Bulgaria Investors Wary of Financial Supervision Reform

The investment community in Bulgaria has not supported the Finance Minister Simeon Djankov’s plan to reform the financial supervision system in the country.

This became clear at a round table held Tuesday for all the institutions involved in any way with the stock market in Bulgaria. Business representatives raised doubts about Djankov’s plans and sated that they at least need careful analysis and discussion before any action is taken.

Djankov has put forward draft proposals in which the current regulators – the Financial Supervision Commission and the Bulgarian National Bank are replaced with one single financial authority or the twin peaks option in which the FSC is disbanded and replaced by an independent regulator under the umbrella of the Finance Ministry.

Earlier , Bulgaria's government was urged to sell on the stock exchange shares in companies, which are part of the Bulgarian Energy Holding, in a bid to put the local capital market back on track.