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MOF ORGANISES DISCUSSION OF BULGARIAN PRESIDENCY PRIORITIES IN THE SECTOR OF FINANCIAL SERVICES

20.09.2017

The Ministry of Finance (MoF) held discussions with representatives of the institutions, employers’ organisations, the industry and NGOs in the area of financial services and financial markets where it presented the priorities of the MoF in the 2018 Agenda of the Bulgarian Presidency of the Council of the EU. It is part of the Ministry’s campaign launched after a Government decision aimed at promotion and discussion of the specific priorities to be fulfilled during the Presidency. The discussion was attended by representatives of the Council of Ministers, the Ministry of the Bulgarian Presidency of the Council of the European Union, the Bulgarian National Bank, the Financial Supervision Commission, the Deposit Insurance Fund, the Bulgarian Stock Exchange, the Association of Bulgarian Insurers, the Investor Compensation Fund, the Bulgarian Association of Asset Management Companies, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Supplementary Pension Security Companies, the Special Investment Purpose Companies Association, the Bulgarian Chamber of Commerce and Industry and the Bulgarian Industrial Capital Association.

The Deputy Minister of Finance Marinela Petrova underlined that negotiations on approximately 17 files in the area of financial services were expected to be conducted during the Bulgarian Presidency. “Bulgaria will act as a fair-minded broker in order to advance the EU interests as much as possible and to reach agreement with all partners, where possible”, the Deputy Minister of Finance said.

The hard work on the banking sector risk minimisation package, as well as the continuation of the talks about the legislative proposal for a single deposit insurance scheme are the priorities in the banking area. It is expected a file on non-performing loans to be launched during the Bulgarian Presidency which will put in place a regulation with regard to the banking and non-banking sectors. As to the non-banking sector, there will be work mainly on the measures aimed at setting up the Capital Markets Union, among which a legislative proposal on prudential requirements to investment intermediaries aimed at reduction thereof, the regulation of central counterparties, including third country ones, the topic of covered bonds, a revision of the regulations on European supervisory bodies, etc. “The Bulgarian Presidency takes place at a time when the European Commission in its current composition is expected to issue draft legislative proposals extensively, which will further increase our responsibilities and the volume of our work”, said Mrs. Tsvetanka Mihaylova, Director of the Financial Markets Regulation Directorate of the Ministry of Finance.

The good partnership among the MoF, the regulators and the NGOs within Working Group 26 “Financial Services” to the Council of European Affairs was highlighted during the discussion.