Банкеръ Weekly



The preelection idea of the new Bulgarian rulers for establishing unified financial control is about to become a legislative act at last. The Act on the Financial Supervision Commission (which was prepared for almost a year) also passed its first parliamentary trial. The bill's vindication, however, will be a serious task for its initiators - 10 MPs from the majority, among them Valeri Dimitrov, Ivon Iskrov, Ralitsa Again and Valentin Tserovski. The draft projects unification of all supervising authorities, controlling pension insurance, general and life insurance, and investments in securities. The meeting of the Parliamentary Budget and Finance Committe on Thursday (September 12), which approved the bill at first hearing, was attended by the Deputy Premier and Minister of Labour and Social Policies Lidiya Shouleva, the Finance Minister Milen Velchev, and the Deputy Minister of Economy Sofia Kassidova, who also approved the draft.The bill projects unification of the State Securities Exchange Commission, the Agency for Insurance Supervision, and the State Agency of Pension and Social Insurance into a singe Commission for Financial Supervision. It will begin functioning as of January 1, 2003 and its managerial team will include a chairman and three deputies in charge of the three sectors, to be appointed by Parliament, and three more members, to be elected from the presidential quota.

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