Regulatory Alerts2014-04-24
Ordinance No. 7 of the BNB of 24 April 2014 on Organisation and Risk Management of Banks
The Bulgarian National Bank issued Ordinance No. 7 to establish comprehensive requirements for the organization, governance, and risk management of banks, aligning national rules with EU Regulation 575/2013. The ordinance mandates independent risk management structures, specific committees for significant banks, and detailed protocols for identifying, measuring, and mitigating credit, market, operational, and liquidity risks. It further defines supervisory review processes, internal capital adequacy assessments, and recovery planning to ensure financial stability and prudent banking practices.
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