EN ECB-PUBLIC  
 
 
 OPINION OF THE EUROPEAN CENTRAL BANK 
of 22 June  2011 
on exchange of information and cooperation obligations among national supervisory authorities  
(CON/2011/52) 
 
Introduction and legal basis  
On 25 May 2011 the European Central Bank (ECB) received a request from the Bulgarian Ministry of 
Finance for an opinion on a draft law on collectiv e investment schemes and other undertakings for 
collective investments (herei nafter the ‘draft law’). 
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third and sixth indents of Article 2(1) of Council 
Decision 98/415/EC of 29 June 1998 on the consu ltation of the European Central Bank by national 
authorities regarding draft legislative provisions1, as the draft law relates to Българска  народна  банка  
(Bulgarian National Bank) and rules applicable to financial institutions insofar as they materially 
influence the stability of financial institutions and markets. In accordance with  the first sentence of 
Article 17.5 of the Rules of Procedure of the Eur opean Central Bank, the Governing Council has adopted 
this opinion. 
 1.  Purpose of the draft law 
The aims of the draft law are to: (a) transpose in to national legislation Directive 2009/65/EC of the 
European Parliament and of the Council of 13 July 2009
 on the coordination of laws, regulations and 
administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (recast)
2; (b) regulate the activities of certain non-UC ITS funds including closed-end investment 
undertakings; (c) further develop the legal framework by, inter alia,  imposing on Българска  народна  
банка  (Bulgarian National Bank) certain information obligations and fostering cooperation between 
Българска  народна  банка  (Bulgarian National Bank) and the Financial Supervision Commission; (d) 
consolidate the regulatory framework for collectiv e investment schemes and other undertakings for 
collective investments.  
In accordance with Article 1(2) of Council Decisi on 98/415/EC and taking into account the consultation 
request from the Ministry of Finance, this opinion only covers the provisions of the draft law that relate to  
Българска  народна  банка  (Bulgarian National Bank).  
                                                      
1  OJ L 189, 3.7.1998, p. 42.  
2  OJ L 302, 17.11.2009, p. 32. 
ECB-PUBLIC  
 2. General observations  
The ECB notes that the draft law imposes certain information obligations on Българска  народна  банка  
(Bulgarian National Bank) in relation to the Fina ncial Supervision Commission as regards depository 
banks and banks3. The draft law also provides for cooperation between Българска  народна  банка  
(Bulgarian National Bank) and the Financial Superv ision Commission in the context of administrative 
enforcement measures4.  
The ECB acknowledges that such arrangements are nece ssary in view of the supervisory framework in 
Bulgaria where Българска  народна  банка  (Bulgarian National Bank) is in charge of banking 
supervision, and the Financial Supervision Commissi on is competent to supervise financial institutions 
and markets as laid down in Article 1(2) of the Law on the Financial Supervision Commission5.  
The ECB supports information sharing and coopera tion among supervisory authorities as it is necessary 
for efficient supervision. The measures introdu ced by the draft law will further promote efficient 
institutional arrangements for cooperation between Българска  народна  банка  (Bulgarian National Bank) 
and the Financial Supervision Commission.  
In this context, the ECB welcomes the provisions of the draft law that relate to  Българска  народна  банка  
(Bulgarian national bank). 
 This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 22 June 2011. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET 
                                                     
 
3  Article 35(3) and paragraph 21 of the transitional and final provisions of the draft law. 
4  Article 195(3) and (4) of the draft law. 
5   Law on the BG-FSA, Darjaven vestnik , issue 8 of 28 January 2003, available at www.fsc.bg.