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Fri, Feb 10 2012
FSC head to be named
THE newly-established Commission for Financial Supervision is yet to appoint its chairperson.
The three-step selection procedure will pass its second stage on Wednesday, when the three shortlisted candidates, promoted and shortlisted by the budget committee will pass a final interview, after which their candidacies will be reviewed by the parliamentary groups of the National Movement Simeon II (NMSII) and the Movement for Rights and Freedoms (MRF).
On Thursday, the candidate preferred by the coalition will be put to Parliament and upon approval, his name, along with the remaining six members of the future board of directors, will be promulgated in the State Gazette.
Head of Parliament's budget committee, Ivan Iskrov said that the procedure had been prompted by the looming starting date of the commission. According to the Financial Supervision Commission Law, the financial body is to begin operations on March 1 this year.
Experts in the financial sector said that the competition will be very close in light of the expertise of all three candidates. These are Apostol Apostolov from the Privatisation Agency, Bistra Ilkova, chairperson of the State Securities Commission and Victor Papazov, the deputy executive director of the Bulgarian Stock Exchange and an adviser to the parliamentary economic committee.
Although close, the chances are in favour of Papazov. Sources close to the matter described him as the best professional in the field, being among the founders of the Bulgarian Stock Exchange and with suitable experience in the financial sector. He has been linked to the MultiGroup Corporation and is a stakeholder in Balkan Holidays, the tourist holding of First Investment Bank.
An unacceptable ownership and ensuing clash of interests might be the stumbling block for Ilkova. She is known to be holding a stake with Aval Inn, one of most brokers at the Bulgarian Stock Exchange.
Apostolov will most likely be excluded from the tender, as Government officials have expressly said that they would like him to remain in charge of the Privatisation Agency, rather than take a new office.
Iskrov said that none of the candidatures of the remaining six member of the commission had been discussed as yet. The joint session of the NMSII and MRF parliamentary groups, however, will review 13 nominations, put forward by various parliamentary groups, he said.
The three-step selection procedure will pass its second stage on Wednesday, when the three shortlisted candidates, promoted and shortlisted by the budget committee will pass a final interview, after which their candidacies will be reviewed by the parliamentary groups of the National Movement Simeon II (NMSII) and the Movement for Rights and Freedoms (MRF).
On Thursday, the candidate preferred by the coalition will be put to Parliament and upon approval, his name, along with the remaining six members of the future board of directors, will be promulgated in the State Gazette.
Head of Parliament's budget committee, Ivan Iskrov said that the procedure had been prompted by the looming starting date of the commission. According to the Financial Supervision Commission Law, the financial body is to begin operations on March 1 this year.
Experts in the financial sector said that the competition will be very close in light of the expertise of all three candidates. These are Apostol Apostolov from the Privatisation Agency, Bistra Ilkova, chairperson of the State Securities Commission and Victor Papazov, the deputy executive director of the Bulgarian Stock Exchange and an adviser to the parliamentary economic committee.
Although close, the chances are in favour of Papazov. Sources close to the matter described him as the best professional in the field, being among the founders of the Bulgarian Stock Exchange and with suitable experience in the financial sector. He has been linked to the MultiGroup Corporation and is a stakeholder in Balkan Holidays, the tourist holding of First Investment Bank.
An unacceptable ownership and ensuing clash of interests might be the stumbling block for Ilkova. She is known to be holding a stake with Aval Inn, one of most brokers at the Bulgarian Stock Exchange.
Apostolov will most likely be excluded from the tender, as Government officials have expressly said that they would like him to remain in charge of the Privatisation Agency, rather than take a new office.
Iskrov said that none of the candidatures of the remaining six member of the commission had been discussed as yet. The joint session of the NMSII and MRF parliamentary groups, however, will review 13 nominations, put forward by various parliamentary groups, he said.
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