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Financial Supervision Commission (Bulgaria)

The Financial Supervision Commission (FSC, ) is a financial supervisory authority in Bulgaria, based in Sofia. It oversees most parts of the financial sector outside the banking sector, which is under the authority of European Banking Supervision including the Bulgarian National Bank as national competent authority.

Under European Union policy frameworks, the FSC is a voting member of the respective Boards of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA). It is also a member of the European Systemic Risk Board (ESRB).

History

The FSC was established on by new legislation, the Financial Supervision Commission Act, as an institution independent from the executive branch and accountable to the National Assembly. It took over the duties of three former agencies, the State Securities Commission (), State Social Security Supervision Agency (), and Insurance Supervision Agency ().

Overview

The FSC is led by a management board consisting of the chairman, three deputy directors, and one ordinary commission member. The mandate of the chair is six years. The three vice-chairs head the three main departments within the commission: Supervision of Investment Activities, Pensions Supervision, and Insurance Supervision.

Controversy

In 2016, Bulgarian prosecutors found evidence that FSC chair Stoyan Mavrodiev had committed false declarations to a credit institution, which however came under statute of limitations.

Leadership

  • , chair 2003 – 2009
  • Petar Chobanov, chair 2009 – 2010
  • , chair 2010 – 2016
  • Karina Karaivanova, chair 2016 – 2019
  • , chair 2019 – 2025
  • Vasil Golemanski, chair since 2025

See also

References