Annoncement – OneCoin

The FSC informs the potential investors and consumers on the Internet that the activities related to acquisition, trading and settlement with OneCoin are not regulated by the acting European and national legislation in the area of the capital markets. Currently, OneCoin or other virtual currencies are not recognized and are not considered financial instruments under the MFIA and the requirements of the MFIA are not applied to them.
Potential investors and consumers should note that investment in such crypto currencies which already exceed 400 different types is associated with a high risk. In case the organizer of such an activity becomes insolvent, the individuals are not subject of compensation by the Investors Compensation Fund.

An updated Program for Consumer Protection in the Non-Banking Financial Sector for the Period 2021-2024 was adopted at a meeting of the FSC

The protection of consumers of financial products and services in the non-banking financial sector is one of the statutory objectives of the FSC. The program reflects the set priorities and the main strategic goal of the EU, namely the consumer protection policy related to improving the quality of life of European citizens. The program is aimed at establishing the proper functioning of the single internal market and at the same time – effective protection of consumers’ financial interests. It is therefore important that consumers have access to information about the people who provide the services, the products they offer, and the risks associated with them.

Amendments to the Ordinance N9 adopted

FSC adopted amendments to the Ordinance N9 on the method  and the system for assessment  of the assets and  liabilities of the funds of supplementary pension insurance and of the pension insurance company, for the value of the net assets of the fund, for calculation and announcement of the value of one lot and for the requirements for management of the individual accounts.

Amendments to the Instructions for Implementation of Ordinance N2 on Prospectuses for Public Offering of Securities and Information Disclosure approved

The Commission has approved amendments to the Instructions for Implementation of Ordinance N2 on Prospectuses for Public Offering of Securities and Information Disclosure. The amendments concern the rules for sale of companies, which are appointed by the Privatization Agency to be privatized through the method of “public offering of securities “.

Amendments to the FSC Ordinance N3 adopted

The Commission adopted amendments to the Ordinance N3 for the methods for change of participation and transfer of the accumulated sums of an insured person from one supplementary social insurance fund to a relevant fund managed by other social insurance company.

Amendments to Ordinance N 6 adopted

The Commission adopted amendments to Ordinance N 6 from Oct 22, 2003 for the capital adequacy and the liquidity of the investment intermediaries.


 

Amendments to Ordinance N 4 on the obligatory insurance

FSC adopted amendments to  Ordinance N 4 on the obligatory insurance. According to the amendments the insurance companies are forbidden to provide any goods, services or discounts which are not part of approved by the supervisory body general conditions, tariff and technical plan of the insurance.

FSC also adopted instructions for implementation of par. 129, art.1, item 3  and par. 201, art.1, item 1  from the Social Insurance Code.

Amendments to Ordinance N 12

FSC adopted amendments to  Ordinance N 12 on the method and system for assessment of the minimal return  on the assets of supplementary obligatory pension insurance funds; for covering the difference up to the minimal return, and for forming and using the reserves in order to guarantee minimal return

FSC also adopted instructions under par. 13, art.1, item 1 from LPOS related to par. 170, art.1 from the Social Insurance Code.

AIG Life Bulgaria permitted to invest reserves abroad

Nuredin Kafelov, Member of the FSC, Head of Insurance Supervision Division, gave a permission to AIG Life Bulgaria to invest insurance reserves of the insurances denominated in EURO in government securities abroad. The insurance company can invest up to 100 % in government bonds, issued by European governments having  S&P rating “A” or higher, and up to 20% in corporate securities (bonds) with rating “A+” or higher.
In order to guarantee the rights and interest of the insured persons AIG Life Bulgaria must submit with the FSC monthly reports providing information on the premium income, on the amount of the insurance reserves of the insurances denominated in EURO, as well data  about the investment portfolio, formed as a result of the investments made abroad.