Financial Supervision Commission – Bulgaria

The Financial Supervision Commission (FSC) is the regulatory body overseeing Bulgaria’s non-banking financial sector. Established on March 1, 2003, under the Financial Supervision Commission Act, the FSC operates independently from the executive authority and reports its activities to the National Assembly of the Republic of Bulgaria.

Key Functions and Responsibilities

• Regulatory Supervision: The FSC regulates and supervises the capital markets, insurance market, health insurance market, and pension insurance market in Bulgaria. Its regulatory activities include drafting and adopting regulations, issuing guidelines, and ensuring compliance with European and national financial laws.
• Consumer Protection: A core mission of the FSC is to protect consumers by maintaining stability and transparency in the non-banking financial sector. This includes monitoring the financial status of companies and the reliability of the information they provide.
• Market Integrity: The FSC enforces legal standards to prevent financial misconduct, ensuring the integrity and proper functioning of financial markets. It imposes sanctions, fines, and administrative measures when violations are detected.

Strategic Initiatives

The FSC is actively involved in international cooperation, participating in the European System of Financial Supervision (ESFS) and other global financial organizations. This involvement helps align Bulgaria’s financial regulations with international standards and enhances the country’s regulatory framework.

Recent Developments

The FSC continues to enhance its regulatory frameworks to address new financial products and technologies. It also focuses on improving administrative capacity and international cooperation to ensure effective financial supervision and consumer protection.