site.btaInstitutions, Business Organizations Set Up Capital Market Council

Institutions, Business Organizations Set Up Capital Market Council

Sofia, October 10 (BTA) - A memorandum on the creation of a Council for the Development of the Capital Market was signed Monday at the Radisson Hotel at the initiative of the Central Depository, the Financial Supervision Commission and business associations.

The initiative was joined by the Association of Banks in Bulgaria, the Association of Bulgarian Insurance Companies, the Association of Directors for Links with the Investors, the Association of Companies with Special Investment Purpose,
the Association of Industrial Capital in Bulgaria, the Bulgarian Association of Companies for Complementary Pension Insurance, the Bulgarian Association of Licensed Investment Intermediaries, the Bulgarian Association of Managing Companies, the Bulgarian Industrial Association, the Bulgarian Stock Exchange - Sofia, the Confederation of Employers and Industrialists in Bulgaria and the National Commission for Corporate Management. The American Chamber of Commerce in Bulgaria joined as an associated member.

The Council is set up as an official platform for cooperation between organizations in the non-banking financial sector, reads the memorandum. The Council's key priorities include drafting of an overall strategy and roadmap for the development of the capital market in the medium- and long-term; enhancing of the market capitalization and the volumes of trade on a regulated market; improvement of the legal framework in the field of financial markets; creation of conditions for the financing of the small and medium business through the capital market; trading of new financial instruments on a regulated market; creation of a possibility for the financing of public offerings of financial instruments through operational programmes and EU funds, etc.

The establishment of the Council is the best way of ensuring cooperation towards the establishment of an efficient and working non-banking financial sector, Vassil Golemanov, Executive Director of the Central Depository, concluded.

MP Delyan Dobrev said that the capital market in this country is the least developed in the whole EU. The purpose is to reach medium European levels through the Council, he added.