The Commission for Public Oversight on Statutory Auditors was established in compliance with the Directive 2006/43/EC of the European Parliament and of the Council.
Sofia 1000
phone: +3592 983 55 39
fax: +3592 983 13 85
office@cposa.bg
The Financial Supervision Commission (FSP) was established on 1 March 2003 under the Financial Supervision Commission Act. The institution is independent from the executive authority and reports its activity to the National Assembly of the Republic of Bulgaria.
The Commission is a specialized government body for regulation and control over the financial system, which unifies the regulatory functions that used to be carried out by the former State Securities Commission, the State Insurance Supervision Agency and the Insurance Supervision Agency.
The primary function of the Commission is to assist through legal, administrative and informational means for the maintenance of stability and transparency on the investment, insurance and social insurance markets.
The Commission has at its disposal the following tools for implementation of its objectives: powers for legislative initiative; preliminary control over the participants' admission to the market through the licensing regime; the right to control the activities of participants that have already been admitted; and finally, the right to impose sanctions upon establishment of violations.