Announcement for opening liquidation proceedings of IC EUROAMERICAN AD

 At its meeting on 11.03.2021, the FSC adopted Decision No. 123 – ОЗ of 11.03.2021 on initiating proceedings for compulsory liquidation of IC EUROAMERICAN AD, UIC 124634117, and the Guarantee Fund was designated as liquidator of the insurer with revoked license. The decision is available on the FSC website in the section Administrative Documents, Decisions, 2021, March.

 By Decision No. 1309 – ОЗ of 17.12.2019 the FSC revoked the license for insurance of IC EUROAMERICAN AD, UIC 124634117, issued by Decision No. 238-03 of 27.02.2014 of the FSC, and appointed a conservator of the company. The same decision prohibits the free disposal of assets by IC EUROAMERICAN AD until the commencement of liquidation or insolvency proceedings, as well as the conclusion of new insurance contracts for all classes of insurance for a period of 6 months from the date of issuance of the decision. Decision No. 1309 – ОЗ of 17.12.2019 became effective on 17.02.2021, when Decision No. 2111 / 17.02.2021 under Administrative case No. 9509/2020 according to the inventory of the Supreme Administrative Court, Seventh Department maintained Decision No. 563/19.06.2020 under Administrative case No. 47/2020 according to the inventory of the Sofia District Administrative Court, which rejected the appeal of the insurer against Decision No. 1309 – ОЗ of 17.12.2019 of the FSC.

 Decision No. 1309 – ОЗ of 17.12.2019 of the FSC becoming effective is grounds to proceed to the compulsory termination of IC EUROAMERICAN AD under Art. 602, para. 1, item 2 of the IC, as the revocation of the insurer’s license is based on Art. 40, para. 2, item 2, 4 and 8 of the IC.

Announcement for conducting an examination for professional qualification of insurance brokers

The Financial Supervision Commission (FSC) informs all interested parties that at its meeting held on 05.10.2021 a decision was made to conduct an examination for professional qualification of insurance brokers in accordance with Ordinance No. 28 of 10.05.2006 of the FSC on the terms and procedure for conducting an examination for the professional qualification of insurance brokers and for the recognition of a qualification acquired in a Member State and for the registration of vocational training materials.

The examination will be held on 27 November 2021.

By 20.10.2021, the interested persons should submit an application for admission to the examination according to an approved template, together with the appendices under Art. 3, para. 2 of Ordinance No. 28 of 10.05.2006, namely: police clearance certificate or other similar document certifying the circumstances under Art. 303, para. 1, item 1 of the IC; a notarized copy of a diploma of higher education obtained in the country, respectively a legalized translation of a diploma of higher education obtained in a higher school outside the Republic of Bulgaria, to certify the circumstances under Art. 303, para. 2 of the IC and a declaration of the circumstances under Art. 303, para. 1, items 2 – 4 of the IC, according to a template.

Applications can be submitted every working day at the FSC office or signed with an electronic signature at the following e-mail address: delovodstvo@fsc.bg. A fee in the amount of BGN 450.00 (four hundred and fifty) shall be paid for taking the exam, based on Section I, item VI, line 15 in connection with Section IV, item IV of the Tariff of Fees Collected by the FSC under the Financial Supervision Commission Act, to the following bank account: IBAN: BG 95 BNBG 9661 3000 1415 01, BIC of BNB -Central office: BNBGBGSD.

The topics covered by the examination are published on the FSC’s website, in the section “Supervised entities”, “Qualification examinations”, “Insurance brokers examinations”, where the list of admitted candidates will be announced, as well as all other announcements related to the conduct on this exam.

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.

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.