National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
FSC
BulgariaFinancial Supervisory Commission
Source / Native Reference: 库克群岛金融监督委员会
- Supervisory tier
- Tier-3
- License classes
- 2
- Licensed records
- 122
- Active / regulated
- 91
Statutory Supervisory Mandate & Scope
Financial Supervisory Commission (FSC) is the Tier-3 statutory financial markets and securities supervisory authority in Global / Multilateral. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Prudential Tier Assessment
Tier-3Tier-3 national capital markets, securities, and derivatives supervisory authority in Bulgaria, IOSCO member standards-aligned.
National licensing qualifications & statutory authorisation classes (FSC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FSC in Bulgaria.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Category 1 / Principal Broker-Dealer | Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) | Dealing as principal or market maker in securities, FX, CFDs, futures, options, and underwriting. | USD $150,000 – $500,000 equivalent minimum paid-up capital | Risk-weighted capital adequacy + minimum liquid capital buffer ≥ 25% of annual fixed overheads. |
| Category 2 / Agency Broker & Asset Manager | Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence | Order execution, reception and transmission of client orders, discretionary portfolio management, and investment advisory. | USD $75,000 – $150,000 equivalent minimum paid-up capital | Strict client money segregation, best-execution monitoring, and quarterly regulatory financial returns. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FSC.
National Investor Protection / Compensation Scheme (Bulgaria)
- Maximum coverage per client
- Subject to statutory national investor protection fund limits and segregated trust priority
- Eligible counterparties & scope
- Retail clients of licensed securities and investment brokerage firms.
FSC Client Money & Safe Custody Segregation Rules
- Reconciliation & audit cadence
- Daily reconciliation of segregated client trust bank accounts against client trading ledger balances.
- Approved custodian requirements
- Client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories.
FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework
- Travel Rule, custody & stablecoin rules
- FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
Primary Governing Statutes & Rulebooks
- Securities and Capital Markets Act of Bulgaria
- FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules
- Client Money & Custody Asset Segregation Regulations (Bulgaria)
- IOSCO Principles of Securities Regulation & National AML/CFT Rulebook
Regulatory Reporting & Audit Obligations
Quarterly capital adequacy returns and annual IFRS audited financial statements submitted to FSCAnnual independent auditor attestation on Client Money and Safe Custody complianceTransaction reporting, market abuse surveillance (MAR), and AML/CFT suspicious activity reporting
Cross-Border Equivalence & Passporting
Eligible for EU/EEA MiFID II and MiCA cross-border freedom-of-services passporting across 30 EEA member states.
Supervised institutions & FSC licence records in our database
122 licence records referencing FSC (91 regulated/registered, 15 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| UniCredit Bulbank | Number pending check | Regulated | UNICREDIT BULBANK AD | — | |
| Industrial Bank | Number pending check | Regulated | Industrial Bank of Korea | — | |
| Bank Of Kaohsiung | Number pending check | Regulated | Bank Of Kaohsiung | — | |
| Bank of Panhsin | 118 | Regulated | Bank of Panhsin | — | |
| Bank SinoPac | Number pending check | Regulated | Bank SinoPac | — | |
| bank.sinopac | 807 | Regulated | bank.sinopac | — | |
| Cathay United Commercial Bank | Number pending check | Regulated | Cathay United Commercial Bank | — | |
| Chang Hwa Bank | Number pending check | Regulated | Chang Hwa Commercial Bank, Ltd | — | |
| COTA Bank | 147 | Regulated | COTA Bank | — | |
| CTBC Bank | 822 | Regulated | CTBC Bank | — | |
| Eastern Int'l Bank | 805 | Regulated | Eastern Int'l Bank | — | |
| entiebank | 816 | Regulated | entiebank | — | |
| esunbank | Number pending check | Regulated | esunbank | — | |
| First Bank | Number pending check | Regulated | First Bank | 1949-12-08 | |
| Hua Nan Bank | Number pending check | Regulated | Hua Nan Bank | — | |
| HWATAI BANK | Number pending check | Regulated | HWATAI BANK | — | |
| Isle of Man Bank | 1157 | Revoked | Isle of Man Bank | 2019-06-28 | |
| ktbanking | 054 | Regulated | ktbanking | — | |
| Land Bank | 005 | Regulated | Land Bank of Taiwan | — | |
| LINE Bank | 824 | Regulated | LINE Bank | 2021-02-04 | |
| Mega Bank | 017 | Regulated | Mega Bank | — | |
| NEXT BANK | 823 | Regulated | NEXT BANK | — | |
| O-Bank | 048 | Regulated | O-Bank | — | |
| Rakuten Bank | 826 | Regulated | Rakuten Bank | — | |
| SKBank | 103 | Regulated | SKBank | — | |
| sunnybank | 108 | Regulated | sunnybank | — | |
| TAICHUNG BANK | 053 | Regulated | TAICHUNG BANK | — | |
| Taipei Fubon Bank | Number pending check | Regulated | Taipei Fubon Bank | — | |
| Taipei Star Bank | Number pending check | Regulated | Taipei Star Bank | — | |
| Taishin International Bank | 812 | Regulated | Taishin International Bank | — | |
| Taiwan Business Bank | 050 | Regulated | — | — | |
| UNION BANK OF TAIWAN | 803 | Regulated | UNION BANK OF TAIWAN | — | |
| yuantabank | 806 | Regulated | yuantabank | — | |
| Doo Prime(Global network record) | C119023907 | Regulated | DOO PRIME MAURITIUS LIMITED | 2020-05-26 | |
| GLOBAL(Global network record) | C117017139 | Regulated | B2B Prime Services Limited | 2021 | |
| AETOS(Global network record) | GB23202270 | Regulated | AETOS Markets (M) Ltd | 2023-11-29 | |
| Amana Capital(Global network record) | C118023192 | Regulated | ACG International Limited | 2018-12-05 | |
| AUS GLOBAL(Global network record) | GB23201412 | Regulated | AUS Global MU Ltd | 20/04/2023 | |
| Deriv(Global network record) | GB24101229 | Regulated | Deriv (Mauritius) Ltd | 2024-06-14 | |
| EC Markets(Global network record) | GB2100130 | Offshore | EC MARKETS LIMITED | 2022-06-20 | |
| Exness(Global network record) | GB20025294 | Regulated | Exness (MU) Ltd | 07/12/2020 | |
| Mohicans Markets(Global network record) | GB20026131 | Regulated | MOHICANS MARKETS | 2021-01-06 | |
| Viverno(Global network record) | C116016172 | Regulated | BDSwiss Markets (Mauritius) Ltd | 2016-06-12 | |
| XM(Global network record) | 000261/397 | Offshore | XM Global Limited | — | |
| Alpari International(Global network record) | IFSC/60/301/TS/17 | Revoked | Alpari Limited | — | |
| GTC(Global network record) | GB22200292 | Regulated | GTC GLOBAL LTD | 2022-06-03 | |
| GVD Markets(Global network record) | GB24203047 | Offshore | GVD Pro Capital Limited | — | |
| RoboForex(Global network record) | 000138/333 | Regulated | RoboForex | — | |
| Tradeview(Global network record) | GB20025800 | Regulated | iLC Brokers Ltd | 17/12/2020 | |
| Windsor Brokers(Global network record) | 000153/391 | Offshore | Windsor Brokers (BZ) Limited | — | |
| WisunoFX(Global network record) | GB23201735 | Regulated | WISUNO CAPITAL LIMITED | 2023-07-20 | |
| BHC(Global network record) | GB20025563 | Regulated | Brickhill Capital (Mauritius) Limited | 2020-12-17 | |
| BHC(Global network record) | IFSC/60/490/BCA/16 | Regulated | Brickhill Capital | — | |
| CBCX(Global network record) | GB24202880 | Regulated | CBCX Markets Global Limited | 23/05/2024 | |
| CPT Markets(Global network record) | IFSC000314/470 | Regulated | CPT MARKETS LIMITED | — | |
| FBS(Global network record) | 000102/460 | Offshore | FBS Markets Inc. | — | |
| FXTM(Global network record) | C113012295 | Regulated | EXINITY LIMITED | 2013-11-11 | |
| INFINOX(Global network record) | GB20025832 | Regulated | INFINOX | 2020-11-19 | |
| Scope Markets(Global network record) | 000274/394 | Registered | RS Global Ltd | — | |
| VDX(Global network record) | C118023323 | Regulated | VDX DERIVATIVES | 2019-05-09 | |
| CXM Direct(Global network record) | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| CXM Trading(Global network record) | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Exinity(Global network record) | C119470 C1/GB | Regulated | EXINITY LIMITED | 2013-11-11 | |
| FINVEO(Global network record) | GB22200832 | Regulated | FINVEO MA | 19/01/2023 | |
| FXDD(Global network record) | C117017252 | Regulated | FXDD MAURITIUS LTD | 2017-11-15 | |
| GMI(Global network record) | C118023454 | Regulated | Global Market Index Limited | 2018-08-29 | |
| KCM Trade(Global network record) | C117022600 | Regulated | Kohle Capital Markets Limited | 2018-03-01 | |
| KEY TO MARKETS(Global network record) | GB19024503 | Regulated | KEY TO MARKETS INTERNATIONAL LIMITED | 2019-12-17 | |
| Koderan Forex(Global network record) | IFSC/60/466/FX/16 | Revoked | Koderan International Markets Limited | — | |
| Ridder Trader(Global network record) | GB23201566 | Revoked | Ridder Trader Ltd | 2023-04-13 | |
| Swiss Markets(Global network record) | 143350 | Regulated | BDS Markets | 2016-12-06 | |
| Tradeo(Global network record) | IFSC/60/284/TS/17 | Suspected clone | Delwyn Trading Limited | — | |
| Trading(Global network record) | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Xtrade(Global network record) | FSC000281/20 | Regulated | XTRADE INTERNATIONAL | — | |
| ZERO MARKETS(Global network record) | Number pending check | Regulated | ZERO FINANCIAL | 2021-05-10 | |
| 24option(Global network record) | 000319/191 | Regulated | RICHFIELD CAPITAL | — | |
| 4XCUBE(Global network record) | MC03/2018 | Regulated | 4XCUBE LIMITED | 2023-09-19 | |
| 7(Global network record) | Number pending check | Regulated | 7 LUCKY TRADING (MAURITIUS) LTD | 2024-04-15 | |
| AROTRADE(Global network record) | IFSC/60/391/TS/19 | Revoked | Speed Solutions Limited | — | |
| Assets(Global network record) | GB23201811 | Regulated | Assets Global Ltd | 2024-05-03 |
FSC (Bulgaria): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FSC (Bulgaria)?
FSC (Financial Supervisory Commission) supervises financial institutions in Bulgaria under Securities and Capital Markets Act of Bulgaria and FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules. Key statutory authorisation classes include: Category 1 / Principal Broker-Dealer (Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) — min. capital: USD $150,000 – $500,000 equivalent minimum paid-up capital); Category 2 / Agency Broker & Asset Manager (Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence — min. capital: USD $75,000 – $150,000 equivalent minimum paid-up capital). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FSC provide statutory investor compensation and mandatory client asset segregation?
Under FSC's framework, investor protection is governed by National Investor Protection / Compensation Scheme (Bulgaria) with maximum coverage of Subject to statutory national investor protection fund limits and segregated trust priority (Retail clients of licensed securities and investment brokerage firms.). For client money and custody assets, supervised firms must comply with FSC Client Money & Safe Custody Segregation Rules, performing daily reconciliation of segregated client trust bank accounts against client trading ledger balances. with client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories..
How does FSC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FSC's digital-asset regime is structured around FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework (Unified EU MiCA (Regulation (EU) 2023/1114) CASP licensing and DLT Pilot Regime.). Custody and AML/CFT compliance obligations require: FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
How can I verify an institution's FSC licence number and check our 122 recorded licence entries?
Our database currently tracks 122 licence records referencing FSC (91 marked regulated or registered). To verify a counterparty at the primary source, open FSC's official public register (https://www.fsc.gov.ck/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from FinLexicon Wiki relevant to FSC and Bulgaria.
Statutory Law & Custody Architecture
Statutory Client Asset Segregation & Insolvency Waterfalls: Comparative Legal Architecture of FCA CASS 7, SEC Rule 15c3-3, SIPA, and EU MiFID II Custody Regimes (2026)
A definitive statutory and insolvency-law reference comparing UK FCA CASS 7 statutory trusts, US SEC Rule 15c3-3 customer reserve formulas and SIPA liquidations, EU MiFID II Article 16(8)-(10) title-transfer prohibitions, and Japanese FIEA Article 43-2 trust bank mandates.
Derivatives Margin & Prudential Regulation
ISDA 2026 SIMM Risk Weights, Uncleared Margin Rules (UMR) Thresholds & VM/IM Collateral Eligibility
ISDA Standard Initial Margin Model (SIMM) refers to a parametric, sensitivity-based methodology calibrated across a 10-day margin period of risk (MPOR) at a 99% confidence interval to calculate regulatory initial margin for non-centrally cleared over-the-counter (OTC) derivatives under BCBS-IOSCO Uncleared Margin Rules (UMR).
Prudential Regulation & Capital Standards
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard: Statutory Definition, Regulatory Scope & Compliance Deadlines (-4.8% Cat I/II CET1 Change Benchmark)
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard (BASEL-ERBA-2026) stands at -4.8% (Cat I/II CET1 Change) (Source: Federal Reserve / OCC / FDIC, 2026-10-20), governing exact rule citations, covered entities
Market Microstructure & Derivatives Taxonomy
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard: Balance-Sheet Netting Mechanics & RWA Capital Weight Calculation (-4.8% Cat I/II CET1 Change Benchmark)
Expanded Risk-Based Approach (ERBA) Basel III Endgame Standard (BASEL-ERBA-2026) stands at -4.8% (Cat I/II CET1 Change) (Source: Federal Reserve / OCC / FDIC, 2026-10-20), governing multilateral netting compression and T
Statutory licensing classes, base capital rules, and investor protection summaries for FSC (Bulgaria) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FSC’s official public register.