Financial Supervision Commission
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| Financial Supervision Commission | |
| Founded | 2003 |
|---|---|
| Headquarters | Sofia, Bulgaria |
| Key People | Apostol Apostolov, Chairman; Dimana Rankova, Deputy Chairperson of Investment Supervision Activity; Ralitsa Againe, Deputy Chairperson of Insurance Supervision Division; Bisser Petkov, Deputy Chairperson of Social Insurance Supervision Division; Maria Ilieva, Secretary General |
| Products | Maintenance of stability and transparency of the investment, insurance and social insurance markets in Bulgaria |
| Web site | http://www.fsc.bg |
The Financial Supervision Commission (FSC) [1] is a specialized government body, independent from executive authority, responsible for regulating and controlling the financial system of Bulgaria.
Contents |
Organization and Purpose
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The purposes of the FSC are to protect the interests of investors, insurers and insured persons and provide integrity, transparency and credibility in the financial markets
The FSC has these tools at its disposal: powers for legislative initiative, licensing control, responsibility for supervision of participants' activities and the ability to impose sanctions
History
The FSC, which was established on March 1, 2003, under the Financial Supervision Commission Act, unifies the regulatory functions that used to be carried out by the former State Securities Commission, the State Insurance Supervision Agency and the Insurance Supervision Agency.
The creation of the FSC is viewed as a fresh answer to new economic realities. The change affects not only how the markets are regulated, but also the overall organization of supervision. This integrated and neutral approach is expected to be instrumental in creating a transparent and open market where participants can freely compete with each other in the conditions of balanced regulatory control. The new regulatory body is expected to facilitate growth in the non-banking sector and enable the creation and promotion of financial products that assist economic growth and diversification in Bulgarian markets. FSC is a member of the Committee of European Securities Regulators and Apostol Aspostolov represents FSC on the Committee.
References
- ↑ About the Commission. Financial Supervision Commission. Retrieved on December 19, 2007.
