Dimana Rankova, Deputy Chairman of FSC, Head of Investment Supervision Division, obligated the management body of Bulvesta Holding to undertake actions in order to register its share issue for trading on the stock exchange.
Brokers’ licenses revoked
The Commission revoked the licenses of the following brokers:
Vesselin Petrov
Slavcho Rananski
Todor Levenov
Broker’s license revoked
The Commission revoked the broker’s license of Dimitar Atanasov
Broker’s license revoked
The Commission revoked the broker’s license of Lyubomir Peynovsky.
Boyko Atanassov is the New Chairman of the Financial Supervision Commission
On the 15 of March 2019 the 44-th National Assembly chose Mr. Boyko Atanassov by voting for becoming Chairman of the Financial Supervision Commission (FSC).The choice was made unanimously by 134 (one hundred and thirty-four) deputies who were present.
During the sitting of the Committee on Budget and Finance which took place on the 13 of March Mr. Boyko Atanassov presented his Conception of the FSC development. The main goals which he set before the regulatory authority encompass composing of steady staff of professionals, transparent and timely communication with the public and most of all – the implementation of exquisitely strict supervision of the superintended persons in the three main areas regulated by the Commission – capital markets, insurance services sphere and market for supplementary pension insurance.
During his introduction Mr. Atanassov emphasized the utmost importance of the make-up a repute of the FSC as steady, unbiased and independent regulatory authority by means of communication campaigns and open public dialogue. The Commission will attempt to build-up communicativeness in all levels, as well as active contacts with the entrepreneurs through regular meetings and discussions.
As regards the insurance sector, Mr. Boyko Atanassov indicated that it was intended to start requiring of the Bulgarian insurers to keep adequate level of reserves through meeting the solvency capital requirements set in the legislation. Actions necessary for strengthening the compensation mechanisms of the Bulgarian insurance system will be taken too.
One of the goals pursued will be to overcome the consequences of the failure of the Cypriot insurance company Olympic, as well as those of the monitoring of the National Bureau of Bulgarian Motor Insurers.
A priority for Mr. Atanassov will be the reduction of administrative burden through enabling the digitalization of services offered by the FSC. The purpose of the institution shall be to provide rapid and qualitative services in its regulatory activity, as well as to guarantee the transparency in its supervisory one.
An accent was put on the improvement of existing and the provision of new electronic services. Apart from digitalization of services, the consumers’ protection will also be put into effect by means of financial education, trainings in various professional groups and superintended persons, and explanatory campaigns amongst the general public.
“My understanding is that preventive measures through active regulation have to be taken, instead of reacting to crisis events. I do believe that by the use of proper communication the FSC could be represented as authority which works according to its strategic plan for development based on its key criteria for success. To the most important results which I shall aspire towards belongs the transformation of our good repute into guarantee for the trust of the entrepreneurs and the supervised persons.
I declare my intention on the part of the FSC to keep on taking subsequent actions and improving its practices in relation to the implementation risk-based supervision over the non-banking financial sector. The latter presupposes early risk identification and is crucial prerequisite for the stability of the financial markets”, Mr. Atanassov said in conclusion.
After the ballot was completed, Mr. Atanassov swore oath in the presence of the deputies and expressed his gratitude for their confidence.
One of the goals pursued will be to overcome the consequences of the failure of the Cypriot insurance company Olympic, as well as those of the monitoring of the National Bureau of Bulgarian Motor Insurers.
A priority for Mr. Atanassov will be the reduction of administrative burden through enabling the digitalization of services offered by the FSC. The purpose of the institution shall be to provide rapid and qualitative services in its regulatory activity, as well as to guarantee the transparency in its supervisory one.
An accent was put on the improvement of existing and the provision of new electronic services. Apart from digitalization of services, the consumers’ protection will also be put into effect by means of financial education, trainings in various professional groups and superintended persons, and explanatory campaigns amongst the general public.
“My understanding is that preventive measures through active regulation have to be taken, instead of reacting to crisis events. I do believe that by the use of proper communication the FSC could be represented as authority which works according to its strategic plan for development based on its key criteria for success. To the most important results which I shall aspire towards belongs the transformation of our good repute into guarantee for the trust of the entrepreneurs and the supervised persons.
I declare my intention on the part of the FSC to keep on taking subsequent actions and improving its practices in relation to the implementation risk-based supervision over the non-banking financial sector. The latter presupposes early risk identification and is crucial prerequisite for the stability of the financial markets”, Mr. Atanassov said in conclusion.
After the ballot was completed, Mr. Atanassov swore oath in the presence of the deputies and expressed his gratitude for their confidence.
BOYKO ATANASSOV IS THE NEW CHAIRMAN OF THE FINANCIAL SUPERVISION COMMISSION
On the 15 of March 2019 the 44-th National Assembly chose Mr. Boyko Atanassov by voting for becoming Chairman of the Financial Supervision Commission (FSC).
The choice was made unanimously by 134 (one hundred and thirty-four) deputies who were present.
During the sitting of the Committee on Budget and Finance which took place on the 13 of March Mr. Boyko Atanassov presented his Conception of the FSC development. The main goals which he set before the regulatory authority encompass composing of steady staff of professionals, transparent and timely communication with the public and most of all – the implementation of exquisitely strict supervision of the superintended persons in the three main areas regulated by the Commission – capital markets, insurance services sphere and market for supplementary pension insurance.
During his introduction Mr. Atanassov emphasized the utmost importance of the make-up a repute of the FSC as steady, unbiased and independent regulatory authority by means of communication campaigns and open public dialogue. The Commission will attempt to build-up communicativeness in all levels, as well as active contacts with the entrepreneurs through regular meetings and discussions.
As regards the insurance sector, Mr. Boyko Atanassov indicated that it was intended to start requiring of the Bulgarian insurers to keep adequate level of reserves through meeting the solvency capital requirements set in the legislation. Actions necessary for strengthening the compensation mechanisms of the Bulgarian insurance system will be taken too.
One of the goals pursued will be to overcome the consequences of the failure of the Cypriot insurance company Olympic, as well as those of the monitoring of the National Bureau of Bulgarian Motor Insurers.
A priority for Mr. Atanassov will be the reduction of administrative burden through enabling the digitalization of services offered by the FSC. The purpose of the institution shall be to provide rapid and qualitative services in its regulatory activity, as well as to guarantee the transparency in its supervisory one.
An accent was put on the improvement of existing and the provision of new electronic services. Apart from digitalization of services, the consumers’ protection will also be put into effect by means of financial education, trainings in various professional groups and superintended persons, and explanatory campaigns amongst the general public.
“My understanding is that preventive measures through active regulation have to be taken, instead of reacting to crisis events. I do believe that by the use of proper communication the FSC could be represented as authority which works according to its strategic plan for development based on its key criteria for success. To the most important results which I shall aspire towards belongs the transformation of our good repute into guarantee for the trust of the entrepreneurs and the supervised persons.
I declare my intention on the part of the FSC to keep on taking subsequent actions and improving its practices in relation to the implementation risk-based supervision over the non-banking financial sector. The latter presupposes early risk identification and is crucial prerequisite for the stability of the financial markets”, Mr. Atanassov said in conclusion.
After the ballot was completed, Mr. Atanassov swore an oath in the presence of the deputies and expressed his gratitude for their confidence.
Boyko Atanasov, Chairman of the Financial Supervision Commission, organizes an online meeting with investment firms on the occasion of new legislation on prudential supervision in the sector becoming effective
The Financial Supervision Commission will organize an online meeting with investment firms on the occasion of the entry into force of new legislation on prudential supervision of investment firms, established in Regulation (EU) 2019/2033 and Directive (EU) 2019/2034, and in order to facilitate the bringing of Bulgarian investment firms in line with the applicable requirements. The main aspects of the new legal framework will be presented at the meeting, as well as specific issues related to the implementation of the new framework will be discussed.
The event will take place on 28 July 2021 /Wednesday/, at 10:00 h through the Microsoft Teams platform.
You can confirm your participation by e-mail: a.boteva@fsc.bg, no later than 26 July 2021
After confirming your participation you will receive a link to the event.
Boyko Atanasov – Chair of the Financial Supervision Commission, presented the prize in the „Young Auditor“ contest
By special invitation of the organizers from the Higher School of Insurance and Finance (VUZF) and the auditing companies „HLB Bulgaria“ and „Zaharinova Nexia“, Mr. Boyko Atanasov, Chair of the Financial Supervision Commission, was among the official guests of the 12th edition of national audit contest „Young Auditor“. The competition distinguishes students from all over the country, with an interest in the auditing profession, as well as traditionally popularizes it among the whole society.
“I admire the 12 years of effort to give recognition to the auditing profession. The audit is a key element in the financial sphere, in particular, in the non-banking financial sector, and the functioning of the entire system is unthinkable without it“, said the Chair of the Financial Supervision Commission addressing the organizers.
Mr. Boyko Atanasov presented the prize to the student who won first place in the contest. He addressed all the participants with the words: „Be strong, be brave, don’t be satisfied with what you have achieved today and remember that without extra effort, success is not possible. Good luck!“.
Among the special guests of the „Young Auditor“ contest were Ms. Gorica Kozhareva – Chair of the Bulgarian National Audit Office, His Eminence Bishop Pachomius of Branitsa – Rector of the Sofia Theological Seminary, Mr. Vladimir Savov – Deputy Chair in charge of the Insurance Supervision Division in the Financial Supervision Commission, Mr. Genko Nikolov – Secretary General of the Commission for Public Oversight of Statutory Auditors, Mr. Boyko Kostov – Chair of the Institute of Certified Public Accountants in Bulgaria, Mr. Stefan Belchev – Director of the Public Financial Inspection Agency and Ms. Stefka Stoeva – former constitutional judge.
In 2023, more than 50 students from 12 universities in the country took part in the contest, among them the Higher School of Insurance and Finance (VUZF), Sofia University „St. Kliment Ohridski“, University of National and World Economy (UNWE), D. A. Tsenov Academy of Economics, University of Economics – Varna, Varna Free University „Chernorizets Hrabar“, Burgas Free University, South-West University „Neofit Rilski“, New Bulgarian University, Paisii Hilendarski University of Plovdiv.
The event ended with a speech towards the students and guests by Denislav Georgiev – the winner of the 2022 contest.
Border control for Third Party Liability Insurance and Green Card in respect of cars from the Republic of Montenegro waived
The Official Journal of the European Union of 13.07.2021 published a decision of the European Commission (EC) 2021/1145 of 30.06.2021, stating that on 06.01.2021 an Annex to the Multilateral Agreement between The National Offices of the EU Member States, the National Offices of the Principality of Andorra, Bosnia and Herzegovina, the Principality of Liechtenstein, the Kingdom of Norway, the Republic of Serbia, the Swiss Confederation, the United Kingdom and the National Office of the Republic of Montenegro pursuant to Art. Article 8 (1), second subparagraph, of Directive 2009/103/EC of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability (Directive 2009/103/EC).
In accordance with the agreement, the national offices of all Member States individually shall ensure (in accordance with the provisions of their national legislation in the field of compulsory insurance) the settlement of claims in connection with insurance events in their territory caused by such vehicles normally located on the territory of the Republic of Montenegro.
In connection with the above, the Republic of Montenegro acquires the status of an associated country to the International Agreement and pursuant to Art. 8 (2) of Directive 2009/103/EC, as of 02.08.2021, all cars registered in the Republic of Montenegro have the right to enter the territory of the EU Member States, incl. and the Republic of Bulgaria, without providing data on the available Third Party Liability Insurance and the Green Card Certificate. Therefore the border control for Third Party Liability Insurance and Green Card certificate in respect of cars from the Republic of Montenegro is waived.
The European Commission’s decision also applies to cars registered in the United Kingdom of Great Britain and Northern Ireland, as that country remains a party to the Multilateral Agreement.
Bonds issue of Municipality of Dobrich registered
The Commission approved prospectus for secondary public offering of bonds issued by municipality of Dobrich. The bonds issue has the following characteristics :
Issuer : Municipality of Dobrich
Type of securities: ordinary, dematerialized, fully transferable, interest – bearing, collateral bonds
Size of the issue: 2 600 bonds
Nominal value: Euro 1000 per bond
Annual interest rate : 6.86%
Term to maturity : 60 months
Payments : 10 payments