The Chair of the Financial Supervision Commission – Boyko Atanasov launched the 20th anniversary edition of the educational program for students “The non-banking financial sector in Bulgaria”

On October 21, Mr. Boyko Atanasov – Chair of the Financial Supervision Commission (FSC) opened the 20th edition of the educational program for students “The non-banking financial sector in Bulgaria”. The traditional initiative is organized in partnership with the Ministry of Education and Science (MES) and the Atanas Burov Foundation. In the anniversary edition of the event, 22 students from vocational schools with an economic and financial profile from the cities of Blagoevgrad, Gorna Oryahovitsa, Varna, Kyustendil, Plovdiv, Sofia, Burgas, Stara Zagora, Veliko Tarnovo, Shumen, Gotse Delchev, Sliven, Smolyan will take part. , Montana, Silistra, Petrich, Kardzhali, Ruse, Varna, Yambol and Dryanovo.

The educational program is unique in Bulgaria. In its anniversary edition, it presents a balanced content between online-based presentations and virtual interactions, dedicated to the pension insurance, insurance and capital market, with speakers – FSC experts and business representatives.

Откриване Образователна програма Буров снимка 1 1

I am honored to launch the 20th anniversary edition of the program, the focus of which is to increase the financial literacy of society. The sustainability of the program, its 20-year history, speaks of consistency, of commitment and, above all, of our responsibility to the generation that grows and is educated in the challenging environment of digitization and innovation.” shared Mr. Atanasov.

During the training, students and their teachers will learn about the three-pillar model of pension insurance, the development of the insurance market in Bulgaria, the mechanisms for consumer protection, the types of insurance and insurance supervision. The capital market and stock exchange trading are also part of the program during which the topic of the digital field of safe investing is presented, as well as the ways in which investors are protected.

To make the content even richer and more comprehensive, in sync with the latest trends in the non-banking financial sector, in 2022, lectures on fintech business models, prevention of money laundering and terrorist financing, the “green deal”, cyber security and cryptocurrencies and more.

I believe that the shared experience of the experts with whom you will work will help you to be more responsible for your finances, to be drivers of change, but above all with the awareness of financial culture, to have the confidence and courage to pursue your dreams you are.” said  Mr. Boyko Atanasov in his address to the participants.

The program continues until the middle of November, when all students will receive a certificate for their participation in the educational initiative.

The management body of the Financial Supervision Commission hosted an official meeting with the Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA)

The Chairperson of the Financial Supervision Commission (FSC) Mr. Boyko Atanasov, as well as its Vice Chair in charge of the Insurance Supervision Division Mr. Vladimir Savov and the Vice Chair in charge of the Social Insurance Supervision Division Ms. Diana Yordanova held an official meeting with the Chairperson of EIOPA Ms. Petra Hielkema.

MicrosoftTeams image 1 scaled

During the meeting, they discussed the strategic priorities in two main aspects of the non-banking sector, namely the insurance and the pension insurance area. The FSC management body emphasized its readiness to cooperate with EIOPA within the framework of various committees, working groups, as well as when attempting to achieve common goals in order to secure financial stability in both the insurance and pension insurance area.

The FSC management body expressed its gratitude to the European institution for its continuous efforts aimed at boosting the expertise of the national regulators. Due to its specialized trainings, the FSC officers will continue with their participations in various events organized by EIOPA which are meant to improve and enlarge their supervisory capacity.

Both institutions agreed upon their joint priorities set by them, namely digitalization, sustainable finance, effective cooperation at the EU level, financial innovations and consumers’ protection, as well as their synchronized functioning aimed at achieving stronger convergence in the EU, as regards the specified issues.

On its part, EIOPA emphasized its preparedness to support the national regulators, more precisely the FSC needs, and to facilitate the achievement of the common EU priorities. Both authorities agreed on the concept that the forthcoming new legislation dedicated to the Solvency II review, the future insurance recovery and resolution framework (IRRD), the digitalization and the sustainable finance poses a new challenge, which has to be met based on the developed partnership.

DSC 0004 1 scaled

“In 2022 the FSC commenced a new strategic period. In the course of it, we shall continue to be of consumers’ use through effective communication, unbiased decisions and foreseeable actions. Our present-day meeting makes us more self-confident due to the successful partnership with EIOPA and the shared professional experiences” pointed out Mr. Boyko Atanasov.

The Chair of the Financial Supervisory Service, Boyko Atanasov, opened the anniversary conference “140 years of Bulgarian insurance”

On October 5, 2022, in the presence of officials and guests, an anniversary conference was held on the occasion of 140 years since the beginning of insurance in Bulgaria and 30 years since the establishment of the Association of Bulgarian Insurers (ABI). The prestigious event is organized by ABI, a long-standing partner of the Financial Supervision Commission (FSC).

The conference was opened by Mr. Konstantin Velev – Chair of the Board of ABI, Mrs. Daniela Dobreva – Deputy Minister of Finance and Mr. Boyko Atanasov – Chair of the Financial Supervision Commission. Leading figures of European insurance were also present – Mrs. Petra Hielkema, President of the European Insurance and Occupational Pensions Authority (EIOPA), Michaela Köhler – Director General of the European Federation of Insurers Insurance Europe and Didier Millero – Head of the Insurance and pension insurance Sector in the Directorate General “Financial Stability, Financial Services and Capital Markets Union” of the European Commission.

Pic1

Mr. Velev set the highlights of the conference – regulations, competitiveness and the growing climatic, demographic and digital risks of the modern age, as well as the search for appropriate protection against them.

In her speech, the Deputy Minister of Finance – Ms. Daniela Dobreva emphasized the successful partnership of the Ministry of Finance with the FSC and the ABI, as “the goal is to increase the protection of users of insurance services, guarantee financial stability and preserve the competitiveness of Bulgarian insurers”.

The Chair of the FCS – Mr. Boyko Atanasov welcomed the participants and shared that “the role of the Association of Bulgarian Insurers is to be a pillar of security, a balancer for diplomacy, a visionary for conquering new horizons. I believe that the words that best describe our joint work with the insurance sector in Bulgaria are dialogue, technological orientation and cause”.

Pic2 1

The Financial Supervision Commission will continue to support the insurance industry and work to achieve a smooth implementation of the new regulations affecting this sector in the country. As of the first half of the year, it represented 3.9% of GDP calculated on the basis of gross premium income (insurance penetration), and 8.2% calculated on the basis of insurers’ assets (2021 data). For the first six months of 2022, Bulgarian insurers realized gross premium income in the amount of BGN 1.7 billion, taking into account an increase in written premiums of 11%, and for the same period benefits were paid in a total amount of BGN 684 million , with the same growing by 10% on an annual basis.

The cited data are an indicator of a stable insurance market, which is a prerequisite for a higher level of competitiveness and at the same time for maintaining confidence in it. Innovation is about to be created and introduced, with the potential to position insurance companies and their customers at another level.

Pic5 scaled

During the conference, Mr. Vladimir Savov, Deputy Chair of the FSC, Head of the Insurance Supervision Department, took part in the discussion part of the panel “Insurance Market: Regulations and Competitiveness – in Search of the Balance”. Topics fundamental to insurance were discussed and effective policies were outlined to stimulate the development of the sector, with all the resulting benefits for the economy and society.

Pic6

The Financial Supervision Commission launched the initiative “The Superpower of the Young Investor”

Nearly 200 students participated in the initiative of the Financial Supervisory Commission “The Super Power of the Young Investor”, dedicated to risk prevention in the use of investment products in the financial markets. With the initiative, the Financial Supervision Commission aims to establish both good partnership relations with schools and to contribute to increasing the financial literacy of high school students, some of whom have a targeted interest in the field of capital markets and future investors.

The first to participate in the pilot events were the teenagers from the 11th and 12th grades of the National Financial and Business School, the National Commercial and Banking School and the National Natural Science and Mathematics School.

Students were introduced to basic concepts from the world of investments, new technologies and integrated financial solutions. How the Bulgarian stock exchange functions, what is hidden behind the abbreviations DLT and NTF, what are Bitcoin, cryptocurrencies, quantum computers, what are the risks and how to react when they are established, are only some of the topics that were discussed with interest together with the teachers and their high school students.

“The Financial Supervision Commission is an institution directly involved in the process of increasing the financial literacy of society, especially young people. In our role as a regulator who creates conditions for security and stability in financial markets, this remains one of our strategic priorities, along with protecting consumers and strengthening public confidence in the capital market. By gradually starting to prepare teenagers for their encounter with the digital financial reality and innovation in the field of investments, we create the basis for this trust”, shared Boyko Atanasov – Chair of the Financial Supervision Commission.

The “Superpower of the young investor” will continue to happen, covering all schools that have expressed their interest in joining the initiative.

Temporary interruption in the online communications of the Financial Supervision Commission on 03.06.2021

Dear users,

In order to improve the services offered by the FSC, the communication equipment is to be replaced.

In this regard, on 03.06. (Thursday), in the time range between 13:00 and 16:00, temporary interruptions are expected in the Commission’s online systems.

We apologize in advance for the inconvenience caused, and in the meantime our Information Centre is available on 0800 40 444 (toll-free number for all operators).

Financial Supervision Commission

The Chair of the Financial Supervision Commission, Boyko Atanasov, presented the Insurer of the Year award

On May 19, 2022, for the fourteenth year in a row, the most prestigious annual awards in the insurance and pension insurance sector in our country were presented – Insurer of the Year, Pension Insurance Company of the Year and Insurance Broker of the Year for 2021, as well as the annual awards of the Prof. Dr. Veleslav Gavriyski Foundation.

KSS 6310 scaled

The prestigious awards are organized by the Higher School of Insurance and Finance (VUZF), the Association of Bulgarian Insurers (ABI), the Association of Supplementary Pension Insurance Companies (BASPSC), the “Prof. Veleslav Gavriyski” foundation and the Bulgarian Association of Insurance Brokers (BAIB). The criteria by which the winners are determined are announced publicly, and an expert jury of representatives of the organizers nominates the awardees in 9 categories.

Among the official guests at the ceremony this year were Boyko Atanasov, Chair of the Financial Supervision Commission, Diana Yordanova – Deputy Chair of the Financial Supervision Commission, Head of the Social Insurance Supervision Department and Vladimir Savov – Deputy Chair of the FSC, head of the Insurance Supervision Department.

“I believe that, together with the professional community, we will continue to work for the sustainable stability of the non-banking financial sector in Bulgaria, to preserve trust and confirm the standards of good insurance and insurance practices”, said Mr. Boyko Atanasov. He presented the grand prize Insurer of the Year in the Non-Life Insurance category to IC Bulstrad Vienna Insurance Group AD.

Ms. Diana Yordanova, Deputy Chair of the FSC, Head of the Social Insurance Supervision Department presented the Pension Insurance Company of the Year 2021 award in the category Supplementary Mandatory Pension Insurance. The winner was PIC Doverie AD.

The Insurance Broker of the Year award in the Non-Life Insurance category, which went to SDI Group OOD, and the Insurer of the Year – Life Insurance award, winner DZI Life Insurance EAD, were presented by Mr. Vladimir Savov, Deputy Chair of the FSC, Head of the “Insurance Supervision department.

More about the awards here.

Gallery:

Statement by Mr. Boyko Atanasov, Chair of the Financial Supervision Commission in the quarterly newsletter of the Association of Banks in Bulgaria

The Financial Supervision Commission – with a commitment to stable results in a time of digitalization, green investments and regulatory changes

snimka 4   In the context of the post-Covid pandemic, global digitization, the European Green Deal, the hostilities in Ukraine and on the threshold of the euro area the Financial Supervision Commission continues to work for stability of the insurance market in Bulgaria, to introduce innovations in the regulation of the capital market, as well as ensure absolute strictness and complete transparency of the actions and processes of the pension insurance market.
The development trend of the capital market is headed towards digitization and creation of conditions for more participants and reduced administrative burden. The positive relationship between innovation and financial technology has already reshaped standard consumer behavior and thinking, and this process has led to new opportunities for realizing optimized business models. At the same time, we, the participants in the financial sector, have the task of analyzing and forecasting potential risks. It is in this direction that the FSC focuses its activity on the balance between the promotion of innovation on the part of companies for investment purposes and the protection of consumers from the negative aspects that the new online space implies.
In order to achieve results with the set development strategy, the Financial Supervision Commission has passed through specific steps such as the development of financial literacy of users of financial services and investors, improving the communication process by conducting regular meetings with FinTech companies to discuss minimal risks and maximum benefits from technologies, promoting the development of start-up companies by activating the capabilities of the Innovative Hub, as well as adapting the new regulatory framework for crowdfunding. Together with the participants in the non-banking financial sector, we create a sustainable and innovation-friendly business environment, with an emphasis on the need for a partnership between the national regulator and business.
Dynamics in the development of technologies and digitization have a key role in changing consumer attitudes and growth expectations. The role of the FSC is to provoke the sync between the regulatory requirements and their implementation in a digital environment, with the ultimate goal being to reduce the administrative burden. Part of the specific results are the functioning Innovation Hub, providing a single point of contact with FinTech companies and the changed regulations for access to the capital markets of small and medium-sized enterprises. The FSC mobile application, building a unified information system for submitting and receiving information from supervised persons in an electronic standardized format is also in progress.
An interesting moment in the current situation is that, within the framework of integrating innovations to reduce the administrative burden, the European Commission presented a Proposal for a Regulation of the European Parliament and the Council establishing a European single access point (ESAP). Its purpose is to provide the public with centralized access to all necessary information relevant to financial services. The European single access point will give investors easy, fast and comparable access to data on European companies, thereby also facilitating access to financing for European companies. ESAP is expected to contribute to the further integration of financial services and capital markets in the EU single market and to promote the development of smaller national capital markets and economies by providing greater visibility to them.  The Financial Supervision Commission, in sync with the European Commission, introduces measures to implement the new regulations and creates conditions for the realization of the vision of a European single access point.
Certainly one of the extremely meaningful and cause-oriented topics is that of the “Green Deal”. Ecology, social responsibility and transparent management are already part of the worldview and way of thinking of institutions and regulators in Europe. In accordance with the objectives of the European Union, the Financial Supervision Commission in Bulgaria supports through specific actions the targeting of national and European funding towards a sustainable economy, the planning of tools for business recovery after crises, as well as the balanced regional development of the country. I believe, and I see the specific results, that the Bulgarian regulator in the non-banking sector strategically arranges its actions in support of achieving the goals of the “Green Deal”. In this line of thinking, we all as a society are tasked with turning our attention to renewable energy, energy efficiency, green buildings, clean transportation, products created by the circular economy. After the adoption of the European Green Deal, the focus of the FSC will be on financial risks for institutions and the financial system, as well as on sustainability risk (ESG risks).
When we talk about achieving sustainable goals, examples are always important. Green bonds are a suitable financial instrument for large-scale sustainability projects, by giving access to a robust financing tool for green projects compliant with the EU taxonomy. On the other hand, investors in such bonds will be able to more easily assess and compare the sustainability of their investments, which will reduce risks and strengthen their confidence in the market. The new EUGBS voluntary standard will be open to all EU and non-EU issuers, including corporations, financial institutions and issuers of covered bonds and asset-backed securities, as well as governments and other public bodies.
In this regard, the challenges to the FSC to exercise its supervisory powers over capital market participants in compliance with the requirements laid down in the legislative package for Sustainable finance, namely the Disclosures Regulation, the Climate and Sustainable Finance Benchmarks Regulation and the Taxonomy Regulation.
The FSC is also a major participant in the process of creating the National Plan for the Introduction of the Euro in Bulgaria. The FSC’s vision for this key process for the Bulgarian economy , includes the systematization of the necessary measures and actions in connection with the conversion of financial instruments. We intend to carry out the necessary monitoring of the expected stages for the adaptation of the clearing and settlement systems to work with the euro.
In the context of the complicated international situation caused by the war in Ukraine and the sanctions and restrictions imposed by the EU, USA, Canada, the UK against the Russian Federation, the Russian Central Bank, credit institutions and companies, as well as individuals, the Commission took timely measures such as issued recommendations and guidelines to the investment, insurance and insurance sector for increased caution and the implementation of a strengthened risk management policy before proceeding with investments in financial instruments issued by issuers related to the Russian Federation.
The challenges we face provoke us to be vigilant, focused on achieving the set goals of increasing consumer protection, as well as promoting investors, of a stable, regulated and transparent non-banking sector.
Amid this global transformation, the FSC is starting a new strategic period for 2022 – 2024. The change for the regulator includes long-term planning, a strong expert team and determination to implement innovation in the field of digitization and regulations to stimulate the capital market. All this will be accompanied by constructive dialogue with all stakeholders in the processes regulated by the FSC. An important part of the development of the Bulgarian capital, insurance and social insurance market is the active and effective communication with businesses in the direction of developing concepts and sustainable strategies. Our goal is to be predictable in our actions and to show objectivity when making decisions on which the development of Bulgaria depends.

ATTACHED FILES ( 1 )


The Chair of the FSC, Boyko Atanasov, presented the Regulator’s Development Strategy for 2022-2024 during a round table “Strategic Management and Regulation of Business Processes in the State”

Mr. Boyko Atanasov, Chair of the Financial Supervision Commission, presented some of the results achieved by the FSC for the period 2019-2022, as well as important highlights of the adopted Development Strategy of the FSC for the period 2022-2024. The presentation today was within the framework of a round table on the topic “Strategic Management and Regulation of Business Processes in the State”, organized by the Higher School of Insurance and Finance (VUZF) and its Laboratory for Academic and Applied Research.
The Chair of the FSC presented to the audience some of the results achieved for the last three-year period. 2019 – 2022, on the one hand, is the time frame of the FSC Strategy for the specified period, and on the other hand, this period also coincides with the election of Boyko Atanasov for the position of Chair of the Commission.
“For the three-year period, we managed to ensure stability of the insurance market, we introduced innovations in the regulations of the capital market and strengthened the pension-insurance market to the extent of exceptional rigor and full transparency. All this happened in sync with the development of the organization – digitization, optimized processes and at the same time improvement of the team of high-level experts of the FSC. We worked with public visibility for every single innovation or sanction we made.”

snimka 1

Mr. Atanasov briefly presented the new Strategy for the development of the FSC for the period 2022-2024 as a basic and important tool for achieving the set goals and expected results. “The facts about the results achieved so far, presented in the report for the previous period, presented on the official page of the FSC, show that the Strategy of the FSC is well formulated and the main priorities and set sub-goals are being implemented. The strategy of the FSC for the upcoming period is aimed at several main priorities, with the ultimate goals being the reduction of  administrative burden, flexibility and adaptability to the business environment, and optimization of processes through digitization.”
During the round table discussions, he also announced the upcoming presentation of the new institutional site of the FSC and the Commission’s mobile application, the purpose of which is to facilitate users in the process of obtaining information about regulations in the non-banking financial sector. Boyko Atanasov also described the functions of the Innovation Hub, providing a single point of contact with FinTech companies. It was clearly emphasized that the establishment of a unified information system for submitting and receiving information from supervised persons in an electronic standardized format is also in progress.

“We act as a referee, not a player. In detail – we aim to create conditions for equality in the criteria for access to capital markets and opportunities for fair competition between participants. When we give trust and fair treatment, we get trust and fair treatment. This should be the basic principle of functioning not only of the Commission, but also of any other state organization. The governance style should be authoritative, not authoritarian.” Mr. Boyko Atanasov also stated.

snimka 2 1

The presentation ended with an emphasis on the regulatory functions of the FSC and the resulting benefits for users of financial services, by ensuring stable and secure financial markets.
During the event, the panelists – leading representatives of state institutions and regulatory bodies, experts, representatives of the academic and scientific field, represented by the Fiscal Council, the Executive Agency for the Promotion of Small and Medium Enterprises, the Bulgarian Development Bank, Unicredit Bulbank, the Bulgarian forum of business leaders, VUZF, the Bulgarian National Bank, the Bulgarian Stock Exchange and the FSC discussed the interaction between business and the state, strategic directions and priorities, the state budget as instruments in the implementation of this policy, as well as how far the regulatory function of the state should extend.

snimka 3

Choose a sort method:

ATTACHED FILES ( 3 )

The Chair of the FCS, Boyko Atanasov, launched the educational initiative for students #invest safely

In sync with new technologies, to improve the level of public awareness related to the non-banking financial sector and to protect consumers of financial products and services, the Financial Supervision Commission (FSC) in December last year launched the digital campaign #invest safely. Increasing financial literacy in the field of safe investing remains among the leading chief goals of the FSC, which continues its initiative to popularize the campaign during the World Money Week (March 21-27).
Experts from the Financial Supervision Commission, in partnership with industry organizations, represented by the Bulgarian Association of Licensed Investment Brokers and the Investor Compensation Fund, will present to students a series of public lectures under the title “Investment Security in the Digital World”, dedicated to the protection of investors, the recognition of legitimate investment firms and the functioning of the capital market.
The initiative marks the beginning of meetings between experts and students, within the framework of the first event, with graduates of one of the most authoritative and largest business universities in Bulgaria – the University of National and World Economy. The main objective of the  #invest safely – campaign will be presented to the audience to meet the needs of society with up-to-date information regarding the areas regulated by the Financial Supervision Commission in the non-banking financial sector – capital markets, insurance and pension insurance.
“Our participation in the World Money Week and our partnership with higher education institutions, within whose reach are the economic professionals in the country, is one of the steps in the strategy of our commitment to increase financial literacy among young people. Our vision is also to position Bulgaria among European countries whose young people have basic preparation for their meeting with the world of investments, in the conditions of a digitized non-banking financial sector”, said Mr. Boyko Atanasov, Chair of the Financial Supervision Commission
Within the educational initiative of the Financial Supervision Commission, future economists from 5 leading universities in the country – UNWE, Faculty of Economics of Sofia University, AUBG, VUZF and EU-Varna will acquire key competencies for investing in the capital markets and protecting against financial fraud through the digital events specially organized for them.
On the website https://investsafely.fsc.bg/, and YouTube in the LinkedIn channels of #investsafely, anyone interested can find useful tips and be introduced to investing, through news, video content and a list of licensed investment firms.
On the occasion of World Money Week, FSC experts will take part as guest speakers in the events “From Zero To Fintech”, organized by the Bulgarian Fintech Association and the webinar on “Security of digital financial instruments: Pay safely on the Internet!” initiated by Junior Achievement. They will also contribute as part of the jury of the “My Business” competitions – for the youngest and financial #LIFEHACK – for adolescents in high school.

The Chairman of the FSC, Mr. Boyko Atanasov in a special interview for the newspaper 24 Hours

Mr. Boyko Atanasov, Chairman of the Financial Supervision Commission, gave an interview for the newspaper “24 Hours” “I sincerely call for focusing on the very important and stable elements of the FSC’s work over the years,” said Mr. Atanasov, emphasizing the results achieved in the non-banking financial sector – the stability of the pension insurance market, innovation in the insurance market, transparency of the capital market.

The Commission’s main function in the capital sector is to supervise participants and ensure investor security. Mr. Atanasov emphasized that every potential investor must first check the FSC’s website to find out whether the person to whom he will entrust the management of his funds is licensed by the Financial Supervision Commission.

The FSC Chairman stressed that the insurance sector is going through the crisis smoothly and successfully, given the spread of the pandemic and the increased risks in the financial markets.

Regarding the pension insurance market, Mr. Boyko Atanasov shared that “the investment portfolios of the pension funds are well structured and highly diversified. They also have adequate reserves to guarantee the payment of lifelong pensions.

Mr. Atanasov noted that the FSC coordinated the overall process of preparing and coordinating the National Plan for the introduction of the euro in the non-banking financial sector.

You can read the whole interview here.