EIOPA) is conducting a survey on the attitudes of potential European suppliers towards the supply of savings products. The aim is to collect the maximum amount of data and information available on the Pan-European Personal Pension Product (PEPP).

Regulation (EU) 2019/1238 on a pan-European personal pension product (PERP Regulation) was adopted in July 2019 and has been effective since August 2020. The publication in the Official Journal of the EU on 22.03.2021 of a Delegated Regulation (EU) 2021/473 to supplement the PEPP Regulation also sets a date of 22.03.2022 from which it will apply. With this decision, the European Commission provides an opportunity for EU citizens to save for their future retirement through a safe, transparent and high-quality pension product.

The link where the survey can be found is:

https://ec.europa.eu/eusurvey/runner/PEPP_survey, the latter being active until 31 May 2021.

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.

On 15 and 16 April 2021, the next module of the FIN-TECH project of the University of Economics – Varna was launched, funded by the Horizon 2020 program of the European Commission. The online session was attended by experts from the Financial Supervision Commission, the University of Economics – Varna, the Bulgarian Fintech Association and representatives of fintech companies in Bulgaria.

Within the two days of the training, the Bulgarian fintech ecosystem was discussed, as well as real cases of using blockchain in fintech, cyber risk management through models based on rank scale and explicable artificial intelligence, smart contracts – management, opportunities and risks , the cryptocurrency market and methods for its analysis by applying various cluster techniques based on prototypes, etc.

The event is held within the project FIN-TECH “A FINancial supervision and TECHnology compliance training program”, funded by HORIZON 2020, in which the University of Economics – Varna and the Financial Supervision Commission represent Bulgaria in a consortium of 24 countries. Each of them is presented by an educational institution in the field of higher education and a regulatory body for the non-banking sector.

Since the start of the project, in early 2019, the experts of the FSC and the University of Economics – Varna participated in two more sessions for knowledge exchange in the fields of big data and artificial intelligence. The University of Economics – Varna and the FSC jointly organized and held an International Round Table “Peer to peer lending in Europe and the Balkan Peninsula”.

The Financial Supervision Commission is actively continuing to study the implementation of financial innovations in the non-banking financial sector.

 In order to communicate information about the case with the Romanian insurer Certasig-Insurance and Reinsurance Company AD, whose license was revoked by the Insurance Supervision Authority of the Republic of Romania, and in addition to the already published information from 17.03.2021, the FSC notifies the creditors of Certasig – Insurance and Reinsurance Company AD that they fall within the scope of the Romanian Law 213/2015 on the Guarantee Fund for the Insured, whose purpose, according to Art. 2, para. 1, is to protect the creditors of the insurer from the consequences of its insolvency. The FSC recalls the information provided by the Insurance Supervision Authority of the Republic of Romania that any person who has an insurance claim against Certasig – Insurance and Reinsurance Company AD may submit a justified request to the Guarantee Fund of the Republic of Romania as of the date of the decision of the Insurance Supervision Authority of the Republic of Romania for revocation of the license of Certasig – Insurance and Reinsurance Company AD, but not later than 90 days from the decision to open insolvency proceedings becoming effective (15.04.2021), and in case this right has occurred after the opening of the insolvency proceedings – within 90 days from its occurrence.

 In addition, the Insurance Supervision Authority of the Republic of Romania provides information that according to Art. 75, para. 1 of Romanian Law No. 85/2014 on insolvency prevention and insolvency proceedings, as of the date of the decision to open insolvency proceedings of Certasig – Insurance and Reinsurance Company AD becoming effective (14.01.2021), all judicial and extrajudicial proceedings instituted on the basis of individual claims of its creditors, as well as proceedings for the recovery of claims against them, shall be terminated. The presentation and collection of claims against Certasig – Insurance and Reinsurance Company AD can be carried out only in the open insolvency proceedings.

The FSC is conducting a study on the use of artificial intelligence (AI) by entities under the Commission’s supervision. According to the Chairman of the FSC, Mr. Boyko Atanasov, the survey is very suitable in order to clarify the priorities and identify actions that may be necessary for the safe adoption of artificial intelligence in financial services. The study is part of the strategy for achieving the objectives of the Financial Supervision Commission for the period 2019 – 2021.

This is another in a series of studies conducted by the Financial Supervision Commission for the second year, related to trends in the use of financial innovations by supervised entities.

“Innovation in the field of artificial intelligence is the future. The financial sector is the one that has a serious need for tools for audit, control and options for early detection of risks affecting consumers,” said during the information campaign Mr. Boyko Atanasov, Chairman of the FSC.

The online survey was sent to representatives of the three branches of the non-banking financial sector – insurance, investment and pension insurance market. The study also focuses on the effect of the Covid-19 pandemic, which has accelerated the pace of automation and the adoption of AI in financial services. Therefore, proper control and sustainability of AI systems in the short term are crucial. There may be a need for further work on the audit of artificial intelligence algorithms in the future, which was already a key area of interest before Covid-19. In the long run, companies will need to think about AI and data management in a more holistic way, and in the context of their broader technology infrastructures, and adjust risk management processes accordingly. After the questionnaire is filled in, the FSC will compile a discussion document that will provide information on statistical results in quantitative and qualitative terms, as well as presenting the attitudes of supervised entities towards their answers.

The survey will be conducted online until 29 April 2021.