Regulatory Alerts2008-02-14
Ordinance No. 5 on Terms and Procedure for Inclusion in and Exclusion from the List of Experts under the Law on Credit Institutions
The Ministry of Justice and the Bulgarian National Bank issued Ordinance No. 5 to establish the criteria and procedures for appointing experts to the Supreme Administrative Court for disputes involving BNB administrative acts. The regulation mandates that eligible experts possess specific academic qualifications, professional experience in banking supervision or auditing, and high integrity, while prohibiting those with recent management roles in insolvent banks. Applications are reviewed by the Chairman of the Supreme Administrative Court with BNB input, resulting in a five-year list that is updated annually and subject to exclusion for misconduct or failure to meet ongoing requirements.
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