Regulatory Alerts2006-01-20
Ordinance No. 34 on Collecting Information and Conducting Inspections Regarding Assignee’s in Bankruptcy Activity
The Bulgarian National Bank issued Ordinance No. 34 to establish the terms and procedures under which the Deposit Insurance Fund controls the activity of assignees in bankrupt banks through inspections and information collection. The Ordinance mandates that assignees and bank employees cooperate with the Fund by providing required documents, written or oral explanations, and reports, while defining specific forms of inspections including document reviews, on-site visits, and counter-inspections. It outlines the procedural requirements for issuing inspection orders, handling objections to inspection reports, and imposing sanctions for nonfeasance or failure to comply with information requests.
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