The Bulgaria Financial Supervision Commission adopted a package of supervisory and authorisation decisions, including revoking its earlier decisions to apply European Insurance and Occupational Pensions Authority (EIOPA) guidelines on outsourcing to cloud service providers and on the security and governance of information and communication technologies in its supervisory practice, in relation to EIOPA guidance applicable from 17 January 2025. On capital markets, the Commission approved the prospectus for VC Investment Group AD’s BGN 5,000,000 bond issue and entered both the issuer and the bonds into the register of public companies and other issuers for trading on a regulated market. The issue comprises 5,000 unsecured, non-convertible bonds of BGN 1,000 each (ISIN BG2100023246), paying a floating coupon of 6-month EURIBOR plus 1.50% with a 4.00% floor and 7.50% cap per annum, issued on 17 May 2024 and maturing on 17 May 2031. The Commission also registered Republika Holding AD’s issue of 2,991,698 ordinary dematerialised shares with voting rights and a nominal value of BGN 1 each (ISIN BG1100059986), approved new executive directors at BULGARIAN EXPORT INSURANCE AGENCY EAD and DALLBOGG: LIFE AND HEALTH AD, and removed INSURANCE BROKER DIRECT INS EOOD from the insurance broker register at the firm’s request. Separately, EL BAT AD was exempted for 2025 from licensing as an investment intermediary for its trading in commodity derivatives or emission allowances (or their derivatives), and Manikyan Capital AD (in incorporation) was asked to provide additional information and documents for a management company licence application. For professional qualification exams, the Commission admitted five candidates to the broker of financial instruments exam on 17 May 2025 and 11 candidates to the investment consultant exam on 18 May 2025; the fee is BGN 450 per exam, payable by 9 May 2025, and the venue will be announced after all applications have been reviewed and a final list of admitted candidates is prepared.
Bulgaria Financial Supervision Commission 2025-04-09
Bulgaria Financial Supervision Commission revokes prior decisions to apply EIOPA cloud outsourcing and ICT governance guidelines
The Bulgaria Financial Supervision Commission adopted supervisory and authorization decisions, including revoking its application of certain EIOPA guidelines. It approved VC Investment Group AD’s BGN 5,000,000 bond issue and registered Republika Holding AD’s share issue. Additionally, it made several executive appointments, removed an insurance broker from the register, and addressed licensing and exam admissions.