Upon invitation by the Bulgarian Financial Supervision Commission, Convergence's first activity in Bulgaria has been the organization of a Regulatory Impact Assessment Knowledge Transfer Program to help local institutions become more familiar with Regulatory Impact Assessment techniques.

November 13-15: Session 1 – General introduction on RIA and first practical application

The workshop provided detailed information how Better Regulation RIA process is structured and on how to assess the costs and benefits of financial regulation. Participants have then worked on a practical case study on MiFID facilitated by UK FSA staff. Finally, they have carried out an Impact Assessment analysis (namely the first stage of the RIA process) on 2 regulations proposed by FSC.

December 19-20: Session 2 – RIA on FSC regulations

The Working Groups have undertaken a full RIA on a recently enacted MiFID-related FSC regulation. This exercise has been carried out through both desk work and a second workshop that took place in December 19-20.

The two Working Groups were assigned the following sections:

Of the Ordinance of July 2007 “On the Requirements to the Activities of Investment Intermediaries”.

Session 2 Working Groups Activity Monitoring


Working Group 1 - "Internal Control"

Coordinator: Ms. Petya Nikiforova (Financial Supervision Commission - FSC); Members: Mr. Georgi Petkov (Bulgarian National Bank – BNB), Ms. Broyana Dimitrova (FSC), Mr. Boyan Dombalov (FSC), Ms. Vesela Todorova (FSC), Ms. Nadia Dascalova (Central Depository), Mr. Evjeny Jichev (Bulgarian Association of Asset Management Companies), Mr. Nursen Murad (FSC); Mr. Lyubomir Mirchev (BNB), Mr. Zhelju Vasilev.


Documents Produced



Working Group 2 - "Risk Management and Internal Audit "

Coordinator: Ms. Valentina Stefanova (FSC); Members: Ms. Lidiya Valchovska (FSC), Mr. Ivo Stankov (Bulgarian Stock Exchange - Sofia), Ms. Tzveta Grigorova (FSC), Ms. Irina Kazandjieva (Association of Banks in Bulgaria), Mr. Julian Razpopov (FSC), Ms. Suzana Kapsazova (FSC), Mr. Vladimir Karamfilov (FSC), Mr. Damyan Staykov (FSC), Ms. Denitza Markova (Ministry of Finance).


Documents Produced

Facilitator: Mr. Christian Winkler (UK Financial Services Authority);

Co-Facilitator: Mr. Riccardo Brogi, Convergence Program

February 4, 2008: Session 3- Final Presentations to the Senior Management of participating financial regulators

The Working Groups have presented their final reports Main Findings and Policy Recommendations to the Financial Supervision Commission Chairman to conclude the RIA Knowledge Transfer Program.The World Bank Country Manager for Bulgaria attended the session as well.