Regulatory Alerts2021-10-12
Ordinance on the Trustees' and Advisory Boards of Supplementary Pension Funds and Payment Funds
The Bulgarian Council of Ministers issued this Ordinance to regulate the composition, establishment, and functions of trustees' and advisory boards for supplementary pension and payment funds. It mandates that these boards, representing insured persons and pensioners, monitor fund compliance, review financial reports, and submit recommendations to insurance companies, while ensuring strict conflict-of-interest avoidance. The regulation specifies board membership criteria, a five-year mandate, and administrative penalties for violations, with transitional provisions aligning existing boards to the new legal framework.
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