Regulatory Alerts2022-10-21
Regulations on the Organization and Activities of the Investor Compensation Fund
The Financial Supervision Commission of Bulgaria issued these regulations to govern the Investor Compensation Fund, a legal entity responsible for compensating clients of investment intermediaries and asset managers in the event of insolvency or license revocation. The document establishes the Fund's five-member Board of Directors, detailing their appointment by the Commission and industry associations, their remuneration, and their specific powers regarding fund management, investment, and compensation payouts. It further outlines the operational procedures for Board meetings, voting mechanisms, conflict of interest disclosures, and the Fund's role in the restructuring of investment intermediaries.
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