The Single Resolution Mechanism

As of 1 October 2020, the date of establishing close cooperation with the European Central Bank (ECB), the FSC shall perform its functions and tasks as a resolution authority within the Single Resolution Mechanism (SRM) subject to direct implementation in the Republic of Bulgaria of Regulation (EU) 806/2014. The Single Resolution Mechanism consists of the Single Resolution Board (SRB) and the national resolution authorities of the Euro zone countries, Bulgaria and Croatia.

The direct powers of the SRB include activities and responsibilities related to the resolution powers of investment intermediaries and financial institutions, parent companies, including financial holdings and mixed-activity holdings, which fall within the scope of the ECB’s consolidated supervision.