Regulatory Alerts2012-04-11
Ordinance No. 46 of 11.04.2012 on the Procedure and Method for Paying Compensation from the Investor Compensation Fund
The Bulgarian Financial Supervision Commission issued Ordinance No. 46 to establish the detailed procedures for paying compensation from the Investor Compensation Fund to clients of insolvent investment intermediaries and fund managers. The regulation defines the specific triggers for compensation, such as insolvency proceedings or license revocation, and mandates that all claims be calculated in Euros using National Bank reference rates. It further outlines the strict documentation requirements, submission deadlines, and administrative steps for the Fund's Board of Directors to evaluate and disburse funds through an appointed servicing bank.
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