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2004-05-05

Decree No. 15 of 05.05.2004 on the Maintenance and Preservation of Registers by the Financial Supervision Commission and on Circumstances Subject to Registration

The Financial Supervision Commission of Bulgaria issued Decree No. 15 of 05.05.2004 to establish the procedures for maintaining, preserving, and providing public access to its electronic registers and physical files for a wide range of financial market participants. The regulation mandates that all registered entities, including regulated markets, investment intermediaries, insurers, and alternative fund managers, must submit specific circumstances and changes within seven days via standardized electronic or paper applications. It further details the mandatory data points for registration, the Commission's authority to impose administrative measures and sanctions, and the strict archival and integrity standards governing the automated information system.

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Decree No. 15 of 05.05.2004 on the Maintenance and Preservation of Registers by the Financial Supervision Commission and on Circumstances Subject to Registration Published - State Gazette, No. 54 of 23.06.2004; effective from 01.10.2004; amended, No. 15 of 15.02.2005; effective from 01.01.2005; amended and supplemented, No. 12 of 07.02.2006; No. 53 of 30.06.2006; amended and supplemented, No. 22 of 13.03.2007; amended and supplemented, No. 63 of 15.07.2008; amended and supplemented, No. 68 of 01.08.2008; amended and supplemented, No. 13 of 17.02.2009; amended, No. 49 of 29.06.2010, effective 31.08.2010; amended and supplemented, No. 68 of 15.08.2014, effective from 01.11.2014; amended, No. 90 of 31.10.2014, effective from 31.10.2014; amended and supplemented, No. 95 of 28.11.2017, effective from 28.11.2017; amended and supplemented, No. 101 of 07.12.2018; supplemented, No. 41 of 21.05.2019; amended and supplemented, No. 55 of 12.07.2019; amended and supplemented, No. 30 of 31.03.2020; amended and supplemented, No. 61 of 10.07.2020; amended and supplemented, No. 48 of 08.06.2021; amended and supplemented, No. 60 of 20.07.2021; amended and supplemented, No. 97 of 19.11.2021, effective from 01.01.2022; amended and supplemented, No. 47 of 24.06.2022; amended and supplemented, No. 101 of 20.12.2022, effective from 01.01.2023; amended and supplemented, No. 70 of 20.08.2024; amended and supplemented, No. 109 of 16.12.2025, effective from 16.12.2025 Adopted by Decision No. 21-N of 05.05.2004 of the Financial Supervision Commission

Chapter One GENERAL PROVISIONS

Art. 1. This Decree establishes the procedure for maintaining and preserving the registers under Art. 30, para. 1 of the Law on the Financial Supervision Commission (LFSC) by the Financial Supervision Commission, hereinafter referred to as the "Commission", as well as the circumstances subject to registration.

Art. 2. (Amended and supplemented - SG, No. 22 of 2007; amended, No. 63 of 2008; amended and supplemented, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; amended, No. 55 of 2019; amended and supplemented, No. 30 of 2020; supplemented, No. 61 of 2020; amended, No. 47 of 2022; supplemented, No. 109 of 2025, effective from 16.12.2025.) The Commission maintains registers for:

  1. (amended - SG, No. 63 of 2008; supplemented, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020.) regulated markets for financial instruments, multilateral trading facilities, organized trading facilities and growth markets;
  2. investment intermediaries;
  3. public companies and other issuers of securities;
  4. (amended - SG, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014.) collective investment schemes;
  5. (supplemented - SG, No. 12 of 2006; amended, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014.) management companies;
  6. (new - SG, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014.) national investment funds;
  7. (new - SG, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; supplemented, No. 101 of 2018; amended, No. 30 of 2020.) persons managing alternative investment funds and the alternative investment funds managed by them, including venture capital funds, social entrepreneurship funds or long-term investment funds;
  8. (new - SG, No. 101 of 2018) tied agents;
  9. (new - SG, No. 101 of 2018; amended, No. 47 of 2022) approved reporting mechanisms and approved publication mechanisms under Art. 1, item 3 of the Law on Markets in Financial Instruments (LMFI);
  10. (new - SG, No. 101 of 2018) benchmark administrators licensed or registered by the Commission in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks for the purposes of financial instruments and financial contracts or for measuring the performance of investment funds, and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ, L 171/1 of 29 June 2016) (Regulation (EU) 2016/1011);
  11. (repealed, replaced by previous item 6, amended - SG, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; previous item 8, No. 101 of 2018; amended, No. 30 of 2020.) financial instrument brokers and investment consultants;
  12. (supplemented - SG, No. 53 of 2006; previous item 7, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; previous item 9, No. 101 of 2018.) insurers and reinsurers;
  13. (new - SG, No. 95 of 2017, effective from 01.03.2018 previous item 10, No. 101 of 2018) special purpose vehicles for alternative transfer of insurance risk;
  14. (new - SG, No. 109 of 2025, effective from 16.12.2025) organizations conducting professional training for employees of insurance brokers;
  15. (supplemented - SG, No. 53 of 2006; previous item 9, No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; previous item 10, No. 95 of 2017, effective from 01.03.2018; previous item 11, No. 101 of 2018; amended, No. 55 of 2019; previous item 14, No. 109 of 2025, effective from 16.12.2025) insurance brokers, insurance agents and intermediaries offering insurance products as an additional activity;
  16. (new - SG, No. 22 of 2007; repealed, replaced by previous item 10, as amended in No. 68 of 2014, effective from 01.11.2014; entering into force amended on 01.01.2015 - SG, No. 90 of 2014, effective from 31.10.2014; previous item 11, No. 95 of 2017, effective from 01.03.2018; previous item 12, No. 101 of 2018; previous item 15, No. 109 of 2025, effective from 16.12.2025) supplementary pension insurance companies, the funds managed by them and occupational schemes;
  17. (previous item 11, amended, No. 22 of 2007; previous item 12, No. 95 of 2017, effective from 01.03.2018; previous item 13, No. 101 of 2018; previous item 16, No. 109 of 2025, effective from 16.12.2025) insurance intermediaries for supplementary pension insurance companies;
  18. (new - SG, No. 53 of 2006; previous item 12, amended, No. 22 of 2007; previous item 13, No. 95 of 2017, effective from 01.03.2018; previous item 14, No. 101 of 2018; previous item 17, No. 109 of 2025, effective from 16.12.2025) persons with recognized professional qualification as a responsible actuary;
  19. (new - SG, No. 61 of 2020; previous item 18, No. 109 of 2025, effective from 16.12.2025) authorized advisors.

Art. 3. (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) (1) The registers are based on a unified electronic database and a register of registered persons. (2) (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) Only information regarding the circumstances and changes thereto determined by this Decree or another normative act shall be registered. (3) (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) Entries in the registers shall publicize the information contained therein.

Chapter Two MAINTENANCE OF REGISTERS

Art. 4. (Amended and supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; supplemented, No. 55 of 2019.) (1) (Supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) The registration procedure shall be initiated upon application by a person under Art. 2, their authorized or legal representative, or by the Commission's own initiative, respectively the vice-chairpersons heading the three main directorates of the Commission, hereinafter referred to as the "Vice-Chairpersons of the Commission", unless a normative act provides otherwise. (2) (Supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) Persons under Art. 2 shall be obliged to apply for registration in the Commission's registers of information regarding the circumstances subject to registration under Art. 2, as determined in this Decree or another normative act, and changes thereto. (3) (Amended - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 95 of 2017, effective from 28.11.2017; supplemented, No. 55 of 2019.) The obligation under para. 2 shall be fulfilled no later than 7 days from the adoption of the decision, respectively from the occurrence or knowledge of the circumstance subject to registration, and when it is subject to registration in the Commercial Register and the Register of Legal Entities with Non-Profit Purpose - no later than 7 days from such registration, unless a normative act provides otherwise. (4) (New - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) The Financial Supervision Commission shall determine the registrations under this Decree that are carried out entirely electronically in compliance with the Law on Electronic Document and Electronic Authentication Services.

Art. 5. (Supplemented - SG, No. 63 of 2008; amended and supplemented, No. 68 of 2014, effective from 01.11.2014; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020.) (1) (Supplemented - SG, No. 63 of 2008; amended, No. 101 of 2018; amended, No. 30 of 2020.) Entries in the registers shall be made by order of the respective member of the Commission or duly authorized officials, unless a normative act provides otherwise. (2) Orders for registration shall be issued based on documents containing the information subject to registration, submitted by applicants or officially collected or issued by the Commission and its bodies. (3) (Amended - SG, No. 101 of 2018.) When the application is submitted on paper, original documents or copies certified with "True to Original" by the person signing the application shall be submitted to the Commission, unless a normative act requires otherwise. Upon request, originals of documents shall also be provided. (4) (Amended - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018.) The Commission, respectively the Vice-Chairpersons of the Commission, may approve mandatory paper forms and electronic registration forms in which applicants shall fill in the information subject to registration in the specified format and format. (5) (Amended - SG, No. 101 of 2018.) Electronic registration forms under para. 4 are electronic documents within the meaning of Art. 3, para. 1 of the Law on Electronic Document and Electronic Authentication Services, prepared in accordance with the standards, procedures and rules under Art. 6, para. 8. (6) (New - SG, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 101 of 2018.) When the application is submitted electronically, it shall be signed with a qualified electronic signature. If necessary, the Commission or its bodies may require that received electronic documents also be submitted on paper. (7) (New - SG, No. 101 of 2018.) Certified copies of documents subject to publication in a register under Art. 2, in which personal data other than those required by law have been deleted, shall also be submitted with the application.

Art. 6. (Amended - SG, No. 68 of 2014, effective from 01.11.2014; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020.) (1) For each person subject to registration, the entries provided for by this Decree shall be made in the electronic database. (2) (Amended - SG, No. 30 of 2020.) For each record in the electronic database under para. 1, the date, type of entry, and names of the official who made the entry shall be noted. (3) (Amended - SG, No. 101 of 2018; amended, No. 30 of 2020.) Subsequent entries in the electronic database of the registers under Art. 2 shall be made so that the information contained in previous entries is updated with the newly received information. (4) (Repealed - SG, No. 101 of 2018.). (5) (Amended - SG, No. 101 of 2018.) Errors made during registration shall be corrected based on an order of the respective member of the Commission, with the correction noted in the corresponding record. (6) Correction of errors and inaccuracies in submitted electronic registration forms shall be carried out by submitting a new electronic form. (7) The Commission shall establish and maintain an automated information system for submitting information by persons under Art. 2, as well as for reviewing and distributing electronically the information contained in the registers under Art. 2. (8) The standards, procedures and rules for the organization and operation of the automated information system shall be determined by the Chairman of the Commission.

Art. 7. (1) For each person subject to registration, a file shall be opened in the register, in which all orders for registration relating to them, as well as the information subject to registration, documented on paper, shall be classified in chronological order of receipt. (2) Each file shall have a unique number matching the batch number of the registered person. (3) All documents classified in the file shall be accompanied by an inventory, on which the date of receipt of the listed documents shall be placed. The inventory shall be certified by an official who maintains the register of registered persons.

Art. 8. (Amended and supplemented - SG, No. 68 of 2014, effective from 01.11.2014.) (1) (Supplemented - SG, No. 68 of 2014, effective from 01.11.2014.) Registration of information on the batch of registered persons and classification of documents in the files of these persons shall be carried out by officials designated by order of the Chairman of the Commission, in compliance with normatively defined or established by the Chairman of the Commission rules. (2) (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) Entries in the registers shall be made within three working days after the issuance of the order for registration, unless a normative act provides otherwise.

Art. 9. (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) (1) Everyone has the right to free access to the information contained in the registers under Art. 2. (2) (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) Access to the information contained in the electronic database shall be provided through the Commission's internet website. (3) Access for reviewing the information contained in the register of registered persons shall be provided on-site at the Commission's building, designated by order of the Chairman of the Commission.

Art. 10. (1) Anyone may request the preparation of a certificate of registered information under Art. 2 on paper or electronic media. (2) Requests for reviewing information registered under Art. 2, as well as for preparing a certificate under para. 1, shall be addressed to an official designated by order of the Chairman of the Commission.

Chapter Three PRESERVATION OF REGISTERS

Art. 11. (Supplemented - SG, No. 68 of 2014, effective from 01.11.2014.) Actions for preserving the registers shall be carried out by the officials maintaining the registers under Art. 2, or under their direction and supervision in compliance with normatively defined or established by the Chairman of the Commission rules.

Art. 12. (Amended and supplemented - SG, No. 68 of 2014, effective from 01.11.2014.) (1) The electronic database shall be preserved in a manner that guarantees the integrity of the information and controlled access for registration and review in accordance with the requirements of this Decree. (2) Copying information from the database to electronic media and from the register of registered persons to paper media outside the cases under Art. 10 shall be carried out only with the permission of the Chairman of the Commission. (3) (Amended - SG, No. 68 of 2014, effective from 01.11.2014.) Information contained in the electronic database shall be archived in a manner determined by the Chairman of the Commission. (4) (Repealed - SG, No. 68 of 2014, effective from 01.11.2014.).

Art. 13. (1) The register shall be preserved in a manner that guarantees its physical integrity. (2) Files from the register may be removed from the premises where they are stored, or provided for review, only in a manner established by the Commission.

Chapter Four CIRCUMSTANCES SUBJECT TO REGISTRATION

Section I Circumstances Subject to Registration, Common to All Registers

Art. 14. (Amended and supplemented - SG, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; supplemented, No. 55 of 2019; amended, No. 30 of 2020; amended and supplemented, No. 97 of 2021, effective from 01.01.2022.) (1) On the batch of each legal entity regardless of the register in which it is maintained, the following shall be registered:

  1. (amended - SG, No. 101 of 2018) the name, as well as data on changes in the name, if any have occurred after the registration of the legal entity in the corresponding register under Art. 2;
  2. (amended - SG, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 95 of 2017, effective from 28.11.2017) the unique identification code (EIC) and, where applicable, the legal entity identifier code (LEI code);
  3. the legal-organizational form;
  4. (supplemented - SG, No. 68 of 2014, effective from 01.11.2014; repealed, No. 30 of 2020.) ;
  5. (amended - SG, No. 68 of 2014, effective from 01.11.2014) the correspondence address, telephone, fax, e-mail address and internet website;
  6. (supplemented - SG, No. 68 of 2014, effective from 01.11.2014) the seats and addresses of branches or offices, if any;
  7. the date and manner of establishment;
  8. (repealed - SG, No. 30 of 2020.) ;
  9. the term for which the legal entity is established, if any;
  10. (repealed - SG, No. 30 of 2020.) ;
  11. (repealed - SG, No. 30 of 2020.) ;
  12. (repealed - SG, No. 30 of 2020.) ;
  13. (repealed - SG, No. 30 of 2020.) ;
  14. (repealed - SG, No. 30 of 2020.) ;
  15. (repealed - SG, No. 30 of 2020.) ;
  16. (amended - SG, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  17. (amended - SG, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  18. (amended - SG, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  19. (supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  20. (amended - SG, No. 68 of 2014, effective from 01.11.2014) the transformation of the legal entity;
  21. (repealed - SG, No. 30 of 2020.) ;
  22. (amended - SG, No. 68 of 2014, effective from 01.11.2014) the register or registers of the Commission in which the person is maintained;
  23. (amended and supplemented - SG, No. 101 of 2018) information on compulsory administrative measures applied by the Commission, respectively a Vice-Chairperson of the Commission, as well as their cancellation, the grounds for their application, the number and date of the decision;
  24. (amended and supplemented - SG, No. 101 of 2018) information on property sanctions imposed by the Chairman of the Commission, respectively a Vice-Chairperson of the Commission, the legal provisions that were violated, the number and date of the penal order;
  25. (amended - SG, No. 68 of 2014, effective from 01.11.2014; amended and supplemented, No. 101 of 2018) information on fines imposed on persons authorized to manage and represent the legal entity, by the Chairman of the Commission, respectively a Vice-Chairperson, the legal provisions that were violated, the number and date of the penal order;
  26. (amended - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; supplemented, No. 55 of 2019; repealed, No. 30 of 2020.) ;
  27. (supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  28. (amended - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; amended, No. 30 of 2020) the date and number of the Commission's decision to strike off the legal entity from the corresponding register. (2) (Supplemented - SG, No. 68 of 2014, effective from 01.11.2014.) In cases where some of the data under para. 1 are inapplicable to a specific person, they shall be replaced with the corresponding information if available. (3) (New - SG, No. 101 of 2018.) The Legal Entity Identifier (LEI) code shall also be registered for any person whose circumstances are registered in the batch of a person registered in a register under Art. 2, when the person holds such a code. (4) (New - SG, No. 101 of 2018; amended and supplemented, No. 97 of 2021, effective from 01.01.2022.) Information on a applied compulsory administrative measure, respectively information on an imposed property sanction or fine, shall be publicized in the registers under Art. 2 after the decision, respectively penal order, enters into force, unless otherwise provided by a normative act. Publication of information under the preceding sentence shall be carried out in a volume, under conditions and in a manner consistent with the requirements in the relevant normative act, if any.

Section II Circumstances Subject to Registration in the Register for Regulated Markets for Financial Instruments (Heading amended - SG, No. 63 of 2008; supplemented, No. 68 of 2014, effective from 01.11.2014.)

Art. 15. (Amended - SG, No. 12 of 2006; fully amended, No. 63 of 2008; amended and supplemented, No. 68 of 2014, effective from 01.11.2014; supplemented, No. 95 of 2017, effective from 28.11.2017; amended and supplemented, No. 101 of 2018; amended, No. 30 of 2020; amended, No. 47 of 2022.) (1) The following shall be registered in the register for regulated markets:

  1. (supplemented - SG, No. 95 of 2017, effective from 28.11.2017) the Commission's decision issuing a license to carry out activities as a regulated market, and the license number;
  2. the name, EIC, seat and management address of the market operator;
  3. the capital size of the market operator;
  4. (supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  5. (supplemented - SG, No. 68 of 2014, effective from 01.11.2014; amended, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  6. (amended - SG, No. 101 of 2018) the names of natural persons elected as members of the board of directors, management board and supervisory board of the market operator;
  7. the name, EIC, seat and management address of legal entities elected as members of the board of directors, management board and supervisory board of the market operator;
  8. (amended - SG, No. 101 of 2018) the names of natural persons representing the legal entities, members of the board of directors, management board and supervisory board of the market operator;
  9. (amended - SG, No. 101 of 2018) the names of all other persons authorized to manage and represent the market operator;
  10. (repealed - SG, No. 68 of 2014, effective from 01.11.2014);
  11. the rules of operation of the regulated market;
  12. (repealed - SG, No. 101 of 2018);
  13. (amended - SG, No. 101 of 2018; repealed, No. 30 of 2020.) ;
  14. (amended - SG, No. 101 of 2018) the approval of the Minister of Finance and the Governor of the BNB under Art. 153, para. 2 LMFI;
  15. (amended - SG, No. 101 of 2018) the approval under Art. 187, para. 2, item 2 LMFI for carrying out settlement of transactions through a system other than the one applied by the regulated market;
  16. (amended - SG, No. 101 of 2018) the approval under Art. 188, para. 2 LMFI for carrying out clearing and/or settlement of transactions concluded on the regulated market through a central counterparty, clearing house and settlement system in another member state;
  17. the Commission's decision to revoke the license to carry out activities as a regulated market;
  18. (amended - SG, No. 101 of 2018) the names of appointed receivers.
  19. (new - SG, No. 101 of 2018) persons acting as market-makers on the respective regulated market;
  20. (new - SG, No.
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