By 25th May 2016 the participants of the Insurance and Pension funds sector reviews had to inform the FSC about their choice for Indipendent External Reviewer acording to the metodologies published on 13 May 2016.

In that regard, FSC would like to inform all the participants of the reviews of Insurance and Pension funds sector that by 31 May 2016 they shall provide FSC with all the relevant information regarding the selection of Indipendent External Reviewers including details about the teams selected for the review.

The three-day official study visit of the representatives of the Jordanian Securities Commission to the Financial Supervision Commission was carried out under the TAIEX Instrument (Technical Assistance and Information Exchange Instrument) managed by the Directorate-General Enlargement of the European Commission.

The Jordanian institution was established in 1997 as an autonomous administrative body which oversees the capital market in the Kingdom of Jordan. The mission and goals of the Jordanian Securities Commission as well as those of the Financial Supervision Commission of Bulgaria are the creation and maintenance of an effective, fair and transparent capital market. Its main tasks are the protection of the interests of investors, the protection of the capital market from different types of risks, strengthening the confidence in the market, the improvement of local legislation and the Commission’s activities. The supervised entities of the Jordanian Commission are the Amman Stock Exchange, the Securities Depository, mutual funds and investment firms. In 2008, the Securities Commission of Jordan adopted the multilateral Memorandum of Understanding of IOSCO.

Bearing this in mind, the cooperation between the two institutions has solid foundations and the experience of the FSC as an institution within an EU Member-State is extremely important and useful for the Jordanian experts.

During their visit, the guests got acquainted with the experience of our supervisory authority regarding its practice of separating of accounts, content of contracts with customers, separation of client assets in the event of bankruptcy, bank settlement of accounts and the control exercised by the FSC. The Jordanian experts were informed of the relations with investment intermediaries, as well as with the types of statements that they provide the FSC when they have to perform the separation of accounts. The guests were presented with case studies on the topics discussed. This study visit has enabled not only the representatives of the Jordanian Securities Commission, but also their Bulgarian counterparts, to discuss new perspectives, to identify best practices and to be better prepared for the challenges that arise in the global financial world.

The Bulgarian Financial Supervision Commission has gained considerable experience in European projects which deal with training and strengthening the administrative capacity of countries on the Balkans (Bosnia and Herzegovina, and Montenegro), but had not yet had the opportunity to meet colleagues from the Kingdom of Jordan. Hence, this visit was seen as an opportunity to expand our international contacts in the Middle East.

The meeting held on July 6th, organized by the Financial Supervision Commission in connection with the working visit of Mr. Patrick Hoedjes, Chair of EIOPA IT & Data Committee, and Mr. Kitzmantel, IT Project Manager, was attended by representatives of insurance companies, members of the Association of Bulgarian Insurers and experts from the FSC. The purpose of the working visit of the representatives of one of the four European Supervisory Authorities was to acquaint the audience with the framework, mandate, organization, subgroups, activities and the results that are being expected of the EIOPA IT and Data Committee, including EIOPA IT and Data Strategy Specifications and Implementation Plan.
In the first part of the meeting, the employees of the Information Departments of the insurance companies, committed to the processing and submission of data to the FSC, who were present were introduced by the European experts to the new format, XBRL, in which the information for supervisory purposes will be presented after the entry into force of Solvency II Directive. The second part of the presentation was aimed at the FSC’s staff exercising supervisory activities in connection with the alignment of EIOPA IT & Data Implementation Plan with the National Supervisory Authority’s objectives and the Bulgarian FSC’s involvement in the works of ITDC.
The one-day visit of the European experts contributed greatly to raising the awareness and the competence of the Bulgarian specialists from the insurance industry and the Financial Supervision Commission in connection with the higher criteria and the forthcoming implementation of Solvency II Directive.

The Commission approved a recovery program of investment intermediary Argo Invest. The program is design to help the investment intermediary to adjust its capital adequacy and liquidity according to the requirements of Ordinance N6 for the  capital adequacy and liquidity of the investment intermediaries.

Raiffaizenbank AD – Bulgaria has been included in the list of the banks -custodians of the funds for supplementary pension insurance in compliance with the proposal of Bulgarian National Bank.

The Deputy Chairman of FSC, Head of Investment Supervision Division, refused to delete “Komex” AD, Kaspichan from the public register of FSC.

The Deputy Chairman of FSC, Head of Investment Supervision Division, has taken the decision for deletion of “Garantstroi”AD, Turgovishte from the public register of FSC.

The Commission approved prospectus for secondary public offering of bonds issued by company  “Chernomorsko zlato” AD,  Pomorie. The bonds issue has the following characteristics :

Issuer : Chernomorsko zlato” AD, Pomorie
Type of securities: ordinary, dematerialized, fully transferable, corporate bonds
Size of the issue: 10 000 bonds
Nominal value:  BGN 1000  per bond

The Commission approved the revised prospectus for initial public offering of shares of “Alfa Wood Bulgaria” , Dolni Chiflik. The issue has the following parameters:
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue:  3 930 530 shares
Nominal value: BGN 1 per shares