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.”
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.
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.
