Financial Supervision Commission Sets Deadlines for Euro Adoption in Bulgaria

The Financial Supervision Commission (FSC) has alerted its regulated entities about advancing to the next phase of preparations for introducing the euro in Bulgaria, highlighting the crucial role of the non-banking financial sector.

As outlined in the Action Plan for euro adoption, the FSC is tasked with initiating the process of updating information systems in the non-banking sector by November 30, 2024, to facilitate operations with the euro. To assist in this transition, the Minister of e-Government will provide methodological instructions aimed at adapting financial information processing systems in line with the euro's introduction.

All investment intermediaries, management companies, those overseeing alternative investment funds, insurance firms, reinsurance companies, pension insurance companies, and their managed funds are required to complete their system adaptations for euro transactions by March 31, 2025. This deadline also applies to the Central Depository PLC, which must ensure its registers and clearing and settlement systems are euro-compliant.

By the end of March 2025, the Bulgarian Stock Exchange PLC and other financial trading venues must have their systems adjusted to handle euro transactions effectively. The FSC emphasizes that by the introduction date of the euro, all accounting account balances—encompassing assets, liabilities, and capital—must be converted accordingly.