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Bulgaria’s Financial Supervision Commission (FSC) said on Tuesday it has created, in partnership with local associations, a Bulgarian Capital Markets Development Board. The Board is held by management representatives of the partnering associations and will act as a platform for cooperation between market participants in the non-banking financial sector.
One of the key functions of the Board will be to prepare proposals for legislative amendments concerning the non-banking capital markets. In addition, it will assess and analyze the sector, prepare forecast reports and develop a comprehensive strategy and a road map for the development of the market both in the mid- and long-terms. The Board will also seek the addition of more financial trading instruments on the regulated markets.
“The establishment of the Board is a crucial moment not only because it is unprecedented in the industry so far but mostly because of the alliance of all capital market stakeholders in Bulgaria,” said Vasil Golemanski, CEO of the Central Depository. “We are convinced that this is the best way for cooperation aiming at achieving effective and efficient non-banking financial sector,” he added.
The advisory body’s operations also include the preparation of a national informational program aiming to increase the financial literacy of potential clients of the Board’s members. This will happen via public discussions and researches on relevant topics, among others.
The initiative was launched by the Central Securities Depository, the FSC, and MP Delyan Dobrev. A Steering Committee will implement all of the Board’s priorities. The Board will aim to attracti new listings and higher trading volumes and to stimulate public offerings via EU operational programmes and funds.
“We at the FSC have not only outlined the main weak point of the Bulgarian capital markets, but will also propose practical solutions at Board’s first meeting next week,” said Karina Karaivanova, chairman of the FSC. “As a regulatory body, we promise that we will fully engage the expertise of the Commission in order to propose to the Board meaningful solutions for the capital market,” she added.
Following is a list of the associations that members of the Board:
- Association of banks in Bulgaria
- Association of the Bulgarian Insurer
- Association of Bulgarian Investor Relation Directors
- Special Investment Purpose Companies` Association
- Bulgarian Investment Consulting Agency
- Bulgarian Association of Supplementary Pension Security Companies
- Bulgarian Association of Licensed Investment Intermediaries
- Bulgarian Association of Asset Management Companies
- Bulgarian Industrial Association
- Bulgarian Stock Exchange-Sofia
- Confederation of Employers and Industrialists in Bulgarian
- Bulgarian National Corporate Governance Committee
The American Chamber of Commerce in Bulgaria (AmCham) has also joined the Committee as an associate member. More associations and organization from the non-banking financial sector can also join the body at any moment.