The Chairman of the FSC, Mr. Boyko Atanasov, opened a round table on “The Green Deal and the Future of Investment and Banking”, organized by VUZF

The Higher School of Insurance and Finance (VUZF) and the Laboratory for Scientific and Applied Research VUZF Lab, together with the Bulgarian Stock Exchange (BSE), organized a round table on “The Green Deal and the Future of Investment and Banking”.

Mr. Boyko Atanasov, Chairman of the Financial Supervision Commission, opened the event. He personally congratulated the organizers and Assoc. Prof. Dr. Grigory Vazov, Rector of the VUZF, for initiating the professional and expert debate, which aims to discuss aspects and expected effects of the Green Deal with the banking and investment community in Bulgaria.

Mr. Atanasov said that “The Green Deal is a huge opportunity for our country, because it can be the catalyst we need to achieve accelerated economic growth and increase the economic level of business and important economic and social processes”. He also noted that on the one hand through the European Green Pact and through the Investment Plan for Sustainable Europe Bulgaria will receive large investments, and on the other hand, the Green Deal will provide stability and sustainability of processes in terms of competitiveness in Europe and nationwide, which will affect energy efficiency. It is through the Green Pact Investment Plan that a framework will be created to facilitate and stimulate public and private investment in the transition to an independent, environmentally friendly and competitive economy.

The FSC Chairman pointed out that “against the background of the turbulent times we live in – times of pandemics, economic crises and inflation, the financial community must be predictable and prepared for the challenges ahead and which we will face tomorrow.”

Mr. Boyko Atanasov also sent a strong message to the participants in the debate that discussion and sharing of various expert points of view will outline the vision, strategies and specific goals for the future of the financial sector as a result of the Green Deal.

The Deputy Chairpersons of the FSC, heads of the Investment Supervision Department and the Insurance Supervision Department, were also special guests at the event. They joined the discussion with the representatives of the investment community on the challenges arising from the implementation of the new regulatory framework related to sustainable finance and the opportunities for creating and offering new financial products. Both Ms. Filipova and Mr. Savov noted that the direction of work is to further the awareness of market participants and investors so that they can review opportunities for sustainable investment. For this reason, the roles of issuers, including insurers in the process of transition to sustainable investment, as well as investment firms and management companies, which will provide the necessary information to their current and potential clients about the prospect of sustainable finance, are particularly important.

The representatives of the FSC expressed confidence that the joint efforts of business and the regulator will achieve the necessary balance between business activities, environmental protection and social aspects to ensure lasting added value for Bulgarian society.

The Chairman of the FSC, Mr. Boyko Atanasov in a special interview for the newspaper 24 Hours

Mr. Boyko Atanasov, Chairman of the Financial Supervision Commission, gave an interview for the newspaper “24 Hours” “I sincerely call for focusing on the very important and stable elements of the FSC’s work over the years,” said Mr. Atanasov, emphasizing the results achieved in the non-banking financial sector – the stability of the pension insurance market, innovation in the insurance market, transparency of the capital market.

The Commission’s main function in the capital sector is to supervise participants and ensure investor security. Mr. Atanasov emphasized that every potential investor must first check the FSC’s website to find out whether the person to whom he will entrust the management of his funds is licensed by the Financial Supervision Commission.

The FSC Chairman stressed that the insurance sector is going through the crisis smoothly and successfully, given the spread of the pandemic and the increased risks in the financial markets.

Regarding the pension insurance market, Mr. Boyko Atanasov shared that “the investment portfolios of the pension funds are well structured and highly diversified. They also have adequate reserves to guarantee the payment of lifelong pensions.”

Mr. Atanasov noted that the FSC coordinated the overall process of preparing and coordinating the National Plan for the introduction of the euro in the non-banking financial sector.

You can read the whole interview here.


	

	


	





		

		
The Chairman of the Financial Supervision Commission, Boyko Atanasov, urgently communicated about the decision to open insolvency proceedings against Certasig – Insurance and Reinsurance Company AD becoming effective
	

	


	
	

		
For the purpose of information and transparency to the Bulgarian public on the case with Certasig-Insurance and Reinsurance Company AD, whose license was revoked by the Insurance Supervision Authority in the Republic of Romania, and in addition to the information already published on the FSC website dated 19.01.2021, the Chairman of the Financial Supervision Commission Boyko Atanasov presented a communication campaign informing the persons who have insurance claims to the company that with a Decision of 14.01.2021 of the Court of Appeal in in Bucharest, the decision to initiate proceedings on the insolvency of Certasig – Insurance and Reinsurance Company AD has been confirmed and has become effective as of 14.01.2021.


According to the information available to the FSC, in accordance with the applicable legislation of the Republic of Romania, insurance contracts concluded with Certasig – Insurance and Reinsurance Company AD continue to be valid after the date of revocation of the company’s license up to 90 days after the court decision for initiating insolvency proceedings becoming effective (15.04.2021) or until one of the following dates – the date of expiration of the contract or the date of its termination by the policyholder through a unilateral notification addressed to the insurance company.


The persons who have claims for insurance compensation in connection with insurance events or for insurance premiums corresponding to the unexpired term of insurance contracts that have been terminated prematurely can file their claims to the Romanian Guarantee Fund for Policyholders in Romania.


Any person who has an insurance claim against the company may submit a justified request to the Guarantee Fund of the Republic of Romania (address: 24 Popa Petre Street, sector 2, Bucharest, e-mail: office@fgaromania.ro and phone: 004.021.211.60.37, 004.021.211.60.73, fax: 004.021.211.60.94. ), as of the date of the decision of the Financial Supervision Authority of the Republic of Romania to revoke the license of Certasig – Insurance and Reinsurance Company AD, but not later than 90 days from the date of the decision becoming effective – 15.04.2021 and in case this right has arisen after the opening of the insolvency proceedings – within 90 days from its occurrence. Claims can be filed directly in the headquarters of the Romanian Guarantee Fund, by post, by e-mail or in other ways that guarantee submission and confirmation of receipt.


more information on the protection provided by the insurance claims guarantee scheme in the Republic of Romania, on the authorized persons and on the procedure under which claims can be made is available at https://asfromania.ro/en/consumers/certasig-information/certasig-guide.


In adherence to the commitment of awareness and transparency made by Mr. Boyko Atanasov, Chairman of the FSC, the Financial Supervision Commission will continue to communicate the relevant information concerning the protection of the rights and interests of the users of insurance services in connection with all subsequent measures against the insurer and its branch in the Republic of Bulgaria on its website: www.fsc.bg.

	

	


	





		

		
The Chairman of FSC participated in the inaugural meeting of the General Board of the European Systemic Risk Board (ESRB) in Frankfurt am Main
	

	


	
	

		
The General Board of the European Systemic Risk Board (ESRB) held its inaugural meeting in Frankfurt am Main today. Attending were 82 Board members, among whom the twenty seven Governors of the national central banks of the EU Member States; the President and the Vice-President of the European Central Bank (ECB); the representative of the European Commission Olli Rhen, EU Commissioner for economic and monetary affairs, the Chairpersons of the three new European Supervisory Authorities; high-ranking representatives of the national supervisory authorities of the Member States and the President of the Economic and Financial Committee (EFC).  
 Bulgaria was represented by Mr. Ivan Iskrov, Governor of the Bulgarian National Bank, Mr. Stoyan Mavrodiev, Chairman of the Financial Supervision Commission and Mrs. Antonia Gineva, member of the Financial Supervision Commission. At the meeting a package of documents was adopted, defining the framework of the ESRB activities, and the work-program for 2011 was approved. Elected were also the members of the ESRB Steering Committee – Mr. Mare Belk, Governor of the Markdown Bank Polka; Mr. Mario Draught, Governor of the Bianca d’Italia; Mr. Athanasios Orphanides, Governor of the Central Bank of Cyprus and Mr. Axel Weber, President of the Deutsche. Mr. Stefan Ingves, Governor of the Sveriges Riksbank was elected Chair of the Advisory Technical Committee. The General Board approved the procedure and criteria for selection of the members of the Advisory Scientific Committee.




The next meeting of the General Board will take place in Frankfurt am Main on 18 March, 2011.



	

	


	





		

		
The Chair of the FSC – Boyko Atanasov opened the Investor Finance Forum 2023
	

	


	
	

		
On November 7, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC), officially opened the annual meeting of the financial and investment community in the region – Investor Finance Forum 2023 (IFF). It is organized for the 12th year in a row by the economic site „Investor.bg“ (Investor.bg).


The conference traditionally brings together leaders, experts and professionals from the fields of banking, finance, FinTech, capital markets, stock exchanges and regulatory authorities. The IFF platform provides an opportunity of exchanging ideas, establishing valuable business contacts and participating in discussions regarding current challenges facing the banking and non-banking financial sector.






Бойко-Атанасов


Бойко Атанасов




„It is my pleasure to participate in the opening of the largest event of the financial and investment community in the region, which is being held for the 12th time in a row.


The past 3 years have been marked by turbulence and cataclysms in almost all spheres of society. All of us – participants in the banking and non-banking financial sectors – FinTech, capital markets, stock exchanges and including regulators had serious topics for consideration in the direction of what is the current situation we are in, what are the challenges we are facing and which of the status quo models used are no longer fully effective. On the other hand, we had and continue to have the task of defining what is our desired situation, what is our vision and horizon for the development of the Bulgarian financial and economic environment. The task before us is to discover the necessary changes not every 2, 3 or 5 years, but every day. Because the more dynamic world we live in, the more technology we handle, the more we have the responsibility to be flexible and adaptable on a daily basis, to make transformations and track their development and impact.


Today, tomorrow, and in the future, decisions are and will be made based on high awareness of every single change in the development of the capital markets, as well as on the basis of the interaction of factors such as economic circumstances, geopolitical events and technological progress.


As I’m sure everyone in this audience knows – technology is a driving force in the design of the financial industry. Yes, it’s changing the capital markets, and artificial intelligence and developments in the IT environment have an increasing role in trading algorithms and risk management.


Technological achievements today are transforming the way capital markets function, offering both opportunities and challenges. Market participants will need to adapt to remain competitive.


I will point out the main task in front of us: technology will continue to develop at an extremely rapid pace, which is why the financial industry has a responsibility to balance innovation, security for consumers and the robust supervision necessary to maintain the integrity of the market. Here is the most important role of the Financial Supervision Commission – to ensure stability and security and support the development of business and services to consumers,“ shared Mr. Atanasov with the conference participants.






Бойко-Атанасов


Бойко Атанасов




The panelists took a macroeconomic view of the situation in Bulgaria and the world, discussed the risks of the recession and the measures to slow down inflation, as well as anticipated the likely next moves of the central banks.


The event continued with the criteria for reporting of the Bulgarian instruments for ESG practices in 2024, the financial business framework, the social aspect of sustainable investments and the transition to a zero carbon footprint. In the panel „Investment companies and ranking of investment funds in our country“, leading investors shared their personal experience, and the „FinTech“ part drew attention to artificial intelligence, cyber security and open banking. The finale of the emblematic forum was dedicated to active investments.


All the topics presented were a testament to the importance of partnership, innovation and knowledge sharing in shaping the future financial ecosystem, where the Financial Supervision Commission, in its capacity as regulator of the non-banking financial sector, continues to play a multi-faceted role in creating a conducive business environment in Bulgaria.
	

	


	





		

		
The Chair of the Financial Supervision Commission – Boyko Atanasov launched the 20th anniversary edition of the educational program for students „The non-banking financial sector in Bulgaria“
	

	


	
	

		
On October 21, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC) opened the 20th edition of the educational program for students „The non-banking financial sector in Bulgaria“. The traditional initiative is organized in partnership with the Ministry of Education and Science (MES) and the Atanas Burov Foundation. In the anniversary edition of the event, 22 students from vocational schools with an economic and financial profile from the cities of Blagoevgrad, Gorna Oryahovitsa, Varna, Kyustendil, Plovdiv, Sofia, Burgas, Stara Zagora, Veliko Tarnovo, Shumen, Gotse Delchev, Sliven, Smolyan will take part. , Montana, Silistra, Petrich, Kardzhali, Ruse, Varna, Yambol and Dryanovo.


The educational program is unique in Bulgaria. In its anniversary edition, it presents a balanced content between online-based presentations and virtual interactions, dedicated to the pension insurance, insurance and capital market, with speakers – FSC experts and business representatives.




Откриване Образователна програма Буров снимка 1 1




„I am honored to launch the 20th anniversary edition of the program, the focus of which is to increase the financial literacy of society. The sustainability of the program, its 20-year history, speaks of consistency, of commitment and, above all, of our responsibility to the generation that grows and is educated in the challenging environment of digitization and innovation.“ shared Mr. Atanasov.


During the training, students and their teachers will learn about the three-pillar model of pension insurance, the development of the insurance market in Bulgaria, the mechanisms for consumer protection, the types of insurance and insurance supervision. The capital market and stock exchange trading are also part of the program during which the topic of the digital field of safe investing is presented, as well as the ways in which investors are protected.


To make the content even richer and more comprehensive, in sync with the latest trends in the non-banking financial sector, in 2022, lectures on fintech business models, prevention of money laundering and terrorist financing, the “green deal”, cyber security and cryptocurrencies and more.


„I believe that the shared experience of the experts with whom you will work will help you to be more responsible for your finances, to be drivers of change, but above all with the awareness of financial culture, to have the confidence and courage to pursue your dreams you are.“ said  Mr. Boyko Atanasov in his address to the participants.


The program continues until the middle of November, when all students will receive a certificate for their participation in the educational initiative.

	

	


	





		

		
The Bulgarian Financial Supervision Commission (FSC) warns potential investors
	

	


	
	

		

	



		The Bulgarian Financial Supervision Commission (FSC) warns potential investors that Infinitrade operating via www.infinitrade.com is not licensed to act as investment intermediary and is not not entitled to carry out investment services and/or investment activities on the territory of the Republic of Bulgaria



		 





	The Financial Supervision Commission (FSC) warns potential investors and the public that Infinitrade operating via www.infinitrade.com and related company “A & E Products“ LTD. have not been granted any licence for acting as investment intermediaries. Therefore, those companies are not entitled to carry out investment services and/or investment activities on the territory of the Republic of Bulgaria; neither they are authorised to receive any funds on their bank accounts for the purpose of investing them in financial instruments. 



	The FSC warns potential investors that before transferring funds they should always check the FSC’s website to make sure that the company they are dealing with has all permissions for the regulated services and activities. 



	To find an up-to-date list of companies that are not licensed to perform investment activities please click here 



	Further, potential investors can check for warnings about possible scams the sites of:



	–          ESMA – https://www.esma.europa.eu/investor-corner/warning-and-publications-investors/, and 



	–          International Organization of Securities Commission (IOSCO) – www.iosco.org/investor_protection/?subsection=investor_alerts_portal.



	

	

	


	





		

		
The application of the Short Selling Regulation has begun since 1 November 2012
	

	


	
	

		

	Since 1 November 2012 the application of the Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (the Regulation) has commenced.



	In the Regulation and its implementing acts there are requirements for information disclosure to national competent authorities by natural and legal persons having net short positions in relation to issued share capital of an entity, whose shares have been admitted to trading. The notification threshold, as stated in art. 5 of the Regulation, is 0.2 % of the issued share capital of the relevant entity and each 0.1 % above this percent.



	The requirement for disclosure to the national competent authority comes into force on the first day following the day of starting applying the Regulation, i.e. on 2 November 2012. The relevant time for calculation of a net short position is at midnight at the end of the trading day on which the natural or legal person holds the relevant position. The disclosure is made not later than 15.30 on the following trading day.



	With regard to the Regulation a new section on the FSC’s website was created – Short selling – http://www.fsc.bg/en/registers-and-checks/short-selling/notification-templates/ . The texts of the main Regulation and the Deledated Regulations in Bulgarian and in English were published in this section. In accordance with the accepted in the Delegated Regulations formats for information disclosure the FSC has prepared and published notification templates in .xls format in Short Selling Section. These templates have to be sent to the national supervisor by persons having net short position in shares of at least 0.2 %.



	The notifications should:

	– be sent to the following e-mail address: delovodstvo@fsc.bg, signed with electronic signature; or 

	– be sent by post mail, accompanied by a durable medium (containing .xls file); or

	– be submitted in the FSC premises, accompanied by a durable medium.



	The Regulation contains provisions for public disclosure of information regarding the net short positions of natural and legal persons in respect of the issued share capital of the entity whose shares are admitted to trading. In this case the threshold, according to art. 21 of the European Commission Delegated Regulation № 918/2012 of 5 July 2012 supplementing Regulation № 236/2012, is 0.5 % of the issued share capital of the entity and each 0.1% above this percent.



	Notification templates for public disclosure of information can be found in the Short Selling Section / Notification templates. They should: 

	– be sent to the email address: delovodstvo@fsc.bg , signed with electronic signature; or

	– be sent by post mail, accompanied by a durable medium (containing .xls file); or

	– be submitted in the FSC premises, accompanied by a durable medium.



	Public disclosure will be made by the FSC in Short Selling Section / Information on significant net short positions in shares.

	Information regarding the obligation for information disclosure by natural or legal persons of significant net short positions in sovereign debt and of uncovered positions in sovereign credit default swaps might be found on internet page of the Bulgarian Ministry of Finance: http://www.minfin.bg/en/page/819.

	

	


	







		

		
The 3rd Meeting of the Euroins Insurance Group College of Supervisors took place
	

	


	
	

		
On December 11th and 12th, a meeting of the Euroins Insurance Group College of Supervisors was held at the premises of the Financial Supervision Commission (FSC) in Sofia for the third consecutive year. 
The first (closed) session of the supervisors was attended by representatives of the European Insurance and Occupational Pensions Authority (EIOPA), the Romanian Insurance Supervisory Commission, the Insurance Supervisory Agency of Macedonia, and FSC experts from the Insurance Supervision Division and the International Cooperation Directorate. At the session, the results of the operation of the Group and its subsidiaries in Romania and Macedonia in 2012 were discussed, and some recent legislative changes were announced.
On the second day, which was held in an open format, representatives of Euroins Insurance Group Ltd., Bulgaria made a presentation on the position and the future plans of the Group in connection with the forthcoming introduction of the EU Solvency II Directive.
Following the presentations and discussions, conclusions were made and appropriate measures for 2013 were identified.
The official representative of EIOPA, Ms. Rita Szep, expressed her satisfaction from the meeting held by the Supervisory College. She emphasized the excellent cooperation and the significant results in the exchange of information and experience between the three authorities. She also made some recommendations and welcomed the efforts made by the Management and the personnel of Euroins Insurance Group Ltd., Bulgaria to strengthen the holding, to expand its market share, and to bring its operation in line with the EU requirements.


According to the Statute of EIOPA, one of its functions is to monitor the annual meetings and to coordinate the activity of the supervisory colleges for cross-border insurance groups.