Financial Supervision Commission (FSC)

Basic Information

The Financial Supervision Commission (FSC) is Bulgaria’s independent regulatory authority overseeing non-banking financial markets. Established on March 1, 2003, under the Financial Supervision Commission Act, it operates autonomously from the executive branch and reports directly to the National Assembly. The FSC ensures stability, transparency, and consumer protection across capital markets, insurance, pension funds, and health insurance sectors.

Historical Background

The FSC was created to consolidate oversight of Bulgaria’s evolving financial landscape, aligning with EU regulatory standards post-2000. Its formation addressed the need for a unified supervisor to mitigate systemic risks and enhance market integrity. Over time, the FSC expanded its mandate to include FinTech innovation and cross-border regulatory cooperation.

Legal Authority & Regulatory Framework

The FSC derives its authority from national legislation, including the Financial Supervision Commission Act, and EU directives such as MiFID II and Solvency II. It enforces rules on licensing, market conduct, and consumer protection while imposing administrative sanctions for non-compliance. The Commission also collaborates with European bodies like EIOPA to align practices with regional standards.

Core Responsibilities & Scope

The FSC’s primary functions include:

Regulatory Oversight: Drafting secondary legislation, issuing guidelines, and monitoring compliance with financial laws.
Supervision: Conducting on-site inspections and off-site analyses of insurers, pension funds, investment firms, and securities markets.
Licensing: Evaluating applications for financial service providers based on capital adequacy, governance, and operational transparency.
Consumer Protection: Resolving complaints, enforcing fair practices, and publishing investor education materials.
Market Stability: Performing stress tests and sector reviews to preempt systemic risks.

Contact Information

Address: 16 Budapeshta Str., 1000 Sofia, Bulgaria
Phone: +359 2 9404 999 (Central) | 0800 40 444 (Call Center)
Fax: +359 2 9404 606
Email: [email protected] (General Inquiries) | [email protected] (Technical Support)
Business Hours: 9:00 AM – 5:30 PM (Weekdays)

Verification of Regulated Entities

To confirm if an entity is FSC-regulated:

Visit the FSC website’s Supervised Entities section, which provides updated lists of authorized firms in insurance, pensions, and securities.
Use the Motor Third Party Liability Check System or specialized registers (e.g., UCITS, crowdfunding platforms) for sector-specific verification.
Cross-reference with the Register of Data Reporting Service Providers or contact the FSC directly via phone/email for clarification.