Reports of violations under the Implementation of the Measures against Market Abuse with Financial Instruments Act (IMMAFI Act) may be submitted to the Bulgarian Financial Supervision Commission (FSC) as follows:

• by filling out the online form for reporting a violation under Art. 8 of the IMMAFI Act (https://www.fsc.bg/wp-content/uploads/2026/05/immafia_sg_25_2026.pdf)
• by calling +359 2 940 45 45, every working day from 09:00 to 17:30 (please note that telephone calls are recorded);
• by sending an email to signali_pazarni_zloupotrebi@fsc.bg;
• by mail to the address: Sofia 1000, 16 Budapest Street

Any person has the right to report a violation anonymously.

A special place has been designated in the building of FSC for holding meetings, when persons wish to report a violation through a meeting with officials under Art. 6 of the IMMAFI Act. Meetings can be conducted every working day between 9:00 and 17:30. Each meeting is documented via a report, drawn up by the officials under Art. 6 of the IMMAFI Act and/or via an audio recording of the conversation on a durable medium that allows for playback.

Violation reports are entered into a special registry and are assigned for a review and a full and comprehensive investigation of the officials under Art. 6 of the IMMAFI Act by the Deputy Chair of FSC, Head of the Investment Activities Supervision Division.

Responses to individuals who have filed reports of violations contain summarized information regarding the actions taken in response to the violation report. These responses are prepared and sent to the individuals within two months of the receipt of the relevant report. The response is sent via the method of communication preferred by the person who filed the report, and if the method is not specified, via the method by which the violation report was received. In cases involving legal and factual complexity, the deadline may be extended by no more than one month.

No response will be sent to a person who has stated that they do not wish to be informed of the results of the inspection or who has not provided an address for follow-up.

Each report, regardless of how it is submitted, is treated in complete confidentiality.

FSC takes actions to protect the personal data of the persons, who have filed violation reports, as well as of the persons, against whom a violation report was filed. Personal data is stored for a period of 5 years. The disclosure of personal data is carried out in accordance with Art. 27 and Art. 29 of Regulation (EU) No 596/2014.

The circumstances under which the confidential information of a person who has filed a report may be disclosed in accordance with Articles 27 and 29 of Regulation (EU) No. 596/2014 are exhaustively listed in Article 25 of the Financial Supervision Commission Act. Persons who have submitted a report of a violation or other information in breach of restrictions on the disclosure of information arising from laws, regulations, administrative provisions, or a contract shall not be held liable in any way in connection with the information provided. The transmission of data related to a report of a violation, whether within or outside FSC, does not directly or indirectly reveal the identity of the person who filed the report, and/or the person who is the subject of the report, or any other references to circumstances that would allow the identity of the person who filed the report and/or the person who is the subject of the report to be inferred, unless such transmission is in accordance with the confidentiality regime, stated in Art. 15 (4) of the IMMAFI Act.

Persons, employed under an employment contract who have filed a report of a violation or against whom a report of a violation has been filed are entitled to protection against disciplinary action under Article 187(2) of the Labour Code. They may file a report regarding disciplinary proceedings initiated against them for a violation of labour discipline under Article 187(1)(8) of the Labor Code. The complaint must be filed with the Central Office of the Executive Agency “General Labor Inspectorate” or with the regional “Labour Inspectorate” office corresponding to the employer’s registered office and business address. The complaint must be filed in person or through an authorized representative by registered letter with return receipt or electronically, in compliance with the requirements of the Electronic Document and Electronic Signature Act. The complaint is to include:

1. the individual’s name and unique personal identification number/foreign national identification number;
2. the individual’s current, accurate address, telephone number, and/or email address;
3. the name and details regarding the registered office and business address of the employer;
4. the reference number or the date and time of submission of the report of a violation to FSC pursuant to Chapter Two of the IMMAFI Act, or other information identifying the report;
5. details regarding the disciplinary proceedings initiated against the individual;
6. other information – at the individual’s discretion;
7. the date and the individual’s signature.

The procedures for the exchange of information and cooperation among government bodies involved in the protection of these individuals are set forth in the Regulation on Procedures for the Exchange of Information and Cooperation among Government Agencies Involved in the Protection of Individuals who are employed under an employment contract and have reported violations related to market abuse involving financial instruments, adopted by the Council of Ministers by Council of Ministers Decree No. 55 of March 23, 2017, published in the State Gazette, Issue No. 26 of 2017.

https://www.fsc.bg/wp-content/uploads/2021/files/20398_file.pdf