Bulgarian Stock Exchange-sofia · BSESOF:BSE
Bulgarian Stock Exchange-sofia — Financial Supervision Commission — Investor Presentation (September 2008)
9 slides from Bulgarian Stock Exchange-sofia's investor presentation, Sep 16, 2008
Slide 1: The Impact of MiFID on the Bulgarian Capital Market: One Year Later
THE IMPACT OF MIFID ON THE BULGARIAN CAPITAL MARKET: ONE YEAR LATER 16 September 2008 APOSTOL APOSTOLOV, CHAIRMAN FINANCIAL SUPERVISION COMMISSION
Slide 2: Why MiFID was needed?
Why MiFID was needed ? To increase the integration rate between the European financial markets; To replace the outdated Investment Services Directive (ISD) and to tackle the following issues: Passport did not work well enough; Retail investor protection needed to be updated; “Concentration
Slide 3: Implementation of MiFID
Implementation of MiFID MiFID and MiFID’s implementing measures have been transposed in the Bulgarian legislation through the following acts: Markets in Financial Instruments Act (promulgated in State Gazette, issue 52, effective of November 1, 2007); Ordinance No 38 of 25 July, 2007 on the re
Slide 4: MiFID Impact
MiFID Impact 1 The scope of the financial instruments subject to regulation and supervision was expanded (securities and various forms of derivative financial instruments with underlying assets: securities, currency, commodities, interest rates, indexes, etc.). In Bulgaria the impact of MiFID has
Slide 5: Statistics as of 10 September 2008
Statistics as of 10 September 2008 Market operators: 4 market operators notified FSC about their intention to provide arrangements on the Bulgarian territory to facilitate access to their systems for trading on regulated markets and to their Multilateral Trading Facilities. Investment intermediari
Slide 6: MiFID Impact
MiFID Impact 2 A new type of service is introduced as part of the activities of investment firms – organization of Multilateral Trading Facilities. It is envisaged that such a system could also be organized by a market operator. At this stage in Bulgaria there are no other regulated markets but th
Slide 7: Benefits of MiFID
Benefits of MiFID Improved market access due to the “Single Passport”; Improved functioning of markets; More flexibility for the investment intermediaries in organizing their activity; Reduced authorisation costs; Reduced compliance costs; Reduced operating costs; Improved investor pro
Slide 8: Single Passport Impact
Single Passport Impact The impact of the Single Passport in practice was not considerably high as most of the notifications were not followed by immediate action towards the provision of services. Most of the investment intermediaries register in EU Member States as a technical act to make sure th
Slide 9: Thank you for the attention!
Thank you for the attention! ane lle “Lesh SUPERVISION COMMISSION
Financial Supervision Commission — Investor Presentation (September 2008) on 6ix