Opinion of the European Central Bank of 22 June 2011 on exchange of information and cooperation obligations among national supervisory authorities (CON/2011/52)
Date: 2011-06-22
Institutions: European Central Bank
Subjects: Bulgaria, financial stability, financial supervision, investment company, national law, securities

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  collective  investment  schemes  and  other  undertakings  for 

collective investments (hereinafter 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  consultation  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 European 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  into  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-UCITS 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  collective  investment  schemes  and  other  undertakings  for 

collective investments.  

In accordance with Article 1(2) of Council Decision 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  
2  

OJ L 189, 3.7.1998, p. 42.  
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  Financial  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  Supervision  Commission  in  the  context  of  administrative 
enforcement measures4.  

The ECB  acknowledges that such arrangements are necessary 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  Commission  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 cooperation among supervisory authorities as it is necessary 

for  efficient  supervision.  The  measures  introduced  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  
4  
5   

Article 35(3) and paragraph 21 of the transitional and final provisions of the draft law. 
Article 195(3) and (4) of the draft law. 
Law on the BG-FSA, Darjaven vestnik, issue 8 of 28 January 2003, available at www.fsc.bg.