Today, at a specially organized online event, the Financial Supervision Commission (FSC) presented its digital campaign – #invest safely. With it, the Commission builds on the measures already taken so far to warn of fraudulent investment schemes by unlicensed firms, taking a step forward and using the online space to provide basic guidance on how consumers can distinguish legitimate and fraudulent firms.

The participants in the event exclusively got acquainted with the individually developed website of the campaign – https://investsafely.fsc.bg/, presented by the FSC team represented by Ms. Denitsa Kirova – Secretary General of the Financial Supervision Commission, Ms. Neda Muzho – Head of the Department for Supervision of Public Companies, Issuers of Securities and Special Purpose Vehicles and Ms. Anka Kostova – Director of Public Relations and Protocol.

#invest safely starts with a standalone site that combines video and text, news and alerts to users, there is direct access to the list of licensed firms, allows users to identify legitimate investment schemes, but also to identify the signs indicating irregularities.

#invest safely is also deployed on the digital channels YouTube and LinkedIn, and the attractive visual content created by the Commission team will reach a large number of online users and draw their attention to the questions they need to ask themselves or to the situations which might happen to them, taking the step of becoming investors.

The Secretary General of the FSC, Ms. Denitsa Kirova, said that the campaign is implemented not only to educate consumers, but also to meet the expectations of both capital market participants and end users. “We believe that digital finance will continue to evolve and become a standard consumer behaviour. Against the background of the constantly offered innovative opportunities, we should not ignore the risks they carry. That is why the Financial Supervision Commission, as a regulator, must find a balance between guaranteeing the rights of consumers of non-banking products and services and ensuring a good and stable environment for business development,” she added.

Ms. Neda Muzho – Head of the Department for Supervision of Public Companies, Issuers of Securities and Special Purpose Vehicles told about the ideas for creating the video content, each situation in them is the result of direct cases and discoveries of the Commission team.

The #invest safely campaign, Ms. Muzho said, <> “takes us to a new territory, one where fraudsters are actually present, which is why we are expanding our arsenal of measures and actions in the digital field, because we want to give consumers the opportunity to protect themselves, but also to maintain confidence in the investment market and offer a new sustainable future for the savings of our citizens.”

The last year, marked by the Covid-19 pandemic, has given a strong impetus to the digital transformation of the non-banking financial sector. In response, the FSC is using entirely new approaches through additional communication channels to meet the new challenges of its goal of financially literate consumers of financial services. The Secretary General of the Commission, Ms. Denitsa Kirova shared that “with the digital campaign #invest safely, the Financial Supervision Commission shows that it is actively and consistently working to constantly upgrade its communication policy, protect the interests and consumer confidence in non-banking financial services, and hence in the better positioning of Bulgaria on the “investment map of Europe”.

The #invest safely campaign is now live in:

https://investsafely.fsc.bg/

https://investsafely.fsc.bg/invest-safely/ (English version)

https://www.youtube.com/channel/UCtU52IKTtgEWJU-fRP8Aw5w

https://www.linkedin.com/company/комисия-за-финансов-надзор

At today’s meeting, 07.12.2021, t the proposal of the Guarantee Fund Council, the FSC made a decision to determine the contribution of insurers offering in the Republic of Bulgaria compulsory motor third party liability insurance to the Uninsured Vehicle Fund in the Guarantee Fund remains at BGN 50 for each insured motor vehicle. At the same time, the FSC determined the amount of the contribution of the insurers who offer in the Republic of Bulgaria compulsory Accident insurance for the passengers in public transport under Art. 461, item 2 of the IC at BGN 15 for each seat, excluding the driver’s seat in the vehicles.

The Guarantee Fund manages two funds – the Uninsured Vehicle Fund and the Security Fund. The Uninsured Vehicle Fund pays compensation in case of damage from an unidentified motor vehicle or, if the driver is without Motor Third Party Liability Insurance, and the Insurance Fund pays claims to persons with an insolvent insurer.

Until now, the contribution to the Uninsured Vehicle Fund was BGN 10.50 for each insured motor vehicle under Motor Third Party Liability and BGN 0.15 for each seat in a public transport vehicle for Public Accident Insurance for Passengers in Public Transport. The contribution to the Security Fund was BGN 2.50 for each vehicle insured for Motor Third Party Liability.

At the proposal of the Guarantee Fund Council, the contribution of insurers offering in the Republic of Bulgaria compulsory motor third party liability insurance to the Fund for Uninsured Motor Vehicles in the Guarantee Fund remains at BGN 10.50 for each insured motor vehicle. The amount of the contribution of the insurers who offer in the Republic of Bulgaria compulsory Accident insurance for the passengers in public transport under Art. 461, item 2 of the IC also does not change and remains BGN 0.15 for each seat, excluding the driver’s seat in the vehicles.

The contribution to the Security Fund also remains BGN 2.50 for each insured vehicle under the Motor Third Party Liability.

The total contribution to the GF of each insured motor vehicle under the Motor Third Party Liability remains BGN 13.00, which is distributed in the two funds in question.

The forthcoming issuance of the FSC decision was announced on 02.11.2021 by publishing the draft decision on the FSC website, and separate messages were sent to the representative associations of insurers, insurers who are not members of representative organizations, the Guarantee Fund and the National Bureau of Bulgarian Motor Insurers. All parties concerned were given a period of one month, which expired on 02.12.2021, to submit written proposals and objections to the draft decision. No proposals and objections were received by the FSC within this period and no other evidence was provided.

The decision made today is enforceable from the moment of its announcement.

On 27.11.2021 an examination was held for acquiring professional qualification of insurance brokers and for recognition of qualification acquired in a Member State under 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. (Ordinance No. 28 of 10.05.2006).

The admitted 7 (seven) candidates took the exam, and 3 (three) of them successfully passed.

Pursuant to Art. 10, para. 2 of Ordinance No. 28 of 10.05.2006, the Financial Supervision Commission announces the results of the examination for professional qualification of insurance brokers, held on 27.11.2021, as follows:

List of candidates who have passed the examination:

Reference number          Name    Score

РГ-14-159-1/15.10.2021               Ivan Vasilev Todorov      94 p.

РГ-14-165-1/04.11.2021               Nikoleta Stoyanova Moldovanska-Aleksieva       86 p.

РГ-14-163-1/01.11.2021               Mihail Dimitrov Daskalov             82 p.

List of candidates who have not passed the examination:

Reference number

Score

РГ-14-160-1/19.10.2021               68 p.

РГ-14-161-1/20.10.2021               66 p.

РГ-14-162-1/01.11.2021               62 p.

РГ-14-164-1/02.11.2021               56 p.

Certificates signed by the Chairman of the Financial Supervision Commission will be issued to the persons who have successfully passed the professional qualification examination.

On 23 November 2021 a conference entitled “Bulgaria on the European Fintech Map” was held to present the Annual Report of the Bulgarian Fintech Association for 2021. The event was dedicated to investments in the sector and the place of our country in Europe and the world.

Fintech regulations in the non-banking financial sector were presented by Ms. Neda Muzho – Head of Supervision of Public Companies, Issuers of Securities and SPVs, who took part in the conference.

She noted that the last year, marked by the Covid-19 pandemic, not only changed our understanding of reality, but imposed new rules and gave a strong impetus to the digital transformation in the non-banking financial sector.

Ms. Muzho outlined the key topics in the fintech sector for the period 2021-2025, namely: creating “strategic autonomy”, ensuring a level playing field, strengthening EU oversight, competition and the clash of digital policies.

She also drew attention to the strategic goals set for the new business model:

 Financial literacy;

 Dialogue within the framework of creating an ecosystem of connections within 2020-2030. on “Fintech and establishing conditions for stimulating sustainable business models through smart regulations”;

 Development of cybersecurity.

Ms. Muzho ended her address with the words: “We are here together at this conference with responsibility, because we are building a new pillar that is very important and necessary for sustainable development, and this is perhaps the most important role of the Financial Supervision Commission, offering financial stability in the long run.”

Mr. Petar Dzhelepov – Member of the Financial Supervision Commission (FSC) took part in the Annual Report of the Bulgarian Fintech Association for 2021, dedicated to investments in the sector and the place of our country in Europe and the world, with an address on fintech regulations in the non-banking financial sector in Bulgaria and the strategy of the regulator for monitoring the financial innovations.

In the report, Mr. Dzhelepov analyses and outlines the successful development of the fintech sector in Bulgaria, the high technological progress in the non-banking financial sector, the regulations of these important innovations and digitalisations, the Financial Innovation Monitoring Strategy for the period 2021-2024, the introduction of the Innovation hub and its subsequent development, as well as the overall future of the fintech regulations applied by the Financial Supervision Commission.

One of the main goals of the Commission is the introduction of more innovations in the insurance, investment and pension insurance sector in Bulgaria, and at the same time protecting the interests of consumers to the possible maximum.

“In order to keep up with the new digital environment and the expectations of both participants and end users, we must constantly assess and, where necessary, adjust the regulatory framework to adequately deal with the changing risks and business models.” In order to ensure and adequately evaluate new product and business models, we conduct regular surveys on how innovations work and how innovations are applied and accepted among the companies under the Commission’s control. In addition, the main goal set by the Chairman of the FSC, Boyko Atanasov is the organization and implementation of educational programs aimed at increasing the financial literacy of consumers of financial services.”- said Mr. Dzhelepov.

The Financial Supervision Commission pursues a consistent innovation policy and in response to the digital financing package adopted by the European Commission, the FSC has adopted a Financial Innovation Monitoring Strategy for the period 2021-2024. It builds on the previous strategy and outlines a long-term directions in which the FSC would be committed to developing its supervisory activities and implementing the harmonization of the national regulatory framework and practices in the field of financial innovation at EU level.

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 Financial Supervision Commission draws the issuers’ attention to the fact that the deadline for announcing a public notification on a consolidated basis of financial position for the third quarter of 2021 before the FSC and the media expires on 29.11.2021.

According to Art. 100 o1, para. 2 of the Public Offering of Securities Act (POSA), the issuer is obliged to submit to the FSC a public notification / report on a consolidated basis on its financial position for the third quarter of 2021 within 60 days from the end of the respective quarter. The public notification / report on the financial position of the company shall be submitted to the FSC by the procedure of Art. 100t, para. 4 of the POSA, namely through the unified system for providing information electronically – e-Register. The public notification / report on the financial position of the company shall be disclosed to the public in the manner provided in Art. 100t, para. 3 of the POSA, through an information agency or other media selected by the company within the statutory term for the third quarter of 2021, namely until 29.11.2021 inclusive.

The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first nine months 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 in the supplementary pension insurance funds as of 30.09.2021 have also been published.

The total number of insured persons in the four types of supplementary pension insurance funds as of 30.09.2021 is 4,827,412 people, increasing compared to 30.09.2020 by 0.37 per cent.

As of 30.09.2021, net assets in the amount of BGN 18,833,129 thousand have been accumulated in the supplementary pension insurance funds. Compared to the first nine months of 2020, the net assets of pension funds increased by 14.41 percent.

The total revenues of the pension insurance companies for the first nine months of 2021 amount to BGN 248,545 thousand. The net financial result of the companies as of 30.09.2021 amounts to BGN 73,702 thousand.

In September 2021, the first persons insured in the universal pension funds reached retirement age. For the due payments to these persons in September 2021 from the universal pension funds BGN 334 thousand were set aside for lifelong pensions, BGN 824 thousand for deferred payments and BGN 7 thousand for one-off payments. The funds set aside for lifelong pensions and deferred payments go to funds for payment of lifelong pensions and funds for deferred payments, from where the respective payments will be made. More data on the activity of the payment funds will be announced as of 31.12.2021.

Information on the results of the supplementary pension insurance activity for the first nine months of 2021 and on the insured persons and the accumulated funds in the supplementary pension insurance funds as of 30.09.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis.

The Social Insurance Supervision Department of the FSC announced the results of the supplementary pension insurance activity for the first nine months 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 in the supplementary pension insurance funds as of 30.09.2021 have also been published.

The total number of insured persons in the four types of supplementary pension insurance funds as of 30.09.2021 is 4,827,412 people, increasing compared to 30.09.2020 by 0.37 per cent.

As of 30.09.2021, net assets in the amount of BGN 18,833,129 thousand have been accumulated in the supplementary pension insurance funds. Compared to the first nine months of 2020, the net assets of pension funds increased by 14.41 percent.

The total revenues of the pension insurance companies for the first nine months of 2021 amount to BGN 248,545 thousand. The net financial result of the companies as of 30.09.2021 amounts to BGN 73,702 thousand.

In September 2021, the first persons insured in the universal pension funds reached retirement age. For the due payments to these persons in September 2021 from the universal pension funds BGN 334 thousand were set aside for lifelong pensions, BGN 824 thousand for deferred payments and BGN 7 thousand for one-off payments. The funds set aside for lifelong pensions and deferred payments go to funds for payment of lifelong pensions and funds for deferred payments, from where the respective payments will be made. More data on the activity of the payment funds will be announced as of 31.12.2021.

Information on the results of the supplementary pension insurance activity for the first nine months of 2021 and on the insured persons and the accumulated funds in the supplementary pension insurance funds as of 30.09.2021 by sex and age are available in the section: Social Insurance activity / Statistics / Statistics and analysis.

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.