The FSC identifies innovative products, services or business models offered by applicant companies through implementation of specific relevance criteria with regard to transition to further stage of backup in the communication and consultation process.
The admissible criteria for evaluation of innovative products, services or business models offered by persons supervised by the FSC and companies engaged in financial technologies which provide financial innovative products in the non-banking financial sector are as follows:
- Is the applicant company directly or indirectly subject to the FSC supervisory power?
- Could the project proposed by the applicant be considered as innovative one in view of the Bulgarian market?
- Does the elaborated innovative product/service contribute to the facilitation of an easy and prompt access to services in the non-banking financial sector, as well as to cost and expenses reduction and interest protection of non-banking financial services consumers?
- To which extent has the applicant company become acquainted with the legislation in force, and as the case may be, has it taken any concrete steps to research the respective regulatory regime?
- To what extent has been stated any necessity to support the applicant company during the consultation process, as regards the legal framework in the non-banking financial sector?
In the not exhaustive list of innovative products/services or business models the following of them could be specified: crypto assets and blockchain (initial public offering of coins, stock markets and trading platforms), robotized and automatic consultancy, RegTech services, platforms, big data, cloud computing etc.