Ordinance No. 76 of 12.06.2025 on Fees Collected by the Financial Supervision Commission

ORDINANCE No. 76 of 12.06.2025 on Fees Collected by the Financial Supervision Commission Pub. - State Gazette, No. 51 of 24.06.2025, in force from 01.07.2025; amended, No. 109 of 16.12.2025, in force from 01.01.2026; amended, No. 26 of 13.03.2026; amended, No. 43 of 12.05.2026. Adopted by Decision No. 267-N of 12.06.2025 of the Financial Supervision Commission

Chapter One
GENERAL PROVISIONS

Art. 1. This Ordinance determines:

1. the types and amounts of fees collected by the Financial Supervision Commission;
2. the services for which fees are due;
3. the manner in which fees are paid;
4. the methodology for calculating the maximum amount that the Financial Supervision Commission may charge a specific person.

Art. 2. (1) The Financial Supervision Commission collects fees for:

1. administrative proceedings for issuing licenses and permits for carrying out activities, other permits and approvals;
2. entries and deletions from registers maintained by the Financial Supervision Commission;
3. conducting examinations;
4. carrying out general financial supervision;
5. restructuring activities.

(2) The Financial Supervision Commission determines the amount of fees based on the forecasted costs under the budget program "Improving Regulation and Supervision of the Non-Banking Sector" for the respective year, including forecasted costs for personnel, maintenance, membership fees in European supervisory authorities and international organizations, as well as its capital costs.

(3) When determining the maximum amount that the Financial Supervision Commission may charge a specific person through the methodology under Art. 1, item 4, the due fees under Chapters Two and Four are not included.

Art. 3. (1) Fees for issuing licenses and permits for carrying out activities, other permits and approvals, entries and deletions in registers, and conducting examinations are determined in a fixed amount, with the exception of the fees under Art. 8, para. 1, item 2, which consist of a fixed and a variable component.

(2) Fees for general financial supervision and for restructuring activities:

1. are in a fixed amount; or
2. consist of a fixed and a variable component.

Chapter Two
FEES FOR ADMINISTRATIVE PROCEEDINGS FOR ISSUING LICENSES AND PERMITS FOR CARRYING OUT ACTIVITIES AND OTHER PERMITS AND APPROVALS.
FEES FOR ENTRY AND DELETION FROM/IN REGISTERS

Section I
Fees for issuing licenses and permits for carrying out activities and other permits and approvals under the Public Offering of Securities Act, Regulation (EU) No 909/2014, Regulation (EU) 2020/1503, as well as for entry and deletion of a person in/from the register under Art. 30, para. 1, item 3 of the Financial Supervision Commission Act

Art. 4. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For issuing permits and approvals under the Public Offering of Securities Act (POSA), a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval for the transformation of public companies under Art. 124, para. 1 of POSA - 4,090.34 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of a draft joint venture agreement under Art. 126g, para. 2 of POSA - 4,090.34 euros;
3. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) permit for extending the term for paying compensation to clients of an investment intermediary in cases under Art. 77f, para. 4 of POSA - 1,533.88 euros.

Art. 5. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) For issuing licenses and permits for carrying out activities and other permits and approvals under Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ, L 257/1 of 28 August 2014) (Regulation (EU) No 909/2014), a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) issuing a license to carry out activities as a central securities depository - 51,129.19 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) issuing an additional license under Art. 54, paragraphs 2 and 2a of Regulation (EU) No 909/2014 - 21,474.26 euros;
3. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) extension of the license under Art. 19, paragraph 1 of Regulation (EU) No 909/2014 and extension of an additional license under Art. 56 of Regulation (EU) No 909/2014 - 10,737.13 euros;
4. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) subsequent approval of persons managing and representing a central securities depository - 511.29 euros;
5. assessment of acquisition of 50 percent or more than 50 percent of a qualified shareholding in a central securities depository:
   a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 2,863.23 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 766.94 euros;
6. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for assessment of acquisition of a qualified shareholding of less than 50 percent of the capital of a central securities depository:
   a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 1,431.62 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 766.94 euros;
7. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of increase of direct and/or indirect qualified shareholding in a central securities depository, for each person - 766.94 euros;
8. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for approval of amendment and supplement to the rules of operation of a central securities depository - 1,022.58 euros;
9. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) other permits and approvals under Regulation (EU) No 909/2014 - 1,533.88 euros.

Art. 6. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) For issuing licenses and permits for carrying out activities under Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (OJ, L 347/1 of 20 October 2020) (Regulation (EU) 2020/1503) and other permits and approvals under POSA, a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) issuing a license to carry out activities as a crowdfunding service provider - 5,112.92 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) extension of the license to carry out activities as a crowdfunding service provider - 3,067.75 euros;
3. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) other permits and approvals under Art. 167, para. 3 or Art. 168 of POSA - 1,022.58 euros;
4. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) withdrawal of a license of a crowdfunding service provider upon its request - 2,300.81 euros.

Art. 7. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For entry and deletion of a person in/from the register under Art. 30, para. 1, item 3 of the Financial Supervision Commission Act, a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) entry of a public company and issuer of securities into the register, except in cases where the entry is made simultaneously with the approval of the prospectus - 664.68 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) deletion of a public company from the register in cases under Art. 119, para. 1 of POSA - 664.68 euros;
3. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) deletion of an issuer from the register, except when deleted from the commercial register due to completion of liquidation or insolvency proceedings - 664.68 euros;
4. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) deletion of a securities issue from the register, except in cases where a fee is due under items 2 and 3 - 511.29 euros.

Section II
Fees for approval of a prospectus under Regulation (EU) 2017/1129, for examination of a takeover bid and a squeeze-out offer

Art. 8. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) (1) For approval of a prospectus under Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ, L 168/12 of 30 June 2017) (Regulation (EU) 2017/1129), a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of a prospectus, voluntary prospectus, simplified prospectus, and base prospectus for securities with a total issue value, calculated as the product of the maximum anticipated number of securities and the maximum single issue value, less than or equal to 8,000,000 euros - 4,090.34 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of a prospectus, voluntary prospectus, simplified prospectus, and base prospectus for securities with a total issue value, calculated as the product of the maximum anticipated number of securities and the maximum single issue value, exceeding 8,000,000 euros - 4,090.34 euros, increased by a surcharge of 0.2% for the difference exceeding 8,000,000 euros, but not more than 10,225.84 euros;
3. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of a European Growth Prospectus - 2,045.17 euros;
4. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval under Art. 9 and Art. 10 of Regulation (EU) 2017/1129 - 2,045.17 euros;
5. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) issuing approval of a supplement to a prospectus - 766.94 euros.

(2) For approval of a prospectus for the initial public offering of shares and their subsequent admission to trading on a regulated market, the corresponding fee under para. 1 is due at half the amount in cases where the issuer of the shares meets any one of the following conditions:

1. has not publicly offered securities;
2. the application for approval of the prospectus was submitted within five years from the date of entry of the company in the commercial register;
3. the company has not distributed profits;
4. the company was not formed through merger.

Art. 9. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For examination of a takeover bid and a squeeze-out offer, a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) examination of a takeover bid and a reverse squeeze-out offer - 3,579.04 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of changes in the takeover bid under Art. 155, para. 4 of POSA - 511.29 euros;
3. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) examination of a squeeze-out offer under Art. 157a, para. 1 of POSA - 1,533.88 euros.

Section III
Fees for issuing licenses and permits for carrying out activities and other permits and approvals under the Markets in Financial Instruments Act, the Crypto-Assets Act, Regulation (EU) No 575/2013, Regulation (EU) 2019/2033, Regulation (EU) 2016/1011, Regulation (EU) No 600/2014, Regulation (EU) No 648/2012, Regulation (EU) 2022/858 and Regulation (EU) 2023/1114, as well as for entry and deletion of a person in/from the register under Art. 30, para. 1, items 1, 2 and 8 of the Financial Supervision Commission Act

Art. 10. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026; Am. and Supp., No. 26 of 2026.) For issuing licenses and permits for carrying out activities and other permits and approvals under the Markets in Financial Instruments Act (MIFIA), a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) issuing a license to carry out activities as a regulated market - 51,129.19 euros;
2. (Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of acquisition of 50 percent or more than 50 percent qualified shareholding in a market operator or in a regulated market, when the market operator and the regulated market are separate legal entities:
   a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 2,863.23 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 766.94 euros;
3. (Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of acquisition of a qualified shareholding of less than 50 percent of the capital of a market operator or in a regulated market, when the market operator and the regulated market are separate legal entities - fee:
   a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 1,431.62 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 766.94 euros;
4. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of increase of direct and/or indirect qualified shareholding in a market operator or in a regulated market in cases where the regulated market and the market operator are separate legal entities, for each person - 766.94 euros;
5. (Am. - SG, No. 109 of 2025, in force from 01.01.2026; Supp., No. 26 of 2026.) subsequent approval of persons managing and representing the regulated market or the market operator - 357.90 euros;
6. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of amendment and supplement to the rules of operation of the regulated market - 1,431.62 euros;
7. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) withdrawal of a license to carry out activities as a regulated market upon request of the market operator - 3,221.14 euros;
8. for issuing a license to an investment intermediary:
   a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) investment intermediary under Art. 10, para. 1 of MIFIA - 10,225.84 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) investment intermediary under Art. 10, para. 2 of MIFIA - 6,135.50 euros; c) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) investment intermediary under Art. 10, para. 3 of MIFIA - 4,090.34 euros;
9. (Am. - SG, No. 109 of 2025, in force from 01.01.2026; Supp., No. 26 of 2026.) extension of the license of an investment intermediary with other services and activities - 2,863.23 euros;
10. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) permit under Art. 9, para. 2 of MIFIA - 1,278.23 euros;
11. (Am. - SG, No. 109 of 2025, in force from 01.01.2026; Am., No. 26 of 2026.) permit under Art. 14, para. 5 of MIFIA - 741.37 euros;
12. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) license of an investment intermediary or permit for a market operator to organize a multilateral trading facility or organized trading facility - 10,225.84 euros;
13. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of an agreement of a regulated market under Art. 188, para. 2 of MIFIA - 2,556.46 euros;
14. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) withdrawal of a license of a market operator or investment intermediary to organize a multilateral trading facility or organized trading facility upon their request - 2,351.94 euros;
15. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) registration of a multilateral trading facility as a growth market - 2,812.11 euros;
16. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) extension of the license of an investment intermediary and of a market operator under Art. 208, para. 2 of MIFIA - 1,124.84 euros;
17. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) acquisition of a qualified shareholding of less than 50 percent in an investment intermediary:
    a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 1,431.62 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 766.94 euros;
18. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) acquisition of a qualified shareholding of 50 percent and more than 50 percent in an investment intermediary:
    a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 2,863.23 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 766.94 euros;
19. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) increase of direct and/or indirect qualified shareholding in an investment intermediary - 766.94 euros for each person;
20. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) subsequent approval of a member of the management and supervisory board of an investment intermediary or of a person who is authorized alone or jointly with others to conclude transactions on behalf of the investment intermediary - 357.90 euros;
21. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) transformation of an investment intermediary - 3,579.04 euros;
22. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval under Art. 112, para. 4 of MIFIA - 715.81 euros;
23. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) entry of a bank into the register of investment intermediaries under Art. 30, para. 1, item 2 of the Financial Supervision Commission Act - 10,225.84 euros;
24. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) partial withdrawal of a license of an investment intermediary upon its request for waiver of carrying out activities - 1,227.10 euros;
25. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) withdrawal of the license of an investment intermediary upon voluntary waiver of the issued license - 1,789.52 euros;
26. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of whether the exemption under Art. 5, para. 1, item 10 of MIFIA applies - 766.94 euros;
27. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) entry into the register under Art. 30, para. 1, item 17 of the Financial Supervision Commission Act of a person who will carry out activities as a tied agent of an investment intermediary - 383.47 euros;
28. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of acquisition of a qualified shareholding of less than 50 percent in a tied agent:
    a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 255.65 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 153.39 euros;
29. (Am. and Supp. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of acquisition of a qualified shareholding of 50 percent and more than 50 percent in a tied agent:
    a) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each direct acquirer - 255.65 euros; b) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) for each indirect acquirer - 153.39 euros;
30. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) increase of direct and/or indirect qualified shareholding in a tied agent - 153.39 euros for each person;
31. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval of a member of the management board of a tied agent, respectively of a person who represents or manages the activities of a tied agent - 255.65 euros;
32. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) deletion of a tied agent from the register under Art. 30, para. 1, item 17 of the Financial Supervision Commission Act under Art. 41, item 1 of MIFIA - 255.65 euros;
33. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) approval for a financial holding company and a mixed financial holding company under Art. 229a of MIFIA - 3,579.04 euros;
34. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) issuing a license to carry out activities as an approved reporting mechanism or approved publication mechanism under Art. 1, item 3 of MIFIA - 2,863.23 euros;
35. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) assessment of whether the exemption under Art. 9, paragraph 1, para. 3 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (OJ, L 201/1 of 27 July 2012) (Regulation (EU) No 648/2012) applies - 766.94 euros.
36. (New - SG, No. 109 of 2025, in force from 01.01.2026; Supp., No. 26 of 2026.) deletion of a multilateral trading facility as a growth market from the register under Art. 30, para. 1, item 1 of the Financial Supervision Commission Act upon request of the investment intermediary or market operator - 700 euros.
37. (New - SG, No. 26 of 2026.) re-issuance of a license to a bank for carrying out investment services and activities under Art. 19a, para. 1 of MIFIA - 10,000 euros;
38. (New - SG, No. 26 of 2026.) examination of notification under Art. 43 of MIFIA for carrying out activities under freedom to provide services in another Member State, for each Member State - 100 euros;
39. (New - SG, No. 26 of 2026.) examination of notification under Art. 42 of MIFIA for carrying out activities through a branch in another Member State, for each Member State - 800 euros.

Art. 11. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) (1) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For each permit or approval under Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ, L 176/1 of 27 June 2013) (Regulation (EU) No 575/2013) or under Regulation (EU) 2019/2033 of the European Parliament and of the Council of 27 November 2019 on prudential requirements for investment firms and amending Regulations (EU) No 1093/2010, (EU) No 575/2013, (EU) No 600/2014 and (EU) No 806/2014 (OJ, L 314/1 of 5 December 2019) (Regulation (EU) 2019/2033), with the exception of a permit for the use of an internal model, a fee is collected in the amount of 511.29 euros.

(2) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For a permit for the use of an internal model under Regulation (EU) No 575/2013 or under Regulation (EU) 2019/2033, a fee is collected in the amount of 71,580.86 euros.

Art. 12. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) (1) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For issuing a license under Art. 14, paragraph 1 of Regulation (EU) No 648/2012, a fee is collected in the amount of 51,129.19 euros.

(2) (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For extending the scope of the license under Art. 14, paragraph 1 of Regulation (EU) No 648/2012, a fee is collected in the amount of 25,564.59 euros.

Art. 13. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) For issuing a special permit for the operation of a multilateral trading facility based on distributed ledger technology, a settlement system based on distributed ledger technology, and a trading and settlement system based on distributed ledger technology under Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology and amending Regulations (EU) No 600/2014, (EU) No 909/2014 and Directive 2014/65/EU (OJ, L 151/1 of 2 June 2022) (Regulation (EU) 2022/858), a fee is collected for:

1. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) operation of a multilateral trading facility based on distributed ledger technology under Art. 8, paragraph 9 of Regulation (EU) 2022/858 - 7,669.38 euros;
2. (Am. - SG, No. 109 of 2025, in force from 01.01.2026.) operation of a settlement system based on distributed ledger technology - [Text cuts off here]