Globalisation redefined The 2009 Emerging Markets Summit September 17th-18th 2009, London

A rich, focused and interactive debate for senior executives and business leaders from around the world.  The expert speakers, including 5 prime ministers of the Republic of Tunisia, Turkey, Rwanda, Philippines and Thailand; ambassadors; and entrepreneurs; will provide, unique insights and will challenge your perspectives on the opportunities and issues affecting emerging markets. CEOs from major global and emerging companies are also confirmed. They include: AirAsia, Alstrom India, Augere, GE International, Goldman Sachs India, Morgan Stanley Asia, Petrofac, Petróleo Brasileiro, Rosneft, The Coca-Cola Company, Unilever, Wal-Mart and many more…
 FSC Bulgaria contacts will receive a 25% discount (£300 off the full delegate fee).
 Register online at www.emergingmarketssummit.com 
and quote “FSC” or call Krupa Patel on +44(0)20 7576 8118 to reserve your place.

FSC’s decisions from its meeting held on January 12, 2005

FSC’s decisions from its meeting held on January 12, 2005:

1.The FSC approved the publishing of the following tender offer :
 – Company, object of the offer: Kaliakra AD, Town of Dobrich
– Offeror: Sereol Holding B.V., Holland  
– Authorized investment intermediary: Raiffeisen Bank
– Offered price per share: BGN 47.45

2. Adopted Instructions on submitting the necessary documents for issuance of approvals, licenses, affirmations and periodical disclosure.

FSC with specific steps for 2022 for the development of the fintech ecosystem in Bulgaria

As a continuation of the consistent policy pursued by the Financial Supervision Commission with regard to innovation through the new Financial Innovation Monitoring Strategy for the period 2021-2024, the FSC has started an active partnership with the Bulgarian Fintech Association (BFA) and representatives of business organizations with expressed interest in stimulating the development of financial innovations in the non-banking sector.

At a special meeting initiated by the Commission, the main lines of action were outlined and concrete steps were set out to support the development of innovative solutions in the non-banking financial sector in Bulgaria:

 Development of financial literacy of consumers of financial services and investors through the participation of experts from the Commission in master’s programs and training innovation camps with students.

 Participation of regulator representatives in local and international webinars of BFA.

 Regular meetings with fintech companies to provide feedback on the assessment of potential risks to both the market and consumers, as well as potential actions and measures to minimize the risks and maximize the benefits of growing interest in innovative financial products and / or technologies, while in compliance with regulatory requirements.

 Promoting and encouraging the use of the already operational Innovation Hub, which provides quick and easy access to information for start-ups and on issues and cases of a regulatory and legal nature.

 Research and preparation for the introduction of a regulatory Sandbox for the non-banking financial sector which will allow FinTech companies to test their products in a real and secure environment, and the supervisor to monitor this process to optimally adapt regulations to digital finance.

 Joint discussion and adaptation of the new regulatory framework for crowdfunding, which is considered as an established form of alternative financing for start-ups and SMEs. This task will be related to the supervision of a digital platform designed to connect or facilitate the connection of potential investors or lenders with companies seeking financing.

In pursuance of the Financial Innovation Monitoring Strategy for the period 2021-2024, the Financial Supervision Commission, at the invitation of the Bulgarian National Bank, took part in an organized online event by the National Bank of Lithuania on „Regulatory sandbox“. The meeting focused on sharing good practices in building innovative financial products. In order to minimize the risks and build well-functioning services in a real business environment, through the much-needed reliable and secure support from the relevant national supervisory authority.

The FSC continues to build on what has been achieved so far in terms of creating an innovation-friendly business environment, with an emphasis on the need for collaboration between regulators and business to create a developed fintech ecosystem.

The event program for 2022 builds on the achievements of the Financial Supervision Commission so far in support of fintech solutions and their entry into everyday life.

FSC with a warning about investments in financial instruments issued by issuers related to the Russian Federation, which are subject to restrictive measures and sanctions in connection with the situation in Ukraine

The Financial Supervision Commission makes recommendations to the participants in the capital market for increased vigilance and the implementation of an enhanced risk management policy before proceeding with investments in financial instruments issued by issuers related to the Russian Federation. The scope of the warnings also includes issuers and counterparties whose production, supply chains and end markets are strongly linked to the Russian Federation.

The actions taken by the FSC are in the context of the complicated international situation and the imposition of sanctions and restrictions by the EU, USA, Canada, UK and other countries on the Russian Federation, the Russian Central Bank, credit institutions and companies and individuals.

The international tensions that have led to sanctions and restrictions on the Russian Federation are another challenge for international financial markets. However, the Financial Supervision Commission is confident that all companies in the capital market will be able to successfully deal with the situation, respecting the interests of their customers and working to maintain the stability of the capital market in Bulgaria.

FSC Warns of Crypto Company Hijacking

The Financial Supervision Commission (FSC) warns of a dangerous practice in the crypto sector about so-called “crypto company hijacking.” These cases involve the registration of company managers in the Commercial Register without the knowledge of the actual owners, through the use of forged documents.

This is stated by Desislava Laskova, Director of the “Regulatory Regimes of Investment Activity – Investment Intermediaries and Crypto-Asset Service Providers” Directorate at the FSC, in an interview with Darik Radio. According to her, such fraud schemes pose serious risks both to the licensing of the companies concerned and to unlawful actions carried out in their name, including the taking out of loans.

The interview is conducted at a moment when the period for CASPs applications is ending and is established a significant difference between the regulated financial sector and parts of the crypto business, which until now have operated in a largely unregulated environment. At the same time, we also see growing commitment on the part of companies to bring their activities into line with the new rules, which is an important step towards building a more mature, transparent and sustainable crypto-asset market.

Against this background, the FSC is already applying the European MiCA Regulation, which introduces a single legal framework for crypto-assets in the European Union. A transitional period applies until 1 July 2026, after which providers operating without a license will no longer be allowed to operate on the market.

The FSC is the competent authority for the supervision of crypto-assets in Bulgaria, with the exception of electronic money tokens, which fall under the supervision of the Bulgarian National Bank.

Out of eight license applications submitted:

  • one company has already been licensed (investment intermediary);
  • three applications are currently under review;
  • four companies have been refused at the completeness check stage due to the absence of a substantial portion of the required documentation and communication issues.

“Through a circular letter, we invited companies to meetings, which is an established communication practice of the Financial Supervision Commission. Our aim is to maintain an open dialogue with the sector and to provide concrete guidance to companies on how to prepare their licensing documentation so that it fully complies with the requirements of the MiCA Regulation and the national regulatory framework,” Laskova notes.

The FSC reminds market participants that the licensing procedure takes between 4 and 6 months. Therefore, companies wishing to continue operating legally after the end of the transitional period should submit their documents no later than 16 February.

The full interview is available here.

More information on the crypto-asset market and the regulatory activities of the Financial Supervision Commission can be found in the dedicated crypto-assets section on the FSC’s official website:
https://www.fsc.bg/kriptoaktivi/

FSC to Open Hotline to Provide Information on the Non-banking Financial Sector – hotline@fsc.bg

 

The electronic hotline – hotline@fsc.bg – is a service, which the FSC shall provide to the general public in order to maximally facilitate consumers when searching the information they need. At the following address: hotline@fsc.bg, citizens may forward queries with regard to the Commission’s activities, on the capital, insurance and assurance markets. A team of experts shall be entrusted with the task to provide the information requested within short time periods.
The FSC’s wish is to facilitate to a maximum degree the access to the information regarding non-banking financial sector, where consumers may pick the method that is most suitable and convenient for them – via electronic means – by forwarding a query to address: hotline@fsc.bg, via telephone (0900 32 300), or by visiting the information centre on the FSC’s premises.

Meanwhile, as of today, the citizens may acquaint themselves with the updated version of Questions and Answers Section on the FSC’s website: www.fsc.bg. The new Section contains interesting and useful information on the work principles and mechanisms of the capital, insurance and assurance markets, on the supervisory institution’s role, on the main products and services. Under the Practice Issues Sections, answers have been provided to the most frequently asked and most interesting questions of citizens.

 

 

 

FSC Statement

Regarding an inquiry by Nova TV in the case “9-year-old girl must repay a loan inherited from her deceased mother”, so far the Financial Supervision Commission has not received a complaint from the heirs of the deceased. In view of the specifics of the case and in order to respond to public concerns, the Chairman of the Financial Supervision Commission initiated investigation at the Commission’s own initiative, ensuring that it would take all necessary measures within its legal powers to conduct a detailed and urgent inspection on the case.

FSC signed Memorandums of understanding and exchange of information with Romanian Securities Commission and Romanian Insurance Commission

On April 20th,  2004 during an official visit of  FSC representatives in Bucharest, Roumania were sighed two  Memorandums of understanding and information exchange between the Romanian Securities Commission and Bulgarian FSC, and Romanian Insurance Commission and FSC.
It is an important step toward the establishment of close cooperation between the supervisory bodies in both countries and development of  efficient mechanisms of  information exchange and experience concerning the capital and insurance markets in Roumania and Bulgaria.

 


 

FSC requires pension insurance companies and insurance undertakings to contract an independent external reviewerfrom a list of eligible reviewers

This press release publishes the list of independent external reviewers(IERs) eligible for performing the review of the assets of the Bulgarian pension funds and the balance sheet review of theBulgarian insurance undertakings.
Each pension insurance company andinsurance undertaking shall select an IER from this listand communicate such engagementto the Financial Supervision Commission (FSC) until 25 May 2016. The reviews will be performed in line with the methodology developed by the firm consultant – consortium Ernst & Young – steered by the Steering Committee (SC) and approved by the FSC. 
Approved list of IERs, eligible to perform the review of assets of the pension funds in Bulgaria Approved list of IERs, eligible to perform the balance sheet review of the insurers on the Bulgarian insurance market
DELOITTE AUDIT OOD, Bulgaria DELOITTE AUDIT OOD, Bulgaria
PWC AUDIT OOD, Bulgaria PWC AUDIT OOD, Bulgaria
RSM BULGARIA OOD, Bulgaria RSM BULGARIA OOD, Bulgaria
DZZD GD CONSORTIUM GRANT THORNTON BULGARIA – GREECE, Bulgaria and Greece DZZD GD CONSORTIUM GRANT THORNTON BULGARIA – GREECE, Bulgaria and Greece
KPMG AUDIT SRL, Romania KPMG AUDIT SRL, Romania
HLB BULGARIA OOD WILLIS TOWERS WATSON, The Netherlands
CLAYTON EURO RISK LIMITED, UK MILLIMAN SP. Z O.O., Poland
MAZARS SA, France MAZARS SA, France

 

Following detailed review of all submitted offers and based on consensus the SC recommended to FSC to approve the list of independent external reviewers, in compliance with Section 2 “Governance structure” of the Terms of Reference. The approved IERs meet the requirements specified exhaustively in the invitations published by FSC on 11 March 2016.
The SC, which oversees the reviews, includes representatives from the FSC and European Insurance and Occupational Pensions Authority/EIOPA (voting members), as well as representatives from the Ministry of Finance, the Bulgarian National Bank, European Commission and European Securities and Markets Authority/ESMA (observers with advisory powers).
 
Each pension insurance company shall select for each of the participating pension funds it manages, as well as each insurance undertakings, an IER from the published list who will conduct the review in line with the methodology developed by the firm consultant, steered by the SC and approved by the FSC. 
The FSC shall appoint in compliance with the applicable legal framework the IER based on the choice of the respective pension insurance/ insurance company. The choice of the insurance/ pension insurance companies shall not be binding on the FSC. The FSC has the power to override the pension insurance/ insurance company’s selection and where no choice is made the FSC will appoint an IER ex officio.
All IERs’ fees entailed by the review will be paid by the respective companies.
The review will begin after the issuance of the relevant acts by the FSC in accordance with the Bulgarian legislation.
The IER reviews are expected to commence on 15 July 2016 and shall be concluded until 15 October 2016 with the issuing of the IER final reports. The exercises that were postponed in accordance to the unanimous decision of the SC members followed by a recommendation of the SC shall be concluded until 1 December 2016 with the publication of the final report. The cut-off/reference date for the reviews is June 30, 2016.
All participating undertakings are required by 25 May 2016 to send to the FSC information about the selected IERs. FSC will check the eligibility of the selected entities and will send a confirmation to the participating undertakings by 10 June 2016. The contracts for employment of the selected IERs shall be concluded by 17 June 2016, at the latest.