Financial Supervision Commission

Name

Financial Supervision Commission

Legal name

Комисия за финансов надзор (Financial Supervision Commission)

Website

https://fsc.bg

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Financial Market Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615)

SIC

Finance Services (6199)

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Financial Risk, Controls & Audit (Public Sector) (BPAIAEAH), Data Protection, Privacy & Cybersecurity Regulators (BPAIAOAH)

Keywords

• Financial market regulation
• Insurance supervision
• Pension fund oversight
• Investor protection
• Capital markets supervision

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Distribution channels3 records

Marketing channels5 records

Core offering

The Financial Supervision Commission regulates and oversees Bulgaria's non-bank financial sector, providing unified supervisory authority over investment activities, insurance activities, and social security/pension insurance activities. It delivers statutory regulatory services including licensing, prospectus approvals, supervision of investment firms/insurers/pension funds/crypto asset service providers, out-of-court consumer dispute resolution, and statutory qualification examinations, supported by the ЕИС electronic information system and FinTech Innovation Hub.

Product overview

The Financial Supervision Commission (Комисия за финансов надзор) is Bulgaria's integrated financial regulator overseeing investment, insurance, and pension sectors. It operates not as a product company but as a regulatory authority offering a suite of e-services and public registries through its digital platform. The core digital infrastructure consists of the E-I Portal (Единна информационна система) for supervised entity reporting, a FinTech Innovation Hub for regulatory guidance, and multiple public registers including crypto asset providers, insurance intermediary training organizations, and collective investment schemes. Supporting services include consumer protection programs (Invest Safely Campaign), financial literacy initiatives (Digital Academy, Your Finances), and the T+1 settlement transition program.

Differentiator

Problem solved

Functional benefit

Products and services

• Electronic Information System Portal (ЕИС / Е-I Portal) Electronic portal (accessed via eis.fsc.bg) providing supervised entities with access to submit regulatory reports, notifications, and documents to the FSC; serves as the core digital infrastructure for regulatory filing across investment, insurance, and pension sectors.
• FinTech Innovation Hub Sandbox-style advisory program for financial technology companies to test innovative products while receiving regulatory guidance from the FSC; part of the Financial Innovations division.
• Crypto Asset Services Registry Official public register of licensed crypto asset service providers operating in Bulgaria under MiCAR regulations.
• Insurance Intermediary Training Organizations Register Register of organizations authorized to provide professional training for insurance brokers in Bulgaria.
• Collective Investment Schemes and UCITS Register Register of collective investment schemes and management companies from the European Union operating in Bulgaria.
• Out-of-Court Dispute Resolution Service Statutory dispute resolution service for financial consumers through reconciliation committees, handling complaints against supervised financial entities.
• Statutory Qualification Examinations Statutory examinations administered by the FSC for insurance and pension intermediaries to obtain professional qualifications required to operate in the Bulgarian market.

Quantifiable outcome

• Bond issuance approvals enabling capital raising - e.g., 3 million euro ITF Group bond issue, 11.25 million euro 7K Corporation bond issue

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• European Securities and Markets Authority (ESMA)coreStrategic or Co-development PartnerEU-level regulatory coordination in securities and capital markets; ESMA issues guidelines and recommendations that FSC implements in Bulgaria; joint oversight of cross-border financial activities
• European Insurance and Occupational Pensions Authority (EIOPA)coreStrategic or Co-development PartnerEU-level coordination for insurance and pension fund supervision; EIOPA guidelines and supervisory standards implementation in Bulgarian insurance and pension sectors
• Organisation for Economic Co-operation and Development (OECD)coreStrategic or Co-development PartnerParticipation in OECD Insurance and Private Pensions Committee and Financial Markets Committee for international regulatory standards
• Financial CommissionminorStrategic or Co-development PartnerExternal dispute resolution services for financial market participants; transparency and industry-driven recognition in finance sector

Scale indicators3 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• FINMA (Financial Market Supervisory Authority): Switzerland's integrated financial regulator supervising banking, insurance, securities, and pensions. Comparable as a non-EU peer operating a unified multi-sector supervisory model.
• Financial Conduct Authority (FCA): UK's integrated financial regulator overseeing conduct across securities, insurance, and pensions markets. Highly comparable as a single-authority model supervising multiple non-bank financial sectors with strong digital reporting infrastructure.
• AFM (Autoriteit Financiële Markten): Netherlands' financial markets regulator with conduct-of-business oversight. Comparable as an EU national authority focused on securities markets supervision and investor protection.
• BaFin (Federal Financial Supervisory Authority of Germany): Germany's integrated financial regulator supervising banks, insurance, securities, and asset management. Comparable as a multi-sector unified supervisor within the EU framework and peer to FSC in ESMA/EIOPA coordination.
• CSSF (Commission de Surveillance du Secteur Financier): Luxembourg's integrated financial supervisor for banking, insurance, and securities. Comparable as a small-jurisdiction EU regulator with a unified oversight model similar to FSC.
• CNMV (Comisión Nacional del Mercado de Valores): Spain's securities markets regulator. Comparable as an EU national regulator coordinating with ESMA on investment supervision, prospectus approvals, and investor protection.
• Autorité des Marchés Financiers (AMF): France's financial markets regulator overseeing securities, investment firms, and market infrastructure. Directly comparable as an EU national securities regulator with FinTech innovation initiatives.
• Finanstilsynet (Danish Financial Supervisory Authority): Denmark's integrated financial regulator covering banking, insurance, securities, and pensions. Comparable as a small-country EU integrated supervisor with FinTech oversight.
• CONSOB (Commissione Nazionale per le Società e la Borsa): Italy's securities regulator. Comparable as an EU national authority supervising investment firms, prospectuses, and corporate disclosures, with strong consumer/investor protection mandate.

Broad incumbents

• ESMA (European Securities and Markets Authority): Pan-EU securities regulator that coordinates with FSC and other national authorities. Relevant as the overarching EU body whose standards FSC implements and which shapes Bulgaria's securities regulatory environment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@%D0%9A%D0%BE%D0%BC%D0%B8%D1%81%D0%B8%D1%8F-%D0%B7%D0%B0-%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2-%D0%BD%D0%B0%D0%B4%D0%B7%D0%BE%D1%80
• LinkedInlinkedin.com/company/%D0%BA%D0%BE%D0%BC%D0%B8%D1%81%D0%B8%D1%8F-%D0%B7%D0%B0-%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%BE%D0%B2-%D0%BD%D0%B0%D0%B4%D0%B7%D0%BE%D1%80

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Financial Supervision Commission