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Financial Supervision Commission (Bulgaria)
FSC · Financial supervisory authoritySelective
Employees
227 filled
· of 282 approved posts — FY2025FY2025
Annual budget
BGN 28.02M ≈ €14.33M
· expenditure — FY2025FY2025
Supervised entities
~146
· authorised firms — FY2024–25 (mixed vintage)FY2025
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
Leadership
- Vasil GolemanskiChair · since 27 March 2025
- Denitsa VelichkovaDeputy Chair, Investment Supervision · since May 2025
- Plamen DanailovDeputy Chair, Insurance Supervision · since May 2025
- Silvia YordanovaDeputy Chair, Social Insurance Supervision · since May 2025
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).
Organisation (FY2025)
| Item | Value |
|---|---|
| Staff | 227 filled (282 approved posts) FY2025 |
| Expenditure | BGN 28.02M ≈ €14.33M FY2025 |
| Authorised firms (mixed vintage) | ~146 Composition — 53 investment intermediaries (FY2025) + 30 management companies + 16 standalone AIFMs + 37 (re)insurers + 10 pension insurance companies (end-2024) |
Crypto / MiCA
| Item | Value |
|---|---|
| MiCA CASPs authorised | 0 |
| Transitional VASP registrations | 214 |
| MiCA applications | 4 (3 refusals) |
| Bulgarian MiCA implementation | Drafted by FSC during 2024–2025 |
Governance
| Item | Value |
|---|---|
| Board renewal | March–May 2025 Chair Golemanski elected 27 March 2025; Deputies Velichkova, Danailov and Yordanova elected by the National Assembly in May 2025 |
Notable 2025–2026
| Item | Value |
|---|---|
| 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
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
Public registers
Application portals
Recent publications
- FSC Annual Report 2024
2025-11-01