The Financial Supervision Commission (FSC) of Bulgaria has announced the transition to the next stage of the euro introduction, focusing on the readiness of the non-banking financial sector, including securities markets, investment intermediaries, insurers, and market infrastructures. Key deadlines include preparing information systems by November 30, 2024, and completing system adaptations by March 31, 2025, with automatic conversion of financial instruments on the euro introduction date. Guidelines for adapting information systems will be issued by the Minister of Electronic Government.
Announcement regarding the transition to the next stage of work on the introduction of the euro in the Republic of Bulgaria
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Bulgaria
Author: Nikolina Basić
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Fiscal subject related
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626
Content accuracy validation date:
03.10.2024
Content accuracy validation time:
11:26h
The Financial Supervision Commission, as a responsible institution directly involved in the process of accession of the Republic of Bulgaria to the Eurozone, notifies its subordinates of moving to the next stage of the work to introduce the euro in the country, in which the non-banking financial sector has a significant role.
The FSC is prioritizing the readiness of various entities, including regulated securities markets, market operators, investment intermediaries, multilateral trading systems, management companies, public companies, and other issuers of securities, market infrastructures based on decentralized registry technology, insurers, reinsurers, and insurance intermediaries, etc.
The National Plan for the introduction of the euro, developed by the Coordination Council, outlines the necessary actions for replacing the leva with the euro. The FSC is responsible for ensuring compliance with these activities, as mandated by the law on the introduction of the euro in Bulgaria.
Upcoming deadlines:
- By November 30, 2024, the FSC will begin preparing information systems in the non-banking sector to work with the euro.
- By March 31, 2025: Completion of information system adaptations for entities such as the Central Depository JSC, Bulgarian Stock Exchange JSC, the Guarantee Fund, and the Investor Compensation Fund.
By March 31, 2025, issuers must convert financial instruments, and the Central Depository JSC will ensure automatic conversion on the euro introduction date.
Importantly, the Minister of Electronic Government will issue guidelines to assist in adapting information systems for processing financial information in euros.
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