The Bulgarian National Bank has adopted a new ordinance setting the procedures and eligibility requirements for appointing registered auditors and external independent experts required under the Act on Credit Servicers and Credit Purchasers. The ordinance defines the process for appointment and the required professional qualifications and experience for (i) registered auditors and external independent experts to assess managed receivables from non-performing loans by a credit servicer, and (ii) external independent experts to assess a credit servicer’s compliance with the requirements under Article 8(11) of the Act, either at firm level or for specific functions. It also establishes the framework for compiling and maintaining Bulgarian National Bank lists of these auditors and experts, including registration and removal procedures.
National Bank of Bulgaria 2025-11-13
Bulgarian National Bank adopts rules for appointing and listing auditors and independent experts for credit servicers’ NPL and compliance assessments
The Bulgarian National Bank issued an ordinance detailing procedures and criteria for appointing registered auditors and external experts under the Act on Credit Servicers and Purchasers. It outlines qualifications for assessing non-performing loan receivables and compliance with Article 8(11) of the Act, and sets the framework for maintaining lists of these professionals, including registration and removal processes.