STATEMENT BY FSC

Invitation for independent external reviewers
for the Asset Quality Review of the Bulgarian pension funds sector and Balance sheet review of the Bulgarian insurance sector
 
The Financial Supervision Commission (FSC) is publishing new invitations for independent external reviewers on its website with a new deadline (March 31, 2016) for providing applications.
 
This new request for calls follows the assessment by the Steering Committee (SC) – composed by the members – the FSC and the European Insurance and Occupational Pensions Authority (EIOPA), and the observers – the European Commission (EC), the European Securities and Markets Authority (ESMA), the Bulgarian Ministry of Finance and the Bulgarian National Bank – of the current availability of resources within the firms which replied to the first call for independent external reviewers. It was noted that the capacity proposed does not match the needs for reviewing the insurance and pension fund sectors, as reviewers are currently busy with the statutory auditing and, for some of them, with the review in the banking sector.
 
Accordingly, the SC recommended to the FSC to postpone the start of the three-month data collection exercise by reviewers to July 15 instead of April 1, 2016. The date for publication of the results will be December 1 instead of August 15, 2016.
 
The cut-off date for the reviews in both sectors is changed to June 30, 2016.
 
An independent external reviewer, which already has submitted a proposal with regard to the previous invitation of the FSC for the same tasks and which wishes to participate in the selection pursuant to the present invitation, must within the above deadline for submission of proposal notify the FSC of its wish to participate in the selection and does not have to submit the documents which the FSC has at its disposal. The new invitations include minor changes and further clarifications compared with the previous invitations.

The full text of the two invitations is available at the following internet address: in Bulgarian and English

SOLVENCY II IS GOING LIVE

All stakeholders including consumers will benefit from the new risk-based regime
Solvency II is a modern, robust and proportionate supervisory framework

 

As of 1 January 2016 the new risk-based European supervisory framework for insurance – Solvency II – has become applicable.

Solvency II will result in a paradigm shift in companies’ risk cultures. Well capitalised insurers will enable the sector to withstand unforeseen shocks. By fostering good governance and risk management, Solvency II will enhance protection of consumers of insurance products. Harmonised reporting and disclosure will provide supervisors with key information and enable their timely action. The new regime will however not be a burden for smaller companies, thanks to its proportionality principles.

Gabriel Bernardino, Chairman of EIOPA, said: “Without a risk-based approach the European insurance supervision would be lagging behind international trends . Now with Solvency II a modern, robust and proportionate supervisory regime will be implemented. This is a huge step forward for enhanced policyholder protection and the single European insurance market.
Solvency II is the result of productive political and legislative negotiations over many years by the European Parliament, Commission and Council. But it also reflects the work of EIOPA’s Board of Supervisors, which always kept the momentum to ensure preparations for Solvency II could be undertaken in timely fashion. With the efforts of the National Competent Authorities (NCAs), Solvency II can now become reality in each Member State.
Also on the side of the insurance and reinsurance companies hard work was done and the good level of preparedness for Solvency II is a sign of their success.
However, this is not a time for complacency. The regulatory phase of the journey is ending. Now EIOPA starts a new journey – towards consistent and convergent implementation of Solvency II across Europe.”

A new section “Solvency II – going live!” https://eiopa.europa.eu/Pages/Supervision/Insurance/Solvency-II-Going-Live.aspx has been launched on EIOPA’s website to explain the benefits of the new framework for European citizens and the EU economy.

Sofiaplast AD is not public company anymore

Company Sofiaplast AD has been deleted from the public register of the Commission in compliance with  the decision of the Head of Investment Activity Supervision Division – Dimana Rankova.

Social Insurance Supervision Division has announced the results of the activity of the supplementary social insurance for the first 9 months of year 2004

 

 

 

 

 

The total sum of the net assets till 30th September, 2004 accumulated by all three types of pension funds – voluntary, occupational, and universal– amounts to BGN 682 417 000, which is 25 % more compared to the results at the end of year 2003. The number of the social insured persons for the same period has reached 2 636 090 persons.

 

Social Insurance Supervision Division has announced the final results of the activity of the supplementary social insurance for the year 2003

The total sum of the net assets, accumulated by the all three types of pension funds – occupational, universal and voluntary – amounts to BGN 510 544 000, which is 53.55% more compared to the results of the previous year 2002. As of the end of the year 2003 the number of the social insured persons has increased with 27.18% compared to the year 2002 and  reached 2 294 966  persons.


 

Share issue of Special Investment Purposes Company “BenchMark Fund Property” registered

The Commission registered with its public register share issue of “BenchMark Fund Property”. The initial public offering of shares of this issue has been successfully completed, and the share issue is to be traded on the stock exchange.

The share issue has the following characteristics :

Issuer : Special Investment Purposes Company “BenchMark Fund Property”
Type of securities: ordinary, dematerialized, fully transferable, voting shares
Size of the issue: 150 000 shares
Nominal value:  BGN 1  per bond

Share issue of Sopharma has been registered

The Commission registered with its register of public companies and other issuers the following issue of securities :
Public company : Sofarma AD, Sofia
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue: 60 000 000 shares
Nominal value: BGN 1 per share

Share issue of “Sistemi za teleobrabotki i mrezhi” AD registered

FSC registered with its register of public companies and other issuers the following issue of securities.
Issuer: Sistemi za teleobrabotki i mrezhi AD, Veliko Tarnovo
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue: 419 564 shares
Nominal value: BGN 1
The share issue is a result of the increase of the company’s capital.

Share issue of “TBI BAC – Property“ registered with the Commission

FSC registered with its register of public companies and other issuers the following issue of securities:
Issuer: Special Investment Purposes Company “TBI BAC – Property“ 
Type of securities: ordinary, dematerialized, fully transferable shares
Size of the issue: 150 000 shares
Nominal value: BGN 1 each

The initial public offering of the described issue has been successfully completed. The issue will be traded on the stock exchange.