National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
FSC
BulgariaFinancial Supervision Commission
Source / Native Reference: 保加利亚金融监管委员会
- Supervisory tier
- Tier-3
- License classes
- 2
- Licensed records
- 4
- Active / regulated
- 4
Statutory Supervisory Mandate & Scope
Banco de España (Central Bank of Spain) (BDE) is the central banking and prudential supervisory authority in Spain (Tier-1 jurisdiction). Its mandate encompasses monetary policy implementation, systemic financial stability, Basel III capital adequacy and liquidity (LCR/NSFR) supervision for credit institutions, payment systems oversight, and statutory licensing of banks and authorised financial institutions.
Prudential Tier Assessment
Tier-3Tier-3 national capital markets, securities, and derivatives supervisory authority in Bulgaria, IOSCO member standards-aligned.
National licensing qualifications & statutory authorisation classes (FSC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FSC in Bulgaria.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Category 1 / Principal Broker-Dealer | Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) | Dealing as principal or market maker in securities, FX, CFDs, futures, options, and underwriting. | USD $150,000 – $500,000 equivalent minimum paid-up capital | Risk-weighted capital adequacy + minimum liquid capital buffer ≥ 25% of annual fixed overheads. |
| Category 2 / Agency Broker & Asset Manager | Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence | Order execution, reception and transmission of client orders, discretionary portfolio management, and investment advisory. | USD $75,000 – $150,000 equivalent minimum paid-up capital | Strict client money segregation, best-execution monitoring, and quarterly regulatory financial returns. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FSC.
National Investor Protection / Compensation Scheme (Bulgaria)
- Maximum coverage per client
- Subject to statutory national investor protection fund limits and segregated trust priority
- Eligible counterparties & scope
- Retail clients of licensed securities and investment brokerage firms.
FSC Client Money & Safe Custody Segregation Rules
- Reconciliation & audit cadence
- Daily reconciliation of segregated client trust bank accounts against client trading ledger balances.
- Approved custodian requirements
- Client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories.
FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework
- Travel Rule, custody & stablecoin rules
- FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
Primary Governing Statutes & Rulebooks
- Securities and Capital Markets Act of Bulgaria
- FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules
- Client Money & Custody Asset Segregation Regulations (Bulgaria)
- IOSCO Principles of Securities Regulation & National AML/CFT Rulebook
Regulatory Reporting & Audit Obligations
Quarterly capital adequacy returns and annual IFRS audited financial statements submitted to FSCAnnual independent auditor attestation on Client Money and Safe Custody complianceTransaction reporting, market abuse surveillance (MAR), and AML/CFT suspicious activity reporting
Cross-Border Equivalence & Passporting
Eligible for EU/EEA MiFID II and MiCA cross-border freedom-of-services passporting across 30 EEA member states.
Supervised institutions & FSC licence records in our database
4 licence records referencing FSC (4 regulated/registered).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| UniCredit Bulbank(Global network record) | Number pending check | Regulated | UNICREDIT BULBANK AD | — | |
| BULBROKERS(Global network record) | Number pending check | Regulated | Bulbrokers | — | |
| DeltaStock(Global network record) | Number pending check | Regulated | Deltastock | — | |
| FOREX359(Global network record) | Number pending check | Regulated | ELANA TRADING AD | — |
FSC (Bulgaria): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FSC (Bulgaria)?
FSC (Financial Supervision Commission) supervises financial institutions in Bulgaria under Securities and Capital Markets Act of Bulgaria and FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules. Key statutory authorisation classes include: Category 1 / Principal Broker-Dealer (Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) — min. capital: USD $150,000 – $500,000 equivalent minimum paid-up capital); Category 2 / Agency Broker & Asset Manager (Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence — min. capital: USD $75,000 – $150,000 equivalent minimum paid-up capital). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FSC provide statutory investor compensation and mandatory client asset segregation?
Under FSC's framework, investor protection is governed by National Investor Protection / Compensation Scheme (Bulgaria) with maximum coverage of Subject to statutory national investor protection fund limits and segregated trust priority (Retail clients of licensed securities and investment brokerage firms.). For client money and custody assets, supervised firms must comply with FSC Client Money & Safe Custody Segregation Rules, performing daily reconciliation of segregated client trust bank accounts against client trading ledger balances. with client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories..
How does FSC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FSC's digital-asset regime is structured around FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework (Unified EU MiCA (Regulation (EU) 2023/1114) CASP licensing and DLT Pilot Regime.). Custody and AML/CFT compliance obligations require: FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
How can I verify an institution's FSC licence number and check our 4 recorded licence entries?
Our database currently tracks 4 licence records referencing FSC (4 marked regulated or registered). To verify a counterparty at the primary source, open FSC's official public register (https://www.fsc.bg/en/investment-avtivity/lists-of-supervised-entities/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from Sovereign Tax Atlas relevant to FSC and Bulgaria.
Sovereign Tax & Treaty Architecture
OECD Pillar Two 15% Global Minimum Tax (QDMTT, IIR & UTPR), CARF Digital-Asset Reporting, and Cross-Border Financial Withholding Tax Architecture (2026)
An authoritative 2026 sovereign tax reference analyzing OECD/G20 GloBE 15% minimum effective tax rate (ETR) mechanics, QDMTT/IIR/UTPR charging priority for multinational banks and brokers, Investment Entity exclusions, IRC Section 871(m) dividend equivalents, and OECD CARF / EU DAC8 automatic exchange.
Cross-Border Tax Treaties
Luxembourg RAIF & SCSp vs Ireland ICAV vs Singapore VCC: Institutional Fund Domicile Tax Treaty Access & Dividend Withholding Matrix
Institutional fund domicile selection refers to structuring cross-border vehicles to cut U.S. and EU dividend withholding taxes from 30% to 0%–15% under bilateral tax treaties.
OECD Pillar Two & Global Minimum Tax
OECD Pillar Two 15% Global Minimum Tax: GloBE Rules, QDMTT, IIR & UTPR Institutional Reference (2026)
The OECD Pillar Two Global Anti-Base Erosion (GloBE) framework enforces a 15% minimum effective tax rate across 145+ jurisdictions on multinational enterprises with consolidated revenues of at least EUR 750 million (Source: OECD Inclusive Framework, 2026-09-18).
OECD Pillar Two & Global Minimum Tax
OECD Pillar Two 15% Global Minimum Tax (GloBE, QDMTT, IIR & UTPR): Statutory vs. Bilateral Treaty Withholding Tax Rate Matrix (2026) (15.0% Minimum Effective Tax Rate Benchmark)
OECD Pillar Two 15% Global Minimum Tax (GloBE, QDMTT, IIR & UTPR) (OECD-GLOBE-QDMTT) stands at 15.0% (Minimum Effective Tax Rate) (Source: OECD/G20 Inclusive Framework, 2026-10-20), governing dividend, interest, and roya
Statutory licensing classes, base capital rules, and investor protection summaries for FSC (Bulgaria) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FSC’s official public register.