The Bulgarian National Bank’s Governing Council adopted an ordinance setting out the conditions and process for licensing credit servicers, the requirements for their ongoing activity, and the information to be provided by credit purchasers and credit institutions. The ordinance is issued under Bulgaria’s Law on Credit Servicers and Credit Purchasers and implements European Banking Authority guidelines under Directive (EU) 2021/2167. The framework specifies the licensing process and additional documentation to be submitted by applicants, including information on the applicant’s managers, legal representatives and members of its control bodies. It also sets information and document requirements for natural and legal persons holding a qualifying holding in the applicant, establishes requirements for assessing the collective suitability of members of the management and control bodies (by both credit servicers and the Bulgarian National Bank), introduces financial and statistical reporting requirements, and sets administrative fees for handling licence applications and registering changes in the statutory register. The ordinance also defines the procedure for determining the annual fee related to the Bulgarian National Bank’s supervisory functions over credit servicers.
National Bank of Bulgaria 2025-10-06
Bulgarian National Bank adopts ordinance setting licensing, reporting and fee rules for credit servicers and credit purchasers
The Bulgarian National Bank adopted an ordinance detailing the licensing process for credit servicers, including ongoing activity requirements and information from credit purchasers and institutions. This ordinance, under Bulgaria’s Law on Credit Servicers and Credit Purchasers, aligns with European Banking Authority guidelines. It outlines documentation for applicants, management suitability assessments, reporting requirements, and administrative fees.