A seminar with a target group of persons supervised by the FSC is forthcoming, and the topics are related to the application of the LMML, the LMFT and the acts on their implementation.

The Financial Supervision Commission (FSC) plans to organize and conduct an online training seminar for entities supervised by the FSC on topics related to the implementation of measures to prevent money laundering and terrorist financing provided for in the Law on Measures against Money Laundering (LMML), the Law on Measures against Financing of Terrorism (LMFT) and the acts on their implementation, as well as the identified risks of money laundering and terrorist financing, published in the National AML/CFT Risk Assessment published on 19.01.2020 in the Republic of Bulgaria. Issues related to the forthcoming evaluation visit related to the evaluation of the Republic of Bulgaria within the Fifth Evaluation Round of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism at the Council of Europe (MONEYVAL) will also be discussed.

The seminar will be opened by Boyko Atanasov, Chairman of the FSC and will be held on 26 August 2021 /Thursday/, from 10:00 to 15:30, through the Microsoft Teams platform, for the following supervised persons:

 investment intermediaries (obligated persons under Art. 4, item 8 of the LMML);

 collective investment schemes and other collective investment undertakings (obligated persons under Art. 4, item 9 of the LMML);

 management companies and persons managing alternative investment funds (obligated persons under Art. 4, item 10 of the LMML);

 pension insurance companies (obligated persons under Art. 4, item 11 of the LMML);

 insurers and insurance intermediaries based in the Republic of Bulgaria who have received a license under the terms and conditions of the Insurance Code when operating in one or more of the classes of insurance under Section I of Appendix No. 1 to the Insurance Code (obligated persons under Art. 4, item 5 of the LMML);

 insurers and insurance intermediaries licensed in another Member State operating on the territory of the Republic of Bulgaria when operating under one or more of the classes of insurance under Section I of Appendix No. 1 to the Insurance Code (obligated persons under Art. 4, item 5 of the LMML);

 insurers based in countries other than a Member State licensed by the Financial Supervision Commission to operate in the Republic of Bulgaria through a branch when operating in one or more of the classes of insurance under Section I of Appendix No. 1 to the Insurance Code (obligated persons under Article 4, item 5 of the LMML).

You can confirm your participation by e-mail: lenkova_rd@fsc.bg, no later than 25.08.2021 /Wednesday/ until 12:00.

After confirming your participation you will receive a link to the event.

Data on the capital market for 2020 have been uploaded on the FSC website – www.fsc.bg, section “Investment Activity”, “Statistics”, “2020”.

The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first half of 2021. The information was obtained on the basis of the reports and references submitted by the pension insurance companies to the Financial Supervision Commission. The data on distribution of insured persons by sex and age as of 30.06.2021 have also been published.

The total number of insured persons in the four types of pension funds as of 20.06.2021 is 4,828,080 people, increasing compared to 30.06.2020 by 0.60 per cent.

In the system of the supplementary pension insurance as of 30.06.2021, BGN 18,469,223 thousand of net assets have been accumulated. Compared to the end of the first half of 2020, the net assets of pension funds increased by 16.48 percent.

The total revenues of the pension insurance companies for the first half of 2021 amount to BGN 113,512 thousand and increased by 10.87 per cent compared to the reported revenues for the first half of 2020. The net financial result of the companies as of 30.06.2021 amounts to BGN 33,629 thousand

Detailed information on the results of the supplementary pension insurance activity for the first half of 2021 and on the insured persons and the accumulated funds as of 30.06.2021 by sex and age are available in the section: Social Insurance Activity / Statistics / Statistics and analysis / 2021.

 The data presented from the reports of insurers in non-life and life insurance at the end of May 2021 are summarized and published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”.

For the period from 01.07.2021 to 31.07.2021 the FSC received notifications from the competent authorities of Member States regarding the intention of 41 (forty-one) insurers and insurance intermediaries based in other EU Member States to operate (entry or termination of the notification) on the territory of the Republic of Bulgaria under the terms of the freedom to provide services.

The FSC received 5 (five) notifications regarding the intention of insurance companies based in Member States of the EU to operate in the territory of the Republic of Bulgaria under the terms of freedom to provide services (registering insurance companies in the FSC list of notifications), as well as 1 (one) notification regarding the withdrawal of intention of one insurance company established in an EU Member State, to operate on the territory of the Republic of Bulgaria under the terms of freedom to provide services.

As of the end of July 2021, the number of insurance companies based in other EU and EEA Member States which intend to operate in Bulgaria under the principle of freedom to provide services, increased to 430 (six hundred and thirty).

For the period, the FSC received 13 (thirteen) notifications regarding the intention of insurance intermediaries based in EU Member States to carry out insurance mediation activities in Bulgaria under the terms of freedom to provide services, as well as 11 (eleven) notifications for termination of such activity in the country. As of 30.07.2021, there are 2,294 (two thousand two hundred and ninety-four) insurance intermediaries based in EU Member States that have stated their intention to carry out cross-border insurance intermediation activities in Bulgaria

For the period 01.07.2021 – 31.07.2021 the FSC has not sent notifications to the national competent authorities of the EU Member States regarding the intention or withdrawal of the intention of the insurance companies and insurance intermediaries based in the territory of the Republic of Bulgaria to carry out cross-border activity.

As of the end of July 2021, the total number of local insurance companies that have stated their intention to carry out insurance activities in the territory of other EU and EEA Member States under the terms of freedom to provide services is 17 (seventeen), and the total number of insurance intermediaries based in the Republic of Bulgaria, which have stated their intention to carry out insurance intermediation activities on the territory of EU Member States under the terms of freedom to provide services or the right of establishment, remains 52 (fifty-two).

The updated lists of notifications are available on the FSC website in the section “Supervised entities” – “Notifications”.

The data presented from the reports of insurers in non-life and life insurance at the end of April 2021 are summarized and published on the FSC website – www.fsc.bg, section “Insurance activity”, “Statistics”.

On 3 and 4 August 2021, Boyko Atanasov, Chairman of the Financial Supervision Commission, launched a series of training seminars for supervised entities on topics related to the implementation of measures to prevent money laundering and terrorist financing provided for in the Law on Measures against Money Laundering, the Law on Measures against Financing of Terrorism and the acts on their implementation.

The main topics of the online training seminars were:

– Evaluation of the Republic of Bulgaria within the Fifth Evaluation Round of the MONEYVAL Committee of the Council of Europe;

– National risk assessment of money laundering and terrorist financing in the Republic of Bulgaria;

– Preparation of own risk assessment by the obligated persons and determination of the risk profile of their clients;

– Requirements for remote identification of customers;

– Requirements of the Law on Measures against Financing of Terrorism;

– Established trends and typologies for money laundering and terrorist financing and predicate offenses at the national and international level;

– Practices and trends identified among obligated parties in the Commission’s oversight of the implementation of the Law on Measures against Money Laundering, the Regulations for the Implementation of the Law on Measures against Money Laundering, and the Law on Measures against Financing of Terrorism.

During the trainings the experts of the Financial Supervision Commission provided an opportunity to discuss certain issues related to the application of the considered regulatory acts, set by the participants.

The topics of the training seminars were the subject of increased interest among business representatives.

The training held on 3 August 2021 was attended by 190 representatives and employees of a total of 62 companies – investment firms, collective investment schemes and other collective investment undertakings, management companies and managers of alternative investment funds.

The training held on 4 August 2021 was attended by 138 representatives and employees of a total of 75 pension insurance companies, insurers and insurance intermediaries.

The purpose of the seminars is to further the understanding of the representatives of the non-banking financial sector of the importance of compliance with the requirements of preventive legislation and their key role in maintaining the stability of the financial sector and assisting the competent authorities in preventing and detecting money laundering and terrorist financing activities.