At today’s meeting, 07.12.2021, t the proposal of the Guarantee Fund Council, the FSC made a decision to determine the contribution of insurers offering in the Republic of Bulgaria compulsory motor third party liability insurance to the Uninsured Vehicle Fund in the Guarantee Fund remains at BGN 50 for each insured motor vehicle. At the same time, the FSC determined the amount of the contribution of the insurers who offer in the Republic of Bulgaria compulsory Accident insurance for the passengers in public transport under Art. 461, item 2 of the IC at BGN 15 for each seat, excluding the driver’s seat in the vehicles.

The Guarantee Fund manages two funds – the Uninsured Vehicle Fund and the Security Fund. The Uninsured Vehicle Fund pays compensation in case of damage from an unidentified motor vehicle or, if the driver is without Motor Third Party Liability Insurance, and the Insurance Fund pays claims to persons with an insolvent insurer.

Until now, the contribution to the Uninsured Vehicle Fund was BGN 10.50 for each insured motor vehicle under Motor Third Party Liability and BGN 0.15 for each seat in a public transport vehicle for Public Accident Insurance for Passengers in Public Transport. The contribution to the Security Fund was BGN 2.50 for each vehicle insured for Motor Third Party Liability.

At the proposal of the Guarantee Fund Council, the contribution of insurers offering in the Republic of Bulgaria compulsory motor third party liability insurance to the Fund for Uninsured Motor Vehicles in the Guarantee Fund remains at BGN 10.50 for each insured motor vehicle. The amount of the contribution of the insurers who offer in the Republic of Bulgaria compulsory Accident insurance for the passengers in public transport under Art. 461, item 2 of the IC also does not change and remains BGN 0.15 for each seat, excluding the driver’s seat in the vehicles.

The contribution to the Security Fund also remains BGN 2.50 for each insured vehicle under the Motor Third Party Liability.

The total contribution to the GF of each insured motor vehicle under the Motor Third Party Liability remains BGN 13.00, which is distributed in the two funds in question.

The forthcoming issuance of the FSC decision was announced on 02.11.2021 by publishing the draft decision on the FSC website, and separate messages were sent to the representative associations of insurers, insurers who are not members of representative organizations, the Guarantee Fund and the National Bureau of Bulgarian Motor Insurers. All parties concerned were given a period of one month, which expired on 02.12.2021, to submit written proposals and objections to the draft decision. No proposals and objections were received by the FSC within this period and no other evidence was provided.

The decision made today is enforceable from the moment of its announcement.

The Financial Supervision Commission draws the issuers’ attention to the fact that the deadline for announcing a public notification on a consolidated basis of financial position for the third quarter of 2021 before the FSC and the media expires on 29.11.2021.

According to Art. 100 o1, para. 2 of the Public Offering of Securities Act (POSA), the issuer is obliged to submit to the FSC a public notification / report on a consolidated basis on its financial position for the third quarter of 2021 within 60 days from the end of the respective quarter. The public notification / report on the financial position of the company shall be submitted to the FSC by the procedure of Art. 100t, para. 4 of the POSA, namely through the unified system for providing information electronically – e-Register. The public notification / report on the financial position of the company shall be disclosed to the public in the manner provided in Art. 100t, para. 3 of the POSA, through an information agency or other media selected by the company within the statutory term for the third quarter of 2021, namely until 29.11.2021 inclusive.

The Financial Supervision Commission draws the issuers’ attention to the fact that the deadline for announcing a public notification on a consolidated basis of financial position for the fourth quarter of 2021 before the FSC and the media expires on 01.03.2022. According to Art. 100 o1, para. 2 of the Public Offering of Securities Act (POSA), the issuer is obliged to submit to the FSC a public notification / report on a consolidated basis on its financial position for the fourth quarter of 2021 within 60 days from the end of the respective quarter. The public notification / report on the financial position of the company shall be submitted to the FSC by the procedure of Art. 100t, para. 4 of the POSA, namely through the unified system for providing information electronically – e-Register. The public notification / report on the financial position of the company for the fourth quarter of 2021 shall be disclosed to the public within the statutory period, namely until 01.03.2022 inclusive, in the manner provided in Art. 100t, para. 3 of the POSA – through an information agency or other media selected by the company.

The Financial Supervision Commission draws the issuers’ attention to the fact that the deadline for announcing a public notification of financial position for the third quarter of 2021 before the FSC and the media expires on 01.11.2021.

According to Art. 100 o1, para. 1 of the Public Offering of Securities Act (POSA), the issuer is obliged to submit to the FSC a public notification / report on its financial position for the third quarter of 2021 within 30 days from the end of the respective quarter. The public notification / report on the financial position of the company shall be submitted to the FSC by the procedure of Art. 100t, para. 4 of the POSA, namely through the unified system for providing information electronically – e-Register. The public notification / report on the financial position of the company shall be disclosed to the public in the manner provided in Art. 100t, para. 3 of the POSA, namely through an information agency or other media selected by the company within the statutory term, namely until 01.11.2021 inclusive.

 At its meeting held on 15.06.2021, the Financial Supervision Commission decided under Protocol No. 42 of 15.06.2021 to conduct examinations for acquiring the right to exercise activity as a broker of financial instruments and as an investment adviser and set dates for these examinations on 25.09.2021 (Saturday) and 26.09.2021 (Sunday), respectively, approved the Procedure for conducting examinations for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser, Thematic syllabus for the examination for acquiring the right to exercise activity as a broker of financial instruments and Thematic syllabus for the examination for acquiring the right to exercise activity as an investment adviser. The syllabi and the procedure for conducting examinations for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser are published on the official website of the Financial Supervision Commission, in the section “Supervised persons”, “Legal capacity examinations”, “Examinations for broker of financial instruments and investment adviser”.

We draw the attention of the candidates that at a meeting of the FSC on 27.05.2021 a new Ordinance No. 7 on the procedure for acquisition, recognition and revocation of legal capacity of brokers of financial instruments and investment advisers was adopted, which repeals the current Ordinance No. 7.

Templates of applications for admission to the examination and of the required declarations have been prepared as appendices to the new Ordinance No. 7. The persons who wish to acquire the right to exercise activity as a broker of financial instruments and / or as an investment adviser, according to Art. 10, para. 1 of Ordinance No. 7 shall submit applications for admission to an examination according to a template with the content under Art. 10, para. 2 of Ordinance No. 7 in the office of the Financial Supervision Commission (FSC) or online at delovodstvo@fsc.bg. The documents according to Art. 10, para. 3 of Ordinance № 7, which are explicitly indicated in the template need to be attached to the application.

Templates of applications for admission to examinations and the required declarations are available on the FSC website.

The documents for the examinations, which will be held on 25 September 2021 (Saturday) and 26 September 2021 (Sunday), are submitted in the period from 21 June 2021 (Monday) to 16 August 2021 (Monday) inclusive.

The application must indicate the e-mail address to which messages on the open procedure for admission to the examination will be sent.

Applications for admission to the examination for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser, submitted after the announced deadline for submission of applications for admission to the upcoming examinations will not be considered.

At its meeting held on 17.02.2022, the Financial Supervision Commission decided under Protocol No. 14 of 17.02.2022 to conduct examinations for acquiring the right to exercise activity as a broker of financial instruments and as an investment adviser and set dates for these examinations on 28.05.2022 (Saturday) and 29.05.2022 (Sunday), respectively, approved the Procedure for conducting examinations for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser, Thematic syllabus for the examination for acquiring the right to exercise activity as a broker of financial instruments and Thematic syllabus for the examination for acquiring the right to exercise activity as an investment adviser. The syllabi and the procedure for conducting examinations for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser are published on the official website of the Financial Supervision Commission, in the section “Investment Activity”, “Legal capacity examinations”, “Examinations for broker of financial instruments and investment adviser”.

Templates of applications for admission to the examination and of the required declarations have been prepared as appendices to Ordinance No. 7. The persons who wish to acquire the right to exercise activity as a broker of financial instruments and / or as an investment adviser, according to Art. 10, para. 1 of Ordinance No. 7 shall submit applications for admission to an examination according to a template with the content under Art. 10, para. 2 of Ordinance No. 7 in the office of the Financial Supervision Commission (FSC) or online at delovodstvo@fsc.bg. The documents according to Art. 10, para. 3 of Ordinance № 7, which are explicitly indicated in the template need to be attached to the application.

Templates of applications for admission to examinations and the required declarations are available on the FSC website.

The documents for the examinations, which will be held on 28 May 2022 (Saturday) and 29 May 2022 (Sunday), are submitted in the period from 21 February 2022 (Monday) to 21 April 2022 (Thursday) inclusive.

The application must indicate the e-mail address to which messages on the open procedure for admission to the examination will be sent.

Applications for admission to the examination for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser, submitted after the announced deadline for submission of applications for admission to the upcoming examinations will not be considered.

At its meeting held on 17.02.2022, the Financial Supervision Commission decided under Protocol No. 14 of 17.02.2022 to conduct examinations for acquiring the right to exercise activity as a broker of financial instruments and as an investment adviser and set dates for these examinations on 28.05.2022 (Saturday) and 29.05.2022 (Sunday), respectively, approved the Procedure for conducting examinations for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser, Thematic synopsis for the examination for acquiring the right to exercise activity as a broker of financial instruments and Thematic synopsis for the examination for acquiring the right to exercise activity as an investment adviser.

Following the publication of the thematic syllabi, the FSC received inquiries regarding the scope of certain topics in the thematic syllabi, and in particular regarding the topic related to the regulation of the financial market in Bulgaria. In this regard, for the purpose of clear and unambiguous understanding of the content and scope of the topics included in the thematic syllabus of the examination for acquiring the right to exercise activity as an investment adviser, at its meeting held on 24.02.2022, the Financial Supervision Commission decided on Protocol No. 15 of 24.02.2022 for amendment in the Thematic syllabus of the examination for acquiring the right to exercise activity as an investment adviser, adopted by decision on Protocol No.14 of 17.02.2022 at a meeting of the Financial Supervision Commission. The following changes have been made in the amended thematic syllabus:

– A new topic entitled „Regulation of the financial market in Bulgaria“ with a weight of 10% in the examination is added and it is differentiated as part Three of the syllabus;

– In connection with the previous amendment, the numbering of the parts of the syllabus is updated, as well as the weight is reduced from 15% to 10% on two other topics in the thematic syllabus for the examination for acquiring the right to practice as an investment adviser.

The syllabi and the procedure for conducting examinations for acquiring the right to exercise activity as a broker of financial instruments or as an investment adviser are published on the official website of the Financial Supervision Commission, in the section “Investment Activity”, “Legal capacity examinations”, “Examinations for broker of financial instruments and investment adviser”.

The examinations for the right to exercise activity as a broker of financial instruments and as an investment adviser were held on 25 and 26 September 2021.

On September 25, 2021, 17 people took the examination for acquiring the right to exercise activity as a broker of financial instruments, with 21 candidates admitted.

On September 26, 2021, 25 people took the examination for acquiring the right to exercise activity as an investment adviser, with 29 candidates admitted.

The examination papers of the candidates who took the exams will be graded by the examination commission by 8 October 2021. The results of the examinations will be published on the website of the Financial Supervision Commission in compliance with the rules of personal data protection and the names of the successful candidates will be published.

The European Securities and Markets Authority (ESMA) has published its annual Public Statement setting out European common enforcement priorities for the 2021 Annual Financial Statements of issuers whose securities are admitted to trading on a regulated market.

* A Bulgarian translation of ESMA’s Guidelines on Alternative Performance Measures (APMs) can be found on the FSC website: www.fsc.bg, section Legislation / Guidelines and recommendations of the European Supervisory Authorities / ESMA.

Issuers and their auditors should take into account the main issues addressed in ESMA’s public statement when preparing and auditing the annual financial statements (AFSs) of issuers and public companies for 2021.

ESMA and national competent regulators will ensure compliance with the specific requirements set out above in the presentation of financial statements by public companies and issuers. Appropriate measures will be taken in case of significant discrepancies.

The statement is published on ESMA’s website and can be accessed here.

A translation into Bulgarian of the text of the public statement can be found on the FSC website www.fsc.bg, section European Affairs / EU News / Notices.

In connection with the application of Art. 73, Art. 75, Art. 76, para. 1, Art. 77, para. 1 and Art. 156, para. 1 of Ordinance No. 44 of 20.10.2011 on the requirements for the activity of collective investment schemes, management companies, national investment funds and alternative investment fund managers, in connection with Art. 64, para. 2 and Art. 92, para. 1 and 2 of the Collective Investment Schemes and Other Undertakings for Collective Investments Act, updated templates of reports to the financial statements of management companies and collective investment schemes have been approved, as well as a table for presenting summary information on the declared issue values and redemption prices of units of collective investment schemes, together with instructions to it.

The current templates of reports and table are published in the section “Administrative documents”, subsection “Forms and templates”, „Investment activity“.