Invitation for independent external reviewers
for the Asset Quality Review of the Bulgarian pension funds sector and Balance sheet review of the Bulgarian insurance sector
The Financial Supervision Commission (FSC) is publishing new invitations for independent external reviewers on its website with a new deadline (March 31, 2016) for providing applications.
This new request for calls follows the assessment by the Steering Committee (SC) – composed by the members – the FSC and the European Insurance and Occupational Pensions Authority (EIOPA), and the observers – the European Commission (EC), the European Securities and Markets Authority (ESMA), the Bulgarian Ministry of Finance and the Bulgarian National Bank – of the current availability of resources within the firms which replied to the first call for independent external reviewers. It was noted that the capacity proposed does not match the needs for reviewing the insurance and pension fund sectors, as reviewers are currently busy with the statutory auditing and, for some of them, with the review in the banking sector.
Accordingly, the SC recommended to the FSC to postpone the start of the three-month data collection exercise by reviewers to July 15 instead of April 1, 2016. The date for publication of the results will be December 1 instead of August 15, 2016.
The cut-off date for the reviews in both sectors is changed to June 30, 2016.
An independent external reviewer, which already has submitted a proposal with regard to the previous invitation of the FSC for the same tasks and which wishes to participate in the selection pursuant to the present invitation, must within the above deadline for submission of proposal notify the FSC of its wish to participate in the selection and does not have to submit the documents which the FSC has at its disposal. The new invitations include minor changes and further clarifications compared with the previous invitations.
This new request for calls follows the assessment by the Steering Committee (SC) – composed by the members – the FSC and the European Insurance and Occupational Pensions Authority (EIOPA), and the observers – the European Commission (EC), the European Securities and Markets Authority (ESMA), the Bulgarian Ministry of Finance and the Bulgarian National Bank – of the current availability of resources within the firms which replied to the first call for independent external reviewers. It was noted that the capacity proposed does not match the needs for reviewing the insurance and pension fund sectors, as reviewers are currently busy with the statutory auditing and, for some of them, with the review in the banking sector.
Accordingly, the SC recommended to the FSC to postpone the start of the three-month data collection exercise by reviewers to July 15 instead of April 1, 2016. The date for publication of the results will be December 1 instead of August 15, 2016.
The cut-off date for the reviews in both sectors is changed to June 30, 2016.
An independent external reviewer, which already has submitted a proposal with regard to the previous invitation of the FSC for the same tasks and which wishes to participate in the selection pursuant to the present invitation, must within the above deadline for submission of proposal notify the FSC of its wish to participate in the selection and does not have to submit the documents which the FSC has at its disposal. The new invitations include minor changes and further clarifications compared with the previous invitations.
The full text of the two invitations is available at the following internet address: in Bulgarian and English