Regulators

The State regulator of the stock market in Bulgaria is the Financial Supervision Commision. Its foremost mission is to regulate and exercise control so as to ensure the protection of investors and to enhance the development of a transperant and efficient securities market.

As a state authority, similar to securities commissions in western countries, it regulates and controls:

- regulated securities markets;
- Central Depository;
- investment intermediaries;
- investment companies;
- management companies;
- natural persons who are directly engaged in securities transactions and investment consultancy;
- public companies and other issuers of securities according the Law on Public Offering of Securities and the Markets in Financial Instruments Act;

The Commission exercises control over the public companies and issuers; issues and withdraws licenses; gives confirmations and approvals; inspects the operation of banks in connection with their activities as investment intermediaries and depositories; exchanges the information indispensable for its activities with the Bulgarian National Bank, other state institutions and bodies, bodies of local self-governance and administration, as well as with non-governmental organizations related to the securities market.

The Commission is the only authority that could approve issuers' prospectuses for public offering of securities or take-over announcements. Issuers have to file prospectuses and register with the Commission before going public. Furthermore, they must make periodic information disclosure after being added to the Public Companies Registry maintained by the Commission.

The Commission is an independent state body under the authority the Parliament.