Bulgaria's Financial Supervision Commission to Present Members

Bulgaria's Financial SUpervision Commission will officially present Wednesday its head, Stoyan Mavrodiev, and the other four new members. Photo by BGNES

The Bulgarian Financial Supervision Commission (FSC) will officially announce its new members.

On Wednesday, FSC will present the head of the commission, Stoyan Mavrodiev, and the other four members.

After appointing Stoyan Mavrodiev, a MP from the ruling center-right party GERB, as head of the Financial Supervision Commission at the end of June, the Parliament elected three deputy chairs and one member.

The previous head of the FSC, Petar Chobanov, was in charge of the institution for one year.

Dimana Raykova will be the new first deputy chair of the FSC with a term of office of 5 years; Angel Dzhalzov is also a deputy chair with a mandate of 4 years, as is Borislav Bogoev with a term of 3 years; Antonia Dineva has been appointed member of the Commission for three years.

Currently, Bulgaria’s banking and crediting sector is supervised by the Bulgarian National Bank, whereas the insurance firms, retirement funds, and other non-banking financial companies are monitored by the Financial Supervision Commission. The Commission is independent and is accountable to the Parliament.

In April, the Bulgarian government decided to shrink the size of the Commission from 7 to 5 members. The suggestion was upheld by the Economy Committee of the Bulgarian Parliament, which approved draft amendments of the Financial Supervision Commission Act.

Members of the ruling party GERB, including the Chair of the Parliamentary Finance Committee Menda Stoyanova, have put forth the idea of setting up a unified body for financial supervision in Bulgaria by the end of 2010, merging banking and non-banking supervision. However, no specific plans have been made public yet.

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