Financial Supervision Commission (FSC), Bulgaria

The Financial Supervision Commission (FSC) is an independent administrative authority established in 2003 under the Financial Supervision Commission Act. It operates autonomously from the executive branch and reports directly to the National Assembly of the Republic of Bulgaria. The FSC is responsible for regulating and supervising the non-banking financial sector, including capital markets, insurance, health insurance, and pension insurance markets.

The primary mission of the FSC is to maintain stability and transparency in the non-banking financial sector and to ensure the protection of consumers of financial services and products. By consolidating the regulatory functions previously carried out by separate agencies, the FSC provides unified oversight of Bulgaria’s financial markets.

Core functions of the Financial Supervision Commission

• Regulation: Drafting and adopting regulations and instructions as provided in legislation, issuing guidelines regarding the implementation and interpretation of financial laws.
• Licensing: Reviewing applications for permits, ensuring compliance with regulatory requirements, and maintaining impartiality in the licensing process.
• Supervision: Monitoring compliance with legal requirements, assessing the financial status of supervised entities, and ensuring the reliability of information provided by these entities.
• Sanctions: Imposing administrative measures, including recommendations for specific actions, fines, and property sanctions, to address violations by supervised entities.

Through these functions, the FSC plays a crucial role in maintaining the integrity and stability of Bulgaria’s financial markets, fostering investor confidence, and contributing to the overall health of the country’s economy.