The Bulgaria Financial Supervision Commission adopted a package of licensing and authorisation decisions spanning insurance, collective investment schemes, real estate investment trusts and crowdfunding. The decisions included approvals of senior appointments, consent for specific structural and contractual changes, clearance of a qualified participation acquisition, and expansion of a crowdfunding services licence. The Commission approved Tanya Teneva as a member of the Management Board and Executive Director of Generali Insurance AD, and Gergana Modeva–Ekzarova as Head of the Compliance Function at Bulgaria Insurance Company AD. It also approved Georgi Malinov, Stoyan Nedev and Zlatena Zlateva as members of the Board of Directors of ELANA Agricultural Land Fund REIT, approved an additional agreement to an outsourcing contract between FairPlay Properties REIT and a third party, and authorised KBC Asset Management N.V. (Belgium), acting through its Bulgarian branch, to maintain the feeder arrangement between UBB ExpertEase Dynamic Balanced Responsible Investing and the main sub-fund KBC Dynamic Balanced Responsibly Investing of Horizon N.V. following a transformation. The Commission did not issue a ban on Tereza Trifonova’s intention to acquire an indirect qualified participation of 37.29% in Serdika Capital AD. Afranga EOOD’s licence for crowdfunding services was extended to include the right to perform payment services through a payment service provider. The Commission also admitted specific candidates to the broker exam on 17 May 2025 and the investment consultant exam on 18 May 2025, set an exam fee of BGN 450 per exam payable by 9 May 2025, and noted that admissions will be published in stages as applications are reviewed. In parallel, it requested additional information from MarketVision Finance Ltd in connection with registration as an alternative investment fund manager and from Bluesmart Investments AD in connection with approving an executive board member.
Bulgaria Financial Supervision Commission 2025-03-19
Bulgaria Financial Supervision Commission approves governance appointments and widens Afranga crowdfunding licence
The Bulgaria Financial Supervision Commission made licensing decisions in insurance, investment schemes, REITs, and crowdfunding, including senior appointments and structural changes. Key approvals involved Tanya Teneva at Generali Insurance AD, Gergana Modeva–Ekzarova at Bulgaria Insurance Company AD, and board members at ELANA Agricultural Land Fund REIT. Afranga EOOD's crowdfunding licence was expanded to include payment services, and the Commission requested further information from MarketVision Finance Ltd and Bluesmart Investments AD.