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🇧🇬Bulgaria · EU member

Financial Supervision Commission (Bulgaria)

FSC · Financial supervisory authority
Sofiawww.fsc.bg
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FY2025 · as of 31 December 2025Published figures unless marked

Employees227 filledof 282 approved posts — FY2025
Annual budgetBGN 28.02M ≈ €14.33Mexpenditure — FY2025
Supervised entities~146authorised firms — FY2024–25 (mixed vintage)Estimate

Overview

Bulgaria's Financial Supervision Commission regulates and supervises the non-banking financial sector — capital markets, insurance, and supplementary pension provision — and is the country's licensing authority for crypto-asset service providers under MiCA. It is a collegiate body elected by the National Assembly: a Chair, Deputy Chairs heading the three supervisory divisions, and further members, with a substantially renewed board seated in May 2025. Bulgaria's euro adoption on 1 January 2026 redenominated the investments, policies and pension assets the FSC oversees. Everything below is the FSC's own data, from its official publications.

Regulated sectors

6
Investment firmsAsset managersCrypto-asset service providersInsurance companiesPension fundsListed companies

Figures as published by Financial Supervision Commission (Bulgaria) for FY2025. Source: FSC Annual Report 2024 (English) (Published November 2025; FY2025 edition pending). Data as of 31 December 2025. Supplementary: FSC Board (English).

Leadership

4
Vasil Golemanski

Chairsince 27 March 2025

Denitsa Velichkova

Deputy Chair, Investment Supervisionsince May 2025

Plamen Danailov

Deputy Chair, Insurance Supervisionsince May 2025

Silvia Yordanova

Deputy Chair, Social Insurance Supervisionsince May 2025

Full board

Organisation (FY2025)

Staff
227 filled (282 approved posts)FY2025
Expenditure
BGN 28.02M ≈ €14.33MFY2025
Authorised firms (mixed vintage)
~146Composition — 53 investment intermediaries (FY2025) + 30 management companies + 16 standalone AIFMs + 37 (re)insurers + 10 pension insurance companies (end-2024)
Estimate

Crypto / MiCA

FY2025
MiCA CASPs authorised
0
Transitional VASP registrations
214
MiCA applications
4 (3 refusals)
Bulgarian MiCA implementation
Drafted by FSC during 2024–2025

Governance

FY2025
Board renewal
March–May 2025Chair Golemanski elected 27 March 2025; Deputies Velichkova, Danailov and Yordanova elected by the National Assembly in May 2025

Notable 2025–2026

Near-complete board renewal
In May 2025, with a new Chair and new members elected by the National Assembly.
Bulgaria's MiCA CASP authority
Two providers in the ESMA register as of July 2026.
Drafted the Bulgarian MiCA implementation act
During 2024–2025.
Euro adoption 1 January 2026
Redenominated the entire supervised perimeter — insurance, pensions and securities — in a single changeover.

Key legislation

4
Financial Supervision Commission Act

Founding statute — collegiate body elected by the National Assembly

Public Offering of Securities Act

Securities markets and listed issuers

Insurance Code

Insurance sector

Bulgarian MiCA implementation act (drafted 2024–2025)

CASP authorisation and supervision

Registers, portals and publications

Public registers

FSC public registers

Application portals

FSC e-portal

Recent publications

FSC Annual Report 20242025-11-01
Data as of 31 December 2025 · Source: www.fsc.bg + ComplyBridge researchActivity Index methodology →