Establishment of a Council for Bulgarian Capital Markets Development.
Today, Oct 10th 2016, based on the initiative of the Central Securities Depository, the Financial Supervision Commission (the FSC), and Mr. Delyan Dobrev, MP and in partnership with numerous NGOs was established the Bulgarian Capital Markets Development Council.
The initiative is backed by the Association of Banks in Bulgaria, the Association of Bulgarian Insurers, the Association of Bulgarian Investor Relations Directors, the Special Investment Purpose Companies Association, the Bulgarian Industrial Capital Association, the Bulgarian Association of Supplementary Pension Security Companies, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Asset Management Companies, the Bulgarian Industrial Association, the Bulgarian Stock Exchange, the Confederation of the Employers and Industrialists in Bulgaria and the Bulgarian National Corporate Governance Committee. Management representatives of the aforementioned institutions and organisations signed today the Memorandum on the establishment of the Council.
The Council is established to act as an official platform for cooperation among the organisations operating in the non-banking financial sector. Among its priorities are elaboration of an overall strategy and roadmap for capital markets development in the mid- and long-term, attracting new listings and higher trading volumes, improved regulatory framework, creation of conditions for financing of small- and medium-sized enterprises, introduction of new financial instruments and stimulating public offerings via EU operational programmes and funds.
A Steering Committee will implement all Councilís priorities and its members will be the representatives of the organisations who signed the Memorandum. The functions to be performed by the Steering Committee are analysis of capital markets, preparation of assessments and forecasts, initiation of public debates and research on discussion topics, elaboration of a national program for raising financial literacy of the key financial services customer groups and preparation of proposals for legislative changes. The Steering Committee will act based on rules of equal treatment of all participants in order to adopt common positions on significant issues and will carry out constructive consultations by not allowing conflicts of sectoral interests and individual cases of the Councilís members to prevail.
The Memorandum has been signed for an indefinite period and other stakeholders of the non-banking financial sector, who share its principles, may join the Council. The American Chamber of Commerce in Bulgaria already joined as an associated member.
The entire Memorandum and the Council's Guiding Principles can be found here and here.
With reference to article 6 of directive 98/26/EC on settlement finality, please be informed that on 17 May 2013 at 05:31 pm compulsory administrative liquidation procedure as regard as Credito Aretuseo Banca di Credito Cooperativo - Societa cooperativa (ICRAITRRUJ0) was opened.
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