site.btaWorld Bank: Financial Supervision Commission's Financial Independence Is Most Effective for Capacity Strengthening

World Bank: Financial Supervision Commission's Financial Independence Is Most Effective for Capacity Strengthening

Sofia, June 22 (BTA) - The World Bank published its finalized Financial Sector Assessment Program (FSAP) conclusions. The report recommends a number of measures to increase the administrative and supervisory capacity of Bulgaria's Financial Supervision Commission (FSC), the Commission said in a press release on Thursday.

The World Bank singles out the guarantee of the Commission's independence from the government as the most critical issue faced by the FSC. The Bank recommends to the FSC to finance its operation by way of supervision levies collected from the supervised entities, which will guarantee its objective work and increase its administrative and expert capacity.

The World Bank also makes a number of other recommendations to improve the FSC activity, such as switching to risk-based supervision, structural changes within the Commission, etc.

The report also includes an Action Plan which identifies concrete steps to fulfil the recommendations made. The FSC accepts the envisaged measures and has even started to work on the implementation of some of them, the press release said.