The Financial Supervision Commission will organize an online meeting with investment firms on the occasion of the entry into force of new legislation on prudential supervision of investment firms, established in Regulation (EU) 2019/2033 and Directive (EU) 2019/2034, and in order to facilitate the bringing of Bulgarian investment firms in line with the applicable requirements. The main aspects of the new legal framework will be presented at the meeting, as well as specific issues related to the implementation of the new framework will be discussed.

The event will take place on 28 July 2021 /Wednesday/, at 10:00 h through the Microsoft Teams platform.

You can confirm your participation by e-mail: a.boteva@fsc.bg, no later than 26 July 2021

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

The Official Journal of the European Union of 13.07.2021 published a decision of the European Commission (EC) 2021/1145 of 30.06.2021, stating that on 06.01.2021 an Annex to the Multilateral Agreement between The National Offices of the EU Member States, the National Offices of the Principality of Andorra, Bosnia and Herzegovina, the Principality of Liechtenstein, the Kingdom of Norway, the Republic of Serbia, the Swiss Confederation, the United Kingdom and the National Office of the Republic of Montenegro pursuant to Art. Article 8 (1), second subparagraph, of Directive 2009/103/EC of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability (Directive 2009/103/EC).

In accordance with the agreement, the national offices of all Member States individually shall ensure (in accordance with the provisions of their national legislation in the field of compulsory insurance) the settlement of claims in connection with insurance events in their territory caused by such vehicles normally located on the territory of the Republic of Montenegro.

In connection with the above, the Republic of Montenegro acquires the status of an associated country to the International Agreement and pursuant to Art. 8 (2) of Directive 2009/103/EC, as of 02.08.2021, all cars registered in the Republic of Montenegro have the right to enter the territory of the EU Member States, incl. and the Republic of Bulgaria, without providing data on the available Third Party Liability Insurance and the Green Card Certificate. Therefore the border control for Third Party Liability Insurance and Green Card certificate in respect of cars from the Republic of Montenegro is waived.

The European Commission’s decision also applies to cars registered in the United Kingdom of Great Britain and Northern Ireland, as that country remains a party to the Multilateral Agreement.

Pursuant to Art. 15, para. 1 item 9 of the Financial Supervision Commission Act, in connection with § 3 of the Transitional and Final Provisions of Ordinance No. 2 of 09.11.2021 for initial and subsequent disclosure of information in public offering of securities and admission of securities to trade on a regulated market (promulgated in the State Gazette, 97/19.11.2021, effective from 01.01.2022) the Deputy Chairperson of the FSC, head of the Investment Supervision Department, approved the templates of reports to the financial statements and notifications provided for in this ordinance.

A report on commercial real estate owned by special purpose investment companies securitizing real estate has been prepared on a quarterly and annual basis on an individual basis in connection with the implementation of Recommendations C and D of the European Systemic Risk Board Recommendation of 21 March 2019. (ESRB/2019/3) (https://www.esrb.europa.eu/pub/pdf/recommendations/esrb.recommendation190819_ESRB_2019-3~6690e1fbd3.bg.pdf), which the FSC should apply.

The reports presented by insurers and reinsurers in non-life and life insurance according to Ordinance No. 53 of 23.12.2016 at the end of 2020 are summarized and published on the FSC website – www.fsc.bg, section “Insurance Activity”, “Statistics”.

Quantitative reports according to Regulation (EU) 2015/2450 under Art. 304 (1) (d) of Regulation (EU) 2015/35 as of the end of 2020 have also been summarized and published.

On 25 and 26 September 2021 were held the next exams for the right to practice as a broker of financial instruments and as an investment adviser.

On September 25, 2021, 17 people took the examination for acquiring the right to exercise activity as a broker of financial instruments, with 21 candidates admitted and 15 of them passed the examination.

Lists of persons who passed the examination for acquisition of the right to exercise activity as a broker of financial instruments:

1             Aleksandar Sergeev Ivanov

2             Valentina Velichkova Rangelova

3             Galina Stoyanova Ruseva

4             Deyan Lyubenov Ivanov

5             Zhana Kostadinova Hristova

6             Ivaylo Tomov Petrov

7             Ivaylo Tsvetanov Atanasov

8             Katya Ivanova Rangelova

9             Kristiyan Albert Andonov

10           Kristiyana Valentinova Savova

11           Rositsa Lazarinova Rancheva

12           Seniha Sebahtin Yusein

13           Teodor Getov Simeonov

14           Teodora Petrova Popovska

15           Yuliyan Yordanov Arsenov

The results of the grading and the scores are recorded in

Protocol No 1 of 8 October 2021 of the Examination Commission

appointed by the FSC Decision under Protocol No. 70 of 23 September 2021.

On September 26, 2021, 25 people took the examination for acquiring the right to exercise activity as an investment adviser, with 29 candidates admitted and 17 of them passed the examination.

Lists of persons who passed the examination for acquisition of the right to exercise activity as an investment adviser:

1             Albena Ankova Ivanova

2             Aleksandar Sergeev Ivanov

3             Atanaska Nikolova Pahuncheva

4             Velizar Zahariev Furlanski

5             Galina Stoyanova Ruseva

6             Georgi Vasilev Popover

7             Dian Hristov Dimov

8             Dobrin Plamenov Tomov

9             Iliya Dimitrov Patsev

10           Kamen Ognyanov Kanev

11           Kristiyan Albert Andonov

12           Nikolay Zhivkov

13           Nikolay Ivanov Ivanchev

14           Panayot Georgiev Poshtov

15           Tatyana Petrova Koleva

16           Teodora Galinova Antonova

17           Yaroslav Vyacheslavovich Devitsky

The results of the grading and the scores are recorded in

Protocol No 2 of 8 October 2021 of the Examination Commission,

appointed by the FSC Decision under Protocol No. 70 of 23 September 2021.

Pursuant to Art. 9, para. 3 of Ordinance No. 7 of 27.05.2021 on the procedure for acquisition, recognition and revocation of legal capacity of brokers of financial instruments and investment advisers, within 10 working days from the announcement of the results of the examination, the persons who have not passed may request the FSC to get acquainted with the results of the grading of their written work.

To the attentions of those who passed the examinations for the acquisition of the right to exercise activity as a broker of financial instruments and as an investment adviser

The certificates can be received from 18.10.2021 from the office of the FSC within the working hours from 9:00 to 17:30 after presentation of an identity document and a document for paid fee in the amount of BGN 25, according to Section I, item II, item 9, proposal two of the Tariff of Fees Collected by the FSC, which is an appendix to Art. 27, para. 1 of the Financial Supervision Commission Act.

Payment can be made at the cash desk in the FSC building or by bank transfer to the account:

IBAN: BG95 BNBG 9661 3000 1415 01,

BIC: BNBGBGSD, BNB – Central Office

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.

 At its meeting on 11.03.2021, the FSC adopted Decision No. 123 – ОЗ of 11.03.2021 on initiating proceedings for compulsory liquidation of IC EUROAMERICAN AD, UIC 124634117, and the Guarantee Fund was designated as liquidator of the insurer with revoked license. The decision is available on the FSC website in the section Administrative Documents, Decisions, 2021, March.

 By Decision No. 1309 – ОЗ of 17.12.2019 the FSC revoked the license for insurance of IC EUROAMERICAN AD, UIC 124634117, issued by Decision No. 238-03 of 27.02.2014 of the FSC, and appointed a conservator of the company. The same decision prohibits the free disposal of assets by IC EUROAMERICAN AD until the commencement of liquidation or insolvency proceedings, as well as the conclusion of new insurance contracts for all classes of insurance for a period of 6 months from the date of issuance of the decision. Decision No. 1309 – ОЗ of 17.12.2019 became effective on 17.02.2021, when Decision No. 2111 / 17.02.2021 under Administrative case No. 9509/2020 according to the inventory of the Supreme Administrative Court, Seventh Department maintained Decision No. 563/19.06.2020 under Administrative case No. 47/2020 according to the inventory of the Sofia District Administrative Court, which rejected the appeal of the insurer against Decision No. 1309 – ОЗ of 17.12.2019 of the FSC.

 Decision No. 1309 – ОЗ of 17.12.2019 of the FSC becoming effective is grounds to proceed to the compulsory termination of IC EUROAMERICAN AD under Art. 602, para. 1, item 2 of the IC, as the revocation of the insurer’s license is based on Art. 40, para. 2, item 2, 4 and 8 of the IC.

The Financial Supervision Commission (FSC) informs all interested parties that at its meeting held on 05.10.2021 a decision was made to conduct an examination for professional qualification of insurance brokers in accordance with 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.

The examination will be held on 27 November 2021.

By 20.10.2021, the interested persons should submit an application for admission to the examination according to an approved template, together with the appendices under Art. 3, para. 2 of Ordinance No. 28 of 10.05.2006, namely: police clearance certificate or other similar document certifying the circumstances under Art. 303, para. 1, item 1 of the IC; a notarized copy of a diploma of higher education obtained in the country, respectively a legalized translation of a diploma of higher education obtained in a higher school outside the Republic of Bulgaria, to certify the circumstances under Art. 303, para. 2 of the IC and a declaration of the circumstances under Art. 303, para. 1, items 2 – 4 of the IC, according to a template.

Applications can be submitted every working day at the FSC office or signed with an electronic signature at the following e-mail address: delovodstvo@fsc.bg. A fee in the amount of BGN 450.00 (four hundred and fifty) shall be paid for taking the exam, based on Section I, item VI, line 15 in connection with Section IV, item IV of the Tariff of Fees Collected by the FSC under the Financial Supervision Commission Act, to the following bank account: IBAN: BG 95 BNBG 9661 3000 1415 01, BIC of BNB -Central office: BNBGBGSD.

The topics covered by the examination are published on the FSC’s website, in the section “Supervised entities”, “Qualification examinations”, “Insurance brokers examinations”, where the list of admitted candidates will be announced, as well as all other announcements related to the conduct on this exam.

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.