National Supervisory Authority & Licensing Qualification Dossier • European Economic Area & Switzerland
FSC
BulgariaFinancial Supervision Commission
Source / Native Reference: 保加利亚金融监管委员会
- Supervisory tier
- Tier-3
- License classes
- 2
- Licensed records
- 122
- Active / regulated
- 91
Statutory Supervisory Mandate & Scope
Banco de España (Central Bank of Spain) (BDE) is the central banking and prudential supervisory authority in Spain (Tier-1 jurisdiction). Its mandate encompasses monetary policy implementation, systemic financial stability, Basel III capital adequacy and liquidity (LCR/NSFR) supervision for credit institutions, payment systems oversight, and statutory licensing of banks and authorised financial institutions.
Prudential Tier Assessment
Tier-3Tier-3 national capital markets, securities, and derivatives supervisory authority in Bulgaria, IOSCO member standards-aligned.
National licensing qualifications & statutory authorisation classes (FSC)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FSC in Bulgaria.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| Category 1 / Principal Broker-Dealer | Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) | Dealing as principal or market maker in securities, FX, CFDs, futures, options, and underwriting. | USD $150,000 – $500,000 equivalent minimum paid-up capital | Risk-weighted capital adequacy + minimum liquid capital buffer ≥ 25% of annual fixed overheads. |
| Category 2 / Agency Broker & Asset Manager | Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence | Order execution, reception and transmission of client orders, discretionary portfolio management, and investment advisory. | USD $75,000 – $150,000 equivalent minimum paid-up capital | Strict client money segregation, best-execution monitoring, and quarterly regulatory financial returns. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FSC.
National Investor Protection / Compensation Scheme (Bulgaria)
- Maximum coverage per client
- Subject to statutory national investor protection fund limits and segregated trust priority
- Eligible counterparties & scope
- Retail clients of licensed securities and investment brokerage firms.
FSC Client Money & Safe Custody Segregation Rules
- Reconciliation & audit cadence
- Daily reconciliation of segregated client trust bank accounts against client trading ledger balances.
- Approved custodian requirements
- Client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories.
FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework
- Travel Rule, custody & stablecoin rules
- FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
Primary Governing Statutes & Rulebooks
- Securities and Capital Markets Act of Bulgaria
- FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules
- Client Money & Custody Asset Segregation Regulations (Bulgaria)
- IOSCO Principles of Securities Regulation & National AML/CFT Rulebook
Regulatory Reporting & Audit Obligations
Quarterly capital adequacy returns and annual IFRS audited financial statements submitted to FSCAnnual independent auditor attestation on Client Money and Safe Custody complianceTransaction reporting, market abuse surveillance (MAR), and AML/CFT suspicious activity reporting
Cross-Border Equivalence & Passporting
Eligible for EU/EEA MiFID II and MiCA cross-border freedom-of-services passporting across 30 EEA member states.
Supervised institutions & FSC licence records in our database
122 licence records referencing FSC (91 regulated/registered, 15 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Doo Prime | C119023907 | Regulated | DOO PRIME MAURITIUS LIMITED | 2020-05-26 | |
| EC Markets | GB2100130 | Offshore | EC MARKETS LIMITED | 2022-06-20 | |
| FBS | 000102/460 | Offshore | FBS Markets Inc. | — | |
| Mohicans Markets | GB20026131 | Regulated | MOHICANS MARKETS | 2021-01-06 | |
| CXM Direct | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Tradeo | IFSC/60/284/TS/17 | Suspected clone | Delwyn Trading Limited | — | |
| ZERO MARKETS | Number pending check | Regulated | ZERO FINANCIAL | 2021-05-10 | |
| Industrial Bank | Number pending check | Regulated | Industrial Bank of Korea | — | |
| Bank Of Kaohsiung | Number pending check | Regulated | Bank Of Kaohsiung | — | |
| Bank SinoPac | Number pending check | Regulated | Bank SinoPac | — | |
| bank.sinopac | 807 | Regulated | bank.sinopac | — | |
| Cathay United Commercial Bank | Number pending check | Regulated | Cathay United Commercial Bank | — | |
| Chang Hwa Bank | Number pending check | Regulated | Chang Hwa Commercial Bank, Ltd | — | |
| COTA Bank | 147 | Regulated | COTA Bank | — | |
| CTBC Bank | 822 | Regulated | CTBC Bank | — | |
| Eastern Int'l Bank | 805 | Regulated | Eastern Int'l Bank | — | |
| entiebank | 816 | Regulated | entiebank | — | |
| EVEREST | Number pending check | Regulated | MYRTLE LTD | 2021-05-05 | |
| INVESTOUS | 000349/173 | Regulated | IOS INVESTMENTS | — | |
| LINE Bank | 824 | Regulated | LINE Bank | 2021-02-04 | |
| Mega Bank | 017 | Regulated | Mega Bank | — | |
| NEXT BANK | 823 | Regulated | NEXT BANK | — | |
| Rakuten Bank | 826 | Regulated | Rakuten Bank | — | |
| SKBank | 103 | Regulated | SKBank | — | |
| TAICHUNG BANK | 053 | Regulated | TAICHUNG BANK | — | |
| Taipei Star Bank | Number pending check | Regulated | Taipei Star Bank | — | |
| Taishin International Bank | 812 | Regulated | Taishin International Bank | — | |
| Taiwan Business Bank | 050 | Regulated | — | — | |
| UNION BANK OF TAIWAN | 803 | Regulated | UNION BANK OF TAIWAN | — | |
| yuantabank | 806 | Regulated | yuantabank | — | |
| GLOBAL(Global network record) | C117017139 | Regulated | B2B Prime Services Limited | 2021 | |
| AETOS(Global network record) | GB23202270 | Regulated | AETOS Markets (M) Ltd | 2023-11-29 | |
| Amana Capital(Global network record) | C118023192 | Regulated | ACG International Limited | 2018-12-05 | |
| AUS GLOBAL(Global network record) | GB23201412 | Regulated | AUS Global MU Ltd | 20/04/2023 | |
| Deriv(Global network record) | GB24101229 | Regulated | Deriv (Mauritius) Ltd | 2024-06-14 | |
| Exness(Global network record) | GB20025294 | Regulated | Exness (MU) Ltd | 07/12/2020 | |
| Viverno(Global network record) | C116016172 | Regulated | BDSwiss Markets (Mauritius) Ltd | 2016-06-12 | |
| XM(Global network record) | 000261/397 | Offshore | XM Global Limited | — | |
| Alpari International(Global network record) | IFSC/60/301/TS/17 | Revoked | Alpari Limited | — | |
| GTC(Global network record) | GB22200292 | Regulated | GTC GLOBAL LTD | 2022-06-03 | |
| GVD Markets(Global network record) | GB24203047 | Offshore | GVD Pro Capital Limited | — | |
| RoboForex(Global network record) | 000138/333 | Regulated | RoboForex | — | |
| Tradeview(Global network record) | GB20025800 | Regulated | iLC Brokers Ltd | 17/12/2020 | |
| Windsor Brokers(Global network record) | 000153/391 | Offshore | Windsor Brokers (BZ) Limited | — | |
| WisunoFX(Global network record) | GB23201735 | Regulated | WISUNO CAPITAL LIMITED | 2023-07-20 | |
| BHC(Global network record) | GB20025563 | Regulated | Brickhill Capital (Mauritius) Limited | 2020-12-17 | |
| BHC(Global network record) | IFSC/60/490/BCA/16 | Regulated | Brickhill Capital | — | |
| CBCX(Global network record) | GB24202880 | Regulated | CBCX Markets Global Limited | 23/05/2024 | |
| CPT Markets(Global network record) | IFSC000314/470 | Regulated | CPT MARKETS LIMITED | — | |
| FXTM(Global network record) | C113012295 | Regulated | EXINITY LIMITED | 2013-11-11 | |
| INFINOX(Global network record) | GB20025832 | Regulated | INFINOX | 2020-11-19 | |
| Scope Markets(Global network record) | 000274/394 | Registered | RS Global Ltd | — | |
| VDX(Global network record) | C118023323 | Regulated | VDX DERIVATIVES | 2019-05-09 | |
| CXM Trading(Global network record) | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| Exinity(Global network record) | C119470 C1/GB | Regulated | EXINITY LIMITED | 2013-11-11 | |
| FINVEO(Global network record) | GB22200832 | Regulated | FINVEO MA | 19/01/2023 | |
| FXDD(Global network record) | C117017252 | Regulated | FXDD MAURITIUS LTD | 2017-11-15 | |
| GMI(Global network record) | C118023454 | Regulated | Global Market Index Limited | 2018-08-29 | |
| KCM Trade(Global network record) | C117022600 | Regulated | Kohle Capital Markets Limited | 2018-03-01 | |
| KEY TO MARKETS(Global network record) | GB19024503 | Regulated | KEY TO MARKETS INTERNATIONAL LIMITED | 2019-12-17 | |
| Koderan Forex(Global network record) | IFSC/60/466/FX/16 | Revoked | Koderan International Markets Limited | — | |
| Ridder Trader(Global network record) | GB23201566 | Revoked | Ridder Trader Ltd | 2023-04-13 | |
| Swiss Markets(Global network record) | 143350 | Regulated | BDS Markets | 2016-12-06 | |
| Trading(Global network record) | GB21026337 | Regulated | CXM Global | 2021-10-11 | |
| UniCredit Bulbank(Global network record) | Number pending check | Regulated | UNICREDIT BULBANK AD | — | |
| Xtrade(Global network record) | FSC000281/20 | Regulated | XTRADE INTERNATIONAL | — | |
| 24option(Global network record) | 000319/191 | Regulated | RICHFIELD CAPITAL | — | |
| 4XCUBE(Global network record) | MC03/2018 | Regulated | 4XCUBE LIMITED | 2023-09-19 | |
| 7(Global network record) | Number pending check | Regulated | 7 LUCKY TRADING (MAURITIUS) LTD | 2024-04-15 | |
| AROTRADE(Global network record) | IFSC/60/391/TS/19 | Revoked | Speed Solutions Limited | — | |
| Assets(Global network record) | GB23201811 | Regulated | Assets Global Ltd | 2024-05-03 | |
| ASSETS(Global network record) | GB23201811 | Offshore | ASSETS GLOBAL LTD | 2024-05-03 | |
| Axiory(Global network record) | IFSC/60/255/TS/15 | Offshore | AXIORY GLOBAL LTD. | — | |
| Bank of Panhsin(Global network record) | 118 | Regulated | Bank of Panhsin | — | |
| BelFX(Global network record) | IFSC/60/260/TS/17 | Offshore | BELFX LIMITED | -- | |
| Binance TH(Global network record) | IFSC/60/377/TS/17 | Revoked | CST Financial Services Ltd. | — | |
| Bithumb(Global network record) | 220-88-71844 | Exceeded scope | 주식회사 빗썸코리아 | 2014-01-20 | |
| BONDEX(Global network record) | IFSC/60/486/BCA/19 | Revoked | Bondex Global Limited | — | |
| BULBROKERS(Global network record) | Number pending check | Regulated | Bulbrokers | — | |
| Capital(Global network record) | C112010690 | Regulated | Capital Street Intermarkets Limited | 2012-02-24 |
FSC (Bulgaria): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FSC (Bulgaria)?
FSC (Financial Supervision Commission) supervises financial institutions in Bulgaria under Securities and Capital Markets Act of Bulgaria and FSC Licensing, Prudential Capital Adequacy & Conduct of Business Rules. Key statutory authorisation classes include: Category 1 / Principal Broker-Dealer (Full-Scope Securities & Derivatives Dealer (Market Maker / Principal) — min. capital: USD $150,000 – $500,000 equivalent minimum paid-up capital); Category 2 / Agency Broker & Asset Manager (Securities Brokerage (Agency / STP) & Discretionary Portfolio Management Licence — min. capital: USD $75,000 – $150,000 equivalent minimum paid-up capital). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FSC provide statutory investor compensation and mandatory client asset segregation?
Under FSC's framework, investor protection is governed by National Investor Protection / Compensation Scheme (Bulgaria) with maximum coverage of Subject to statutory national investor protection fund limits and segregated trust priority (Retail clients of licensed securities and investment brokerage firms.). For client money and custody assets, supervised firms must comply with FSC Client Money & Safe Custody Segregation Rules, performing daily reconciliation of segregated client trust bank accounts against client trading ledger balances. with client funds and securities must be held in bankruptcy-remote statutory trust accounts at licensed commercial banks or central securities depositories..
How does FSC regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FSC's digital-asset regime is structured around FSC Digital Asset / Tokenized Securities & VASP Regulatory Framework (Unified EU MiCA (Regulation (EU) 2023/1114) CASP licensing and DLT Pilot Regime.). Custody and AML/CFT compliance obligations require: FATF Recommendation 16 Travel Rule enforcement and institutional qualified custody standards.
How can I verify an institution's FSC licence number and check our 122 recorded licence entries?
Our database currently tracks 122 licence records referencing FSC (91 marked regulated or registered). To verify a counterparty at the primary source, open FSC's official public register (https://www.fsc.bg/en/investment-avtivity/lists-of-supervised-entities/), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from ETFYield Lab relevant to FSC and Bulgaria.
ETF Structure & Yield Engineering
Institutional ETF Creation-Redemption Arbitrage, SEC Rule 6c-11 Custom Baskets, and Cross-Border UCITS Withholding Tax Yield Architecture (2026)
An empirical quantitative analysis of Authorised Participant (AP) primary-market arbitrage bands, SEC Rule 6c-11 and IRC Section 852(b)(6) in-kind capital gains shielding, fixed-income ETF NAV-to-market basis dynamics, and Irish ICAV 15% vs 30% US dividend withholding tax alpha.
Fixed Income ETFs & Market Microstructure
SEC Rule 6c-11 Custom Creation Baskets, Fixed-Income ETF NAV Arbitrage & After-Tax Yield Drag Model (2026)
Authorized Participant (AP) custom creation and redemption baskets under SEC Rule 6c-11 refer to non-pro-rata fixed-income portfolio transfers that allow ETF issuers to purge low-basis, illiquid, or off-the-run bonds in-kind without realizing distributable capital gains, compressing annualized after-tax yield drag by 42 to 118 basis points compared with open-end mutual funds.
Treasury Ladders & Yield Math
SGOV vs BIL vs TLT: 30-Day SEC Yield vs Distribution Yield Math & ETF Fee Drag Analysis (2026)
30-Day SEC Yield refers to a standardized net annualized yield metric mandated by the SEC that deducts fund expense ratios from 30-day portfolio income.
Treasury Ladders & Yield Math
iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark: 30-Day SEC Yield vs. Trailing 12-Month Distribution Yield Audit (4.31% 30-Day SEC Yield (3 bps ER) Benchmark)
iShares 0-3 Month Treasury Bond ETF (SGOV) Yield & Fee Benchmark (SGOV-0-3M-UST) stands at 4.31% (30-Day SEC Yield (3 bps ER)) (Source: SEC Form N-1A / U.S. Treasury, 2026-10-20), governing Form N-1A Item 26 accrual acco
Statutory licensing classes, base capital rules, and investor protection summaries for FSC (Bulgaria) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FSC’s official public register.