What is the Bulgarian Financial Supervisory Commission (FSC)? Bulgarian Financial Supervisory Commission (FSC) Review, Features

The Bulgarian Financial Supervision Commission (FSC) is a specialized government body that brings together the regulation and supervision of the capital, insurance and supplementary pension markets in different parts of the financial system.

About the Bulgarian Financial Supervisory Commission (FSC)

The Financial Supervisory Commission (FSC) was established on 1 March 2003 by the Law on the Financial Supervisory Commission. It is a body independent of the executive branch and reports to the National Assembly of the Republic of Bulgaria.

Task

The main tasks of the Agency are to assist in maintaining the stability and transparency of the Bulgarian non-bank financial system by legal, administrative and information means, as well as to protect the interests of investors, insured persons and insured persons.

Functions

The tools at the Commission's disposal to achieve its objectives are: the possibility of legislation, ex ante control of the entry of market players through a licensing system, the right to control the activities of market players already admitted and, finally, the right to impose sanctions when violations are detected.

Conducts general and financial supervision of the activities of supervised entities, monitoring compliance with legal requirements, the financial situation of companies and the reliability of information they provide. The Commission carries out supervisory activities through remote and on-site inspections of the activities of licensed market participants.

The purpose of the Financial Supervisory Authority's supervisory activities is to prevent and stop illegal activities in order to ensure that the interests of investors, policyholders and insured persons are protected.