Amendments to the Financial Supervision Commission Act, changing the method for determining the salaries of the chair and members and regulating all fees collected by the Commission in the implementation of its powers, have passed second reading.

The remuneration of the chair and other members of the Commission will be determined according to internal rules applicable to the working salary, adopted by the Commission, and the remuneration shall not be lower than the average regular remuneration of the members of governing bodies at the investment brokerage companies, the managing companies, the insurers, reinsurers, and pension insurance companies, based on the most recent reporting year, but not higher than the remuneration of the governor and deputy governors of the Bulgarian National Bank.

The chair and other members of the Commission can receive additional remuneration based on their performance, which is determined according to the internal rules.

Until now the basic monthly remuneration of the Financial Supervision Commission’s chair has been 90 per cent of the remuneration of the Speaker of Parliament, while the other members have received 90 per cent of the remuneration of the Commission’s chair.

It is envisaged that the basic monthly salaries of the Commission’s employees will be determined according to the internal rules applicable to the working salary and within the available budget for the relevant year.

The amendments specify where the Commission’s members can acquire the mandatory length of experience.

The amendments are laid down in an annex to the Financial Supervision Commission Act, which regulates all fees collected by the Commission in the implementation of its powers as stated in the current legislation.

Amendments will be effective as of 1 January 2018 with the exception of provisions related prospectus approval fees, which will take effect as of January 2021.