International projects and initiatives

The Financial Supervision Commission pursues an active policy for building stable relations with the supervisory authorities in Southeast Europe. This policy is implemented with the help of the following projects, financed by the European Union (EU):

  • Twinning project BA 07 IB FI 01 EU Support for Sustainable Capacity Building of the Insurance Agency of Bosnia and Herzegovina, the Insurance Supervisory Agency of the Federation of Bosnia and Herzegovina and the Insurance Agency of the Republika Srpska

Twinning project BA 07 IB FI 01 continues the efforts of the successfully completed in 2008 Twinning Light project Support of the Insurance Agency of Bosnia and Herzegovina. It is of special importance to underline that in the implementation of the above twinning light project for the first time a Bulgarian institution participates not as a beneficiary under the project, but in its capacity as  a partner from an EU Member State.

The Twinning project BA 07 IB FI 01, successfully completed in April 2012, was financed by the EU Programme Instrument for Pre-accession Assistance (IPA) for 2007 with a total  budget of € 800 000. The project had duration of 27 months and was launched on the 21th of April, 2010. It was directed mainly to:

o   strengthening of the administrative capacity of the insurance agencies;

o   development of the exchange of information and statistical services;

o   development of the regulatory and supervisory practices;

o   civil liability insurance and interaction with the Green Card Bureau.

Following the request of one of the beneficiaries (the Insurance Agency of Bosnia and Herzegovina), six project activities were included and directed towards the development of the Agency functions in the field of the export insurance. For its implementation experts from the Bulgarian Export Insurance Agency (BEIA) were invited to participate in the project. The participation of external experts (local and foreign) further contributed to improvement of the exchange of experience and good practices with other supervisory authorities.

  • Twinning project MN 08 IB FI 01 Strengthening of the Supervisory and Regulatory Capacity of the Financial Regulatory Authorities

The implementation of Twinning project MN 08 IB FI 01 was financed by the EU Programme Instrument for Pre-accession Assistance (IPA) in Montenegro for 2008. The Project  had a total budget of € 1.2 million, duration of 18 months was successfully completed in November 2011. Beneficiaries under the Project were the Central Bank, the Securities and Exchange Commission and the Insurance Supervision Agency of Montenegro. The Twinning Project was implemented by a consortium of three partners - the Bulgarian National Bank, the Netherlands Central Bank and the Financial Supervision Commission.

The Twinning Project was launched on 30th of November, 2009 with the objective of strengthening the institutional and regulatory capacity of the regulatory authorities for more effective and efficient oversight of the financial markets and institutions in accordance with the EU legislation.

The Financial Supervision Commission implemented component two of the Project’s work plan – activities related to the Securities and Exchange Commission of Montenegro. The activities of the second component were in the field of the investment and pension supervision. The major objectives were achieved, namely, the improvement of the supervisory capacity of the Securities and Exchange Commission of Montenegro, preparation for harmonization of the Montenegrin legislation in the field of financial services with the European legislation and enhancement of the financial awareness of the capital market participants in Montenegro.

Due to the good cooperation between FSC and the other supervisory authorities from the EU Member States, the Project was supported by experts from the Federal Financial Supervisory Authority of Germany (BaFin) and the Securities Markets Commission of Spain (CNMV), which successfully implemented a part of the activities under component two.

Twinning project MN 08 IB FI 01 was the third project in which FSC participates as a supervisory institution, which shares its experience and supports institutions from other states in their supervisory activities. FSC is highly committed to these activities and has proven to be a competent EU partner in the region of Southeast Europe and one of the most active Bulgarian institutions to have completed twinning projects with third countries.